The market for tyre cord textiles was estimated at USD 5,419.5 million in 2021 and is anticipated to expand at a CAGR of 5.4% from 2022 to 2028. Over the forecast period, a combination of increased demand for durable, fuel-efficient tyres and growing demand for passenger cars in developing nations is anticipated to drive product demand. On demand, an upward trend in penetration of electric vehicles is anticipated. On electric vehicles (EV), conventional tyres deteriorate roughly 30% more quickly than on normal vehicles.
As a result, producers are employing aramid fibres to create incredibly light and durable tyres specifically for the electric vehicle sector. The market in the United States is dominated by nylon tyre cord fabric. The production of lightweight, wear-resistant tyres for passenger cars, trucks, SUVs, and aircraft will likely use a variety of products, and this is anticipated to be the main driver of growth in the years to come.
Some of the factors that are predicted to propel market expansion throughout the forecast period include the increasing focus on decreasing greenhouse gas emissions and the rising desire for affordable, fuel-efficient cars. However, it is anticipated that the preference for retreading in the commercial vehicle segment will negatively affect market growth throughout the course of the projection period.
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With a 56.3% revenue share in 2019, the nylon segment consolidated as the largest segment in the global market. Some of the main drivers of the segment share were the product’s enhanced fatigue resistance, high tenacity, and improved adherence to rubber characteristics.
In terms of both revenue and volume, the replacement application segment led the market in 2019 with a share of around 64.0%. Growing demand for radial tyres and increased consumer awareness of rolling resistance were two of the main drivers propelling the expansion of the replacement category.
Tire Type Information
By 2027, the radial tyre sector is anticipated to account for 65.7% of the total market share in terms of volume while growing at a CAGR of 3.5%. Due to its increased longevity, stability, temperature performance, wear resistance, and greater fuel efficiency, radial tyres are becoming more and more popular.
With a revenue share of more than 47%, the Asia Pacific region took the lead as the largest market for tyre cord textiles in 2019. In terms of volume, the area leads the industry in tyre production. The growth of the regional segment was primarily caused by factors like the local availability of important raw materials like natural rubber and the sharp rise in demand for passenger automobiles over the previous ten years.
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Some of the prominent players in the tire cord fabrics market include:
- Indorama Ventures Public Company Limited
- Kolon Industries Inc.
- SRF Ltd.
- Teijin Ltd.
- Century Enka Limited
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa