Global Tire Cord Market to Reach US$8.9 Billion by 2030

The global market for Tire Cord estimated at US$6.9 Billion in the year 2024, is expected to reach US$8.9 Billion by 2030, growing at a CAGR of 4.3% over the analysis period 2024-2030. Nylon, one of the segments analyzed in the report, is expected to record a 5.2% CAGR and reach US$5.4 Billion by the end of the analysis period. Growth in the Polyester segment is estimated at 2.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$984.5 Million While China is Forecast to Grow at 5.9% CAGR

The Tire Cord market in the U.S. is estimated at US$984.5 Million in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.8 Billion by the year 2030 trailing a CAGR of 5.9% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.8% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.

Global Tire Cord Market - Key Trends & Drivers Summarized

Tire cord is a crucial reinforcement material used in the construction of tires, providing strength, stability, and durability. Typically made from materials such as nylon, polyester, aramid, or steel, tire cord is embedded within the rubber matrix of the tire to enhance its performance and extend its lifespan. This reinforcement material helps the tire maintain its shape under the stress of driving, improving traction, handling, and overall safety. Tire cord is essential for various types of tires, including those used in passenger vehicles, commercial trucks, aircraft, and industrial equipment, ensuring that they can withstand the demands of different driving conditions and applications.

Technological advancements in tire cord manufacturing have led to the development of high-performance materials that offer superior strength, flexibility, and resistance to wear and tear. Innovations in polymer chemistry and fiber technology have resulted in tire cords that are lighter and more durable, contributing to the overall efficiency and performance of modern tires. Additionally, the introduction of environmentally friendly materials and manufacturing processes has reduced the environmental impact of tire cord production. Advanced manufacturing techniques, such as precision weaving and coating technologies, have also improved the uniformity and adhesion of tire cords, enhancing the overall quality and reliability of tires.

The growth in the tire cord market is driven by several factors, including the increasing demand for high-performance tires, advancements in tire manufacturing technologies, and the expansion of the automotive industry. The rising demand for fuel-efficient and durable tires has spurred the development of advanced tire cords that can meet the stringent performance requirements of modern vehicles. Technological advancements in tire manufacturing, such as the use of advanced materials and automation, have improved the quality and efficiency of tire production, driving the demand for high-quality tire cords. Additionally, the growth of the automotive industry, particularly in emerging markets, has increased the demand for tires, further boosting the tire cord market. The trend towards electric vehicles and the need for specialized tires to support their unique performance characteristics are also contributing to the market`s expansion.