By 2032, The Projected Revenue of the Tyre Cord Fabrics and Tire Fabric Markets Is Expected to Exceed $9 Billion, With a Compound Annual Growth Rate of 6.4%

In 2022, the overall estimated value of the tyre cord fabric and tire fabric market is approximately $4.9 billion, with an impressive annual compound growth rate of 6.4% expected over the next decade. During this forecast period, the increasing demand for durable, low-maintenance tires and the continued growth of passenger cars in developing countries are expected to drive the market value to $9 billion by the end of 2032.

The overall market growth is primarily attributed to the widespread adoption of passenger cars in emerging markets and the desire for durable, energy-efficient tires in the commercial vehicle sector, among other variables.

A combination of coatings enables tires to maintain their shape and withstand the weight of vehicles under high pressures, impact loads, and significant vibrations, making these types of tires highly popular in the automotive industry. Over the next few years, the increasing demand for high-end and hybrid cars is expected to drive the major trends and opportunities in the tyre cord fabric and tire fabric market.

The Asia-Pacific region became the largest market for tyre cord fabric and tire fabric in 2021, with over 47% of total revenue share. It is also ahead in tire manufacturing output. The availability of significant raw materials like natural rubber in the vicinity and the strong growth in demand for passenger cars over the past decade played a crucial role in driving the expansion of the tyre cord fabric and tire fabric market in this region. However, a significant factor hindering global market expansion is the price volatility of the fabric materials used in tire production. Additionally, the high rolling resistance values and higher costs of tires are expected to impede the overall market expansion to some extent.

Competitive Landscape of the Tire Cord Fabric and Tire Fabric Market

Major players in the tyre cord fabric and tire fabric market are heavily investing in research and development efforts to reduce tire weight and enhance their durability. They are also actively collaborating with leading tire research institutes to provide solutions for specific applications. Finally, to expand their customer base and market share, they are focusing on acquiring smaller regional competitors.

Key Insights from the Tire Cord Fabric and Tire Fabric Market Research

The compound annual growth rate of the commercial vehicle market is expected to reach 3.3% during the forecast period.

Nylon tire cord segment became the largest contributor to the global market by occupying over 55% of revenue share in 2021.

The steel wire and aramid-based tyre cord fabric market is expected to grow at a rate of 6% during the forecast period.

The radial tire segment is projected to account for 65% of the total market sales in terms of volume and grow at a compound annual growth rate of 3.5% by 2032.

The bias tire market segment is expected to grow at a rate of 3.2% during the forecast period due to its relative low cost, ability to handle uneven road surfaces, and bear heavy loads.