Oct. 28, 2024
Global Polyester Tire Cord Fabrics Market Overview
The Polyester Tire Cord Fabrics Market Size was estimated at 4.01 (USD Billion) in .The Polyester Tire Cord Fabrics Industry is expected to grow from 4.09(USD Billion) in to 4.87 (USD Billion) by . The Polyester Tire Cord Fabrics Market CAGR (growth rate) is expected to be around 1.97% during the forecast period ( - ).
There is a continuous change in automotive practices through technological advances and consumer demand for lightweight, fuel-efficient vehicles that require the use of polyester tire cord fabrics. Also, environmental sustainability awareness and strict emission regulations have boosted their adoption.Polyester tire cord fabrics are increasingly being used in specialty tires like those of off-road vehicles and heavy machinery. Hence, there are many opportunities in the market. Moreover, expanding the automobile industry in developing countries also offers significant growth prospects for the market.Furthermore, new trends in this market include the fabrication of high-performance materials with increased tensile strength, durability, and resistance to heat. At the same time, innovations in production techniques, as well as the adoption of advanced technology such as automation processes and data analytics, have changed the direction of business operations. Alternatively, increasing emphasis on lowering manufacturing costs while enhancing efficiency has created space for cheap, eco-friendly solutions by players in this market segment.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The automotive industry is continuously striving to reduce the weight of vehicles to improve fuel efficiency and reduce emissions. Polyester tire cord fabrics are significantly lighter than traditional materials such as steel, making them an attractive option for manufacturers. The increasing demand for lightweight vehicles is expected to drive the growth of the Polyester Tire Cord Fabrics Market Industry over the forecast period.
As a result of their environmental advantages and reduced running costs, electric vehicles are increasing in popularity. These polyester tire cord fabrics for electric cars have a low rolling resistance that can help extend the vehicle&#;s single-charge range. The increased acceptance of electric vehicles is anticipated to create substantial demand for polyester tire cord fabrics in the near future.
Safety is a paramount concern in the automotive industry. Polyester tire cord fabrics offer superior strength and durability compared to traditional materials, making them an ideal choice for tires that need to withstand high loads and speeds. The rising safety concerns among consumers are expected to drive the demand for polyester tire cord fabrics in the Polyester Tire Cord Fabrics Market Industry.
The Polyester Tire Cord Fabrics Market is segmented by raw material into Polyethylene Terephthalate (PET), Polyethylene Naphthalate (PEN), Polybutylene Terephthalate (PBT), and Polytrimethylene Terephthalate (PTT). Within these, PET is the most widely used raw material for polyester tire cord fabrics in , representing over 90% of the market share. The reason behind this dominance is its higher strength, durability, and cheaper cost. This synthetic polymer results from a condensation reaction between terephthalic acid and ethylene glycol.
It has excellent mechanical properties, which make it suitable for application in high-performance products such as tire reinforcement. Tire cords made of PET have high tensile strength, modulus, and impact resistance, which allows them to endure the severe conditions involved in operating a tire. In addition, it is inexpensive to produce, contributing to its extensive use in the tire industry. However, PEN offers greater strength and modulus than PET and costs more than it does. Tires made of PEN-based tire cord fabrics are thus very durable, making them ideal for racing or performance passenger car applications.
However, PEN is more costly than PET; hence, it finds niches where superior performance is demanded only. Polyester tire cord fabrics rely on other synthetic polymers called PBT and PTT. PBT provides moderate strength at a moderate cost when compared with both PET & PEN.PTT, however, uses bio-based polymers obtained from renewable sources while having properties similar to PET and with lower environmental impact. Tire cord fabric containing PBT or PTT is expected to grow soon due to environmental concerns and community sensitization towards green materials.
In the next few years ahead, the Polyester Tire Cord Fabrics Market will experience steady growth due to rising demand for automotive industry tires. Companies producing electric vehicles will also boost demand for polyester tire cords by requiring tires that possess low rolling friction and are highly durable. This result may also be supported by the growing use of polyester tire cord fabrics among emerging economies, especially where there are increasing demand rates for cheap but long-lasting tires.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
As we move to , the Construction segment is targeted to gain a considerable percentage of the Polyester Tire Cord Fabrics Market and continue growing through the forecasted period. The growth of this market segment is facilitated by an increasing demand for new construction projects, particularly in developing regions. Twisted Polyester Tire Cord Fabrics are created by twisting together multiple filaments of polyester.
They have high strength and durability, which makes them ideal for use in demanding applications such as bridges and skyscrapers. When manufacturing Parallel Polyester Tire Cord Fabrics, polyester filaments are aligned parallel to each other. They possess low elongation yet high modulus; therefore, they can be used where dimensional stability is important, like on roads or pavements. Cross-ply polyester tire cord fabrics involve weaving polyester filaments in a criss-cross manner to make it a compact fabric. As a result, they combine both strength and elasticity, which makes them useful for walls or roofs.
Different types of polyester, such as twisted filaments that enhance breaking strength coupled with parallel filaments that enhance modulus properties, might be brought together to achieve some hybrid properties. A case in point is where the hybrid fabric may contain twisted filaments for strength and parallel ones for modulus. Henceforth, robustness will grow within the Construction segment due to the escalating need for durable building materials at cost-effective prices. Moreover, increasing preference towards green buildings will further drive the need for polyester tire cord fabric since it has excellent mechanical properties and is eco-friendly.
The Titer segment of the Polyester Tire Cord Fabrics Market is expected to grow significantly in the coming years. The market is segmented based on titer, which refers to the thickness of the yarn. The key titer segments in the Polyester Tire Cord Fabrics Market include: 800- Denier - Denier - Denier Over Denier The - Denier segment is expected to hold the largest share of the Polyester Tire Cord Fabrics Market in , and is projected to continue its dominance throughout the forecast period. This segment is used in the production of radial tires for passenger cars and light trucks, which are expected to witness high demand in the coming years due to the increasing popularity of these vehicles.The 800- Denier segment is expected to experience steady growth over the forecast period. This segment is used in the production of bias tires for off-road vehicles and industrial applications. The increasing demand for off-road vehicles and the growing construction industry are expected to drive the growth of this segment. The - Denier and Over Denier segments are expected to witness moderate growth over the forecast period. These segments are used in the production of high-performance tires for heavy-duty vehicles and aircraft.The increasing demand for heavy-duty vehicles and the growing aviation industry are expected to drive the growth of these segments. Overall, the Polyester Tire Cord Fabrics Market is expected to witness steady growth in the coming years, driven by the increasing demand for tires from various industries.
The application segment is very important to the market as every application has its unique contribution to the market growth. Radial Tires make up a significant portion of the market. For example, they are mainly used in passenger cars and light trucks since they are long-lasting, more economical on fuel, and have excellent on-road grip. On the other hand, Bias Tires are usually employed in offroad vehicles, industrial machinery, and agricultural equipment because of their strong construction and puncture resistance. Belts and Hoses is an emerging sector that is utilized in automotive power transmission systems, conveying fluids and gases, and industrial machinery.
Polyester tire cord fabrics have various industrial applications, such as conveyor belts and safety clothing made from composite materials, among others, which make up polyester tire cord fabrics in different industries.
Exhibiting different market dynamics and growth patterns across key regions, the Polyester Tire Cord Fabrics Market is regionally segmented. North America, Europe, APAC, South America, and MEA contribute collectively to the market growth. North America has a significant market share because of a well-established automotive and tire industry. High-performance tires are in high demand in this area, which fuels the polyester tire cord fabrics market. Europe follows closely with leading tire manufacturers present and increasing focus on fuel efficiency and safety regulations.
The APAC region is expected to grow at the fastest rate over the forecast period due to the expanding automotive sector and rising demand for passenger vehicles. China, India, and Japan dominate regional markets. South America, as well as the MEA, also has growing potential due to increasing urbanization rates, rising disposable income levels, and higher vehicle ownership rates. Nonetheless, geopolitical issues and economic swings can affect market growth in these areas.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major players in the polyester tire cord fabric market are continuously focusing on new product development and innovation. Leading Polyester Tire Cord Fabrics Market players are adopting various growth strategies such as partnerships, collaborations, joint ventures, and acquisitions to strengthen their position in the market. The Polyester Tire Cord Fabrics Market industry is characterized by intense competition among existing players. Key Polyester Tire Cord Fabrics Market players are investing heavily in research and development to improve their product portfolio and gain a competitive edge in the market.Hyosung is a leading supplier of tire cord fabrics and other industrial materials. The company has a strong presence in the Asia-Pacific region and is expanding its operations in other parts of the world. Hyosung is focused on providing innovative and high-quality products to its customers. The company's tire cord fabrics are used by major tire manufacturers around the world.Toray Industries is another major player in the polyester tire cord fabric market. The company is headquartered in Japan and has a presence. Toray Industries is a diversified company with a wide range of businesses, including textiles, chemicals, and electronics. The company's tire cord fabrics are known for their durability and performance. Toray Industries is a major supplier to the automotive industry.
Toray Industries
Tongkun Group
Sinopec Group
Teijin Limited
Dongyang Yichuan
Zhejiang Rongsheng
Jiangyin Yuanhua
Mitsubishi Chemical Holdings
Kuraray Co.
India Poly Combine
Jiangsu Hengli Group
Hyosung Advanced Materials
Zhejiang Yisheng
Quanzhou Yinjia
Renuka Polymers
The Polyester Tire Cord Fabrics Market is expected to grow from USD 4.09 billion in to USD 4.87 billion by , at a CAGR of 1.97% over the forecast period. The growth of the market is attributed to the increasing demand for polyester tire cord fabrics from the automotive industry. Polyester tire cord fabrics are used in the production of tires for passenger cars, light trucks, and heavy-duty vehicles. The increasing production of vehicles, particularly in emerging economies, is driving the demand for polyester tire cord fabrics.Recent news developments in the Polyester Tire Cord Fabrics Market include the expansion of production capacity by major manufacturers. For instance, in , Hyosung announced plans to invest USD 100 million in expanding its polyester tire cord fabric production capacity in China. This expansion is in response to the growing demand for polyester tire cord fabrics from the automotive industry in China.
Polyester Tire Cord Fabrics Market Segmentation Insights
Polyester Tire Cord Fabrics Market Raw Material Outlook
Polyethylene Terephthalate (PET)
Polyethylene Naphthalate (PEN)
Polybutylene Terephthalate (PBT)
Polytrimethylene Terephthalate (PTT)
Polyester Tire Cord Fabrics Market Construction Outlook
Twisted
Parallel
Cross-ply
Hybrid
Polyester Tire Cord Fabrics Market Titer Outlook
800- Denier
- Denier
- Denier
Over Denier
Polyester Tire Cord Fabrics Market Application Outlook
Radial Tires
Bias Tires
Belts and Hoses
Other Industrial Applications
Polyester Tire Cord Fabrics Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
Frequently Asked Questions (FAQ) :
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&#; The Polyester Tire Cord Fabrics Market is expected to reach a valuation of USD 4.87 billion by , expanding at a CAGR of 1.97% from to .
North America is anticipated to dominate the Polyester Tire Cord Fabrics Market owing to the presence of major automotive manufacturing hubs in countries such as China, India, and Japan.
Polyester Tire Cord Fabrics are primarily used in the manufacturing of radial tires for passenger cars, light trucks, and heavy-duty vehicles.
Major players in the Polyester Tire Cord fabric market include Hyosung, Kolon Industries, Teijin Aramid, Toray Industries, and DuPont.
Increasing demand for lightweight and fuel-efficient vehicles, coupled with growing automotive production, is driving the growth of the Polyester Tire Cord Fabrics Market.
Fluctuations in raw material prices and intense competition from alternative materials, such as nylon and steel, pose challenges to the Polyester Tire Cord Fabrics Market.
The incorporation of advanced technologies, such as nanotechnology and smart materials, is creating new opportunities in the Polyester Tire Cord Fabrics Market.
The Polyester Tire Cord Fabrics Market is projected to expand at a CAGR of 1.97% from to .
Rising environmental concerns and government regulations promoting fuel efficiency are positively influencing the growth of the Polyester Tire Cord Fabrics Market.
The COVID-19 pandemic led to a temporary decline in demand for Polyester Tire Cord Fabrics due to disruptions in automotive production. However, the market is expected to recover as economic activities resume.
The tire cord textiles market is expanding rapidly, driven by increasing car production and rising demand for long-lasting, high-performance tires. These materials improve tire strength, durability and safety, making them ideal for both passenger and commercial vehicle tires. The global tire cord fabrics market size was valued at USD 6.6 Billion in and is projected to reach USD 10.5 Billion by .
Technological breakthroughs and innovation in materials such as polyester, nylon and aramid fibres are driving market growth. Furthermore, the increased emphasis on fuel efficiency and environmentally friendly products is encouraging producers to create lighter, more sustainable tire cord textiles. The rising demand for Malaria Diagnostics is enabling the market grow at a CAGR of 6% from to .
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Tire cord fabrics are essential materials used in the manufacturing of tires to enhance their strength, durability, and performance. These fabrics, typically made from nylon, polyester, rayon, or aramid, reinforce the tire structure, providing it with the necessary support and flexibility. Tire cord fabrics play a critical role in maintaining tire shape, improving its resistance to punctures and abrasions, and ensuring optimal performance under various driving conditions.
Tire cord textiles are used to reinforce tires, increasing their strength, durability, and performance. They provide structural support, increase traction, minimize wear and improve overall vehicle safety and efficiency.
Future applications for tire cord fabrics include upgrading electric vehicle tires, providing more sustainable and environmentally friendly tire options, boosting tire performance for self-driving cars and constructing smart tires with embedded sensors.
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The tire cord fabrics market is witnessing substantial growth due to the increasing production of vehicles worldwide. The demand for high-performance and durable tires is rising as automakers focus on enhancing vehicle safety and efficiency. The adoption of advanced materials in tire manufacturing is expected to boost the market further. The growing popularity of electric vehicles (EVs) and the need for lightweight yet robust tire materials are also contributing to the market&#;s expansion. Additionally, advancements in tire technology, such as the development of eco-friendly and fuel-efficient tires, are driving the adoption of innovative tire cord fabrics. These advanced materials offer superior strength and durability while reducing the overall weight of the tires, thereby improving fuel efficiency and reducing carbon emissions.
The increasing focus on sustainability and environmental regulations is encouraging manufacturers to invest in research and development of tire cord fabrics that are not only high-performing but also environmentally friendly. This trend is expected to create new opportunities for market players and drive further growth in the tire cord fabrics market. Furthermore, the rising demand for premium and luxury vehicles, which require high-quality tires with enhanced performance characteristics, is also propelling the market. As consumers continue to prioritize safety, performance and sustainability, the tire cord fabrics market is poised for significant growth in the coming years.
Fluctuations in raw material prices present a significant challenge to the growth of the tire cord fabrics market. The production of tire cord fabrics heavily relies on raw materials such as nylon, polyester, rayon and aramid. These materials are derived from petrochemical products, which are subject to volatile price changes due to fluctuating oil prices, supply chain disruptions and geopolitical tensions. When raw material prices surge, manufacturers face increased production costs, which can lead to higher prices for tire cord fabrics. This price volatility can affect the profitability of manufacturers and may force them to adjust their pricing strategies, potentially reducing their competitive edge in the market. Additionally, sudden price increases can impact the procurement strategies of tire manufacturers, leading to reduced demand for tire cord fabrics.
Moreover, supply chain disruptions, such as shortages of raw materials or transportation delays, can further exacerbate the issue, causing production bottlenecks and delays in delivery schedules. These challenges necessitate manufacturers to develop efficient risk management and cost-control strategies to mitigate the impact of raw material price fluctuations. However, persistent volatility in raw material prices remains a critical barrier to the consistent growth of the tire cord fabrics market.
Nylon cord fabrics are estimated to continue dominating the tire cord fabrics market over the forecast period. The superior strength, elasticity and resistance to heat and wear make nylon an ideal material for tire reinforcement. Its widespread use in passenger cars and commercial vehicles is driving its demand. Additionally, ongoing innovations in nylon manufacturing processes are expected to enhance its properties and applications in the tire industry.
Moreover, the increasing emphasis on vehicle performance and safety standards is bolstering the adoption of nylon cord fabrics. The automotive industry&#;s shift towards high-performance tires that offer better durability and fuel efficiency further supports the dominance of nylon in this market segment.
The growth of the automotive sector in emerging economies, where cost-effective and durable tire solutions are in high demand, is also contributing to the sustained use of nylon cord fabrics. As these markets expand, the demand for high-quality, reliable tire materials like nylon is expected to rise significantly. Furthermore, advancements in recycling technologies for nylon are promoting its sustainable use, aligning with global environmental goals and regulations. This eco-friendly aspect of nylon cord fabrics enhances their appeal, ensuring their continued dominance in the tire cord fabrics market.
The growing demand for aircraft tires significantly influences the tire cord fabrics market. As the aviation industry experiences robust growth due to rising passenger traffic and an expanding global fleet of commercial and military aircraft, the need for high-performance tires is increasing. Aircraft tires require advanced materials, such as tire cord fabrics, to enhance durability, strength and resistance to extreme conditions. Tire cord fabrics play a critical role in ensuring the structural integrity and safety of aircraft tires by providing necessary reinforcement. The continuous advancements in tire cord fabric technologies, including the development of high-strength, lightweight materials like aramid and polyester, are crucial in meeting the stringent safety and performance standards required for aviation applications.
Furthermore, the trend towards larger aircraft and the increase in aircraft production rates drive the demand for superior tire materials that can withstand higher loads and stresses. As a result, tire manufacturers are focusing on integrating advanced tire cord fabrics to enhance tire performance, reduce maintenance costs, and improve overall safety. The expansion of the global aviation industry, coupled with technological advancements in tire cord fabrics, is expected to propel the growth of the tire cord fabrics market, particularly within the aircraft tire segment. This trend underscores the importance of ongoing innovation and the development of new materials to meet the evolving demands of the aviation sector.
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In North America, particularly in the U.S. and Canada stringent regulations regarding vehicle safety and performance are driving the adoption of advanced tire cord fabrics. The presence of leading tire manufacturers and ongoing investments in R&D are propelling market growth. The focus on producing high-performance and durable tires for both passenger and commercial vehicles is positioning North America as a dominant player in the tire cord fabrics market. Additionally, the region&#;s emphasis on innovation and technological advancements in tire manufacturing processes is enhancing the quality and performance of tire cord fabrics. The integration of smart technologies and advanced materials is further boosting the capabilities of tire manufacturers to meet stringent safety and performance standards.
Moreover, the increasing demand for electric vehicles (EVs) in North America is contributing to the growth of the tire cord fabrics market. EVs require specialized tires that are lightweight yet durable, driving the need for advanced tire cord fabrics. The presence of a robust automotive industry and the region&#;s commitment to sustainability and energy efficiency are also supporting market expansion.
Furthermore, collaborations between tire manufacturers and research institutions are fostering the development of new and improved tire cord fabrics, ensuring that North America remains at the forefront of the global tire cord fabrics market. These factors collectively reinforce the region&#;s leading position in the industry.
The Asia-Pacific region is witnessing rapid growth in the tire cord fabrics market, driven by the expanding automotive industry in countries like China, India and Japan. The increasing production of vehicles, coupled with rising consumer demand for high-quality tires, is propelling market growth. Additionally, investments in advanced tire manufacturing technologies and the presence of major tire manufacturers are enhancing the region&#;s market position. Furthermore, government initiatives supporting automotive sector expansion and infrastructure development are bolstering the demand for tire cord fabrics. The rise of electric vehicles (EVs) in the Asia-Pacific region is also contributing to market growth, as these vehicles require specialized tires that use advanced cord fabrics for improved performance and efficiency.
The region&#;s strong economic growth and increasing urbanization are leading to higher vehicle ownership rates, which in turn drives the demand for tires and tire cord fabrics. Moreover, collaborations between local and international tire manufacturers are fostering innovation and technology transfer, enhancing the overall quality and competitiveness of tire cord fabrics produced in the region. With a robust supply chain and increasing investments in research and development, the Asia-Pacific region is well-positioned to become a key player in the global tire cord fabrics market. The focus on sustainability and the adoption of eco-friendly manufacturing processes are further expected to drive market growth in this region.
The competitive landscape of the tire cord fabrics market is characterized by the presence of prominent players, innovative startups, and technology providers offering a range of solutions to meet the evolving needs of the automotive industry. Key players in the market are focusing on technological advancements, strategic partnerships, and expanding their product portfolios to maintain a competitive edge. Companies offering robust and high-performance tire cord fabrics are prominently positioned.
Some of the prominent players operating in the tire cord fabrics market include:
Hyosung Corporation, Kordsa Teknik Tekstil A.S., Kolon Industries Inc., SRF Limited, Teijin Limited, Firestone Fibers & Textiles Company, Toray Industries Inc., Indorama Ventures Public Company Limited, Milliken & Company, Cordenka GmbH & Co. KG.
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Growth RateCAGR of ~6% from to
Base Year for Valuation Historical Period-
Forecast Period-
Quantitative UnitsValue in USD Billion
Report CoverageHistorical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis
Segments CoveredHyosung Corporation, Kordsa Teknik Tekstil A.S., Kolon Industries Inc., SRF Limited, Teijin Limited, Firestone Fibers & Textiles Company, Toray Industries Inc., Indorama Ventures Public Company Limited, Milliken & Company, Cordenka GmbH & Co. KG.
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