Tire Cords & Tire Fabrics Market size to exceed $8.06bn by 2030

Global Tire Cords & Tire Fabrics Market size is expected to reach USD 8.06 billion in revenue by 2030, according to a new research report by Global Market Insights Inc.
 

The report identifies the growing demand for radial tires and rising product requirements in automobiles as the chief drivers of the tire cords & tire fabrics industry. For instance, in March 2022, Balkrishna Tyres Ltd (BKT), a leading tire manufacturer, rolled out its new radial tire alongside the expansion of its Bhuj manufacturing facility in the eastern part of India amid the rise in demand for these tires.
 

Growing popularity to increase nylon dipped cord industry share

With respect to product, the study classifies the tire cords & tire fabrics market into rayon cord, steel cord, nylon dipped cord, polyester, and others. The nylon dipped cord segment size is projected to grow at a CAGR of 6.8% through 2030. Nylon dipped tire cords provide higher heat resistance, tenacity, and higher temperature strength retention, and are used in tires for two-wheelers, cars, and buses as well as aircraft tires. The mounting customer interest due to nylon’s bonding property with rubber will fuel the demand for nylon dipped cord in the coming years.
 

Soaring sales in APAC to push passenger vehicles segment growth

The report further cites heavy demand for tire cords and tire fabrics in passenger vehicles, especially across the APAC region. Steel tire cords made of high-quality steel can endure high stress, which improves stability and safety during driving. The Asia Pacific was the largest market for passenger car tire cords and fabric market. The mounting production of passenger vehicles in this region will augment segment growth. The tire cords & tire fabrics market size from passenger cars is set to exceed USD 2,300 million in revenue by the end of 2030.
 

Browse key industry insights spread across 200 pages with 147 market data tables & 18 figures & charts from the report, “Tire Cord & Tire Fabrics Market Size, By Vehicle Type (Off-Road Vehicles & Two wheelers, Passenger Cars, Heavy Commercial Vehicles, Light Commercial Vehicles), By Product (Rayon Cord, Nylon Dipped Cord, Polyester, Steel Cord), Competitive Market Share & Forecast, Industry Analysis Report, Regional Outlook, Price Trends, Application Growth Potential, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/tire-cord-and-tire-fabrics-market
 

North America emerges as a prominent revenue pocket for tire cords & tire fabrics industry growth

North America tire cords & tire fabrics market is estimated to reach a valuation of more than USD 1,760 million by 2030. The United States is the most lucrative market for tire cord and tire fabrics owing to high passenger vehicle demand. Since the economic downturn caused in 2008, the U.S. automotive market has recovered at a significant rate and is likely to further stimulate business growth in this region. The U.S. also ranks as the second highest country in motor vehicle production following China, which will foster product outlook.
 

Strategic initiatives to remain a key growth approach

The competitive landscape of the tire cords & tire fabrics market is expected to witness a series of product development, mergers, and production expansion projects by industry players. For instance, Hyosung Corporation, a Korean industrial leader, has focused on the growth of its tire cord and tire fabric manufacturing capabilities through strategic acquisitions. It opened its production chain in Japan following the establishment of its production facilities in Korea, China, and Vietnam. 
 

In July 2022, Jiangsu Xingda Steel Tire Cord Co. Ltd, a technological company, launched an RMB1.6 billion extension project in its Thailand steel tire cord plant approved by China’s National Development and Reform Commission. Some key tire cords & tire fabrics market players profiled in the report include Mitsubishi Rayon Co. Ltd, Kemrock Industries, Arkema S.A., BASF SE, Toray Industries Inc., SGL Carbon SE, Solvay S.A., and Exports Limited, Kolon Industries, Inc., and Kordsa Global, Inc.