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Tire cords and tire fabrics are fabrics manufactured by using superior quality yarns. These cords and fabrics have better abrasion resistance, high tensile strength, controlled deformation, etc. They are majorly used across the tire industry especially in a rubber hose, air springs, and expansion joints. Polyester, steel, nylon, and rayon chords are some of the tire cords.

Statistics:

The global tire coed and tire fabrics market is estimated to account for US$ 4,783.7 Mn in terms of value and 2,060.2 Kilo Tons in terms of volume by the end of 2019.

Drivers:

Robust growth in the automotive sector across the developing region due to the increasing production of automobiles is primarily fueling the market growth of tire cords and tire fabrics. According to the European Automobile Manufacturers Association, 98.1 million motor vehicles were produced around the world in 2018. More than 80 million passenger cars were produced around the world in 2017. Thus increasing production of automobiles is propelling the market growth.

High demand for steel cords from the automotive industry is augmenting the market growth. Steel cords are produced from high carbon steel that helps in reinforce radial tires in almost all types of vehicles. Moreover, steel cords provide higher strength and comfort during riding. This makes them ideal for personal cars. Thus, the strong demand for steel cords is anticipated to stimulate the market growth over the forecast period.

Figure 1. Global Tire Chord and Tire Fabrics Market Share (%) in terms of Value, By Region, in 2019

Tire Chord and Tire Fabrics  | Coherent Market Insights

Asia Pacific region dominated the global tire cord and tire fabrics a market in 2019, accounting for 54.6% share in terms of value.

Market Restraints

High installed and maintenance cost of the manufacturing facility is expected to restrict the market growth. Moreover, growing environmental concern as raw materials used in the manufacturing of tire cords exhibits potential threats in the environment is inhibiting the market growth.

The fluctuating price of crude oil from which raw materials of the tire cords are derived is expected to hamper the market growth. The price of crude oil is highly volatile due to the political scenario.

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Tire Chord and Tire Fabrics Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 4,783.7 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 5.5% 2027 Value Projection: US$ 7,386.7 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Africa
Segments covered:
  • By Product Type: Steel Cord, Polyester, Nylon Dipped Cord, Rayon Cord, and Others
Companies covered:

Kolon Industries, Inc., Kordsa Global, Inc., Hyosung Corporation, SRF Ltd., Milliken & Company Inc., Firestone Fibers & Textile Company, Cordenka GmbH & Co. KG, Kordarna Plus A.S., Teijin Ltd., and Tokusen U.S.A., Inc.

Growth Drivers:
  • Robust growth in the automotive sector across the developing region drives the market growth.
  • High demand for steel cords from the automotive industry is augmenting the market growth.
Restraints & Challenges:
  • The fluctuating price of crude oil from which raw materials of the tire cords are derived is expected to hamper the market growth.

Market Opportunities

Hybrid tire cord technology for the producing cords is expected to provide lucrative market opportunities in the near future. This helps in achieving the enhanced properties of the tire cords. Materials such as rayon, polyester, nylon, and aramid can be used to produce hybrid materials that can be further use in different vehicular performance needs. Thus, the use of different materials in combination for producing hybrid materials which helps in obtaining the desirable properties of the tire cords is propelling the market growth.

Manufacture are developing bio-based and eco-friendly materials for producing the tire cords due to growing awareness regarding the negative environmental impact of the raw materials used in manufacturing the tires. Nylon and polyester are two materials that are derived from crude oil. Due to rising awareness regarding the environmental hazards associated with petroleum-based products producers are developing bio-based materials for tire cords. This is projected to provide potential market opportunities over the forecast period. 

Figure 2. Global Tire Chord and Tire Fabrics Market– Opportunity Analysis

Tire Chord and Tire Fabrics  | Coherent Market Insights

Market Trends/Key Takeaways

Increasing use of cord fabric for the production of aircraft tires is one of the current trends in the market. Robust growth in the airline industry due to growing tourism around the globe is again expected to propel the demand for cord fabric from aircraft. Also, increasing production of aircraft around the globe is further anticipated to foster the market growth of the tire cords and tire fabrics over the forecast timeframe.

Increasing sale of bicycles due to the growing number of people participating in sports die to growing health-wellness trend is augmenting market growth. Tire cords and tire fabrics are used in the manufacture of the tires for bicycles. Also, growing awareness regarding the pollution coupled with the increasing use of bicycles for sports as well as recreational purposes is further anticipated to fuel the market growth in the bicycle segment.

Figure 3. Global Tire Chord and Tire Fabrics Market Share (%) in terms of Value, By Product Type, in 2019

Tire Chord and Tire Fabrics  | Coherent Market Insights

On the basis of product type in 2019, the nylon dipped cord segment has accounted the largest market share of 36.7% in terms of value, followed by steel cord and polyester segment respectively.

Global Tire Chord and Tire Fabrics Market - Impact of Coronavirus (Covid-19) Pandemic

The automotive market is expected to witness slower growth in the near future owing to the sudden outbreak of the novel coronavirus. Since March 2020, over 95% of the auto manufacturing facilities in Europe and about 90% in North America have halted. Owing to which over 20% of vehicle sales is observed to decline in 2020 over 2019. Thereby, restraining the growth of the tire cord and tire fabrics market over the forecast period.

Value Chain Analysis

Tire Chord and Tire Fabrics  | Coherent Market Insights

Competitive Section:

Company Names 

  1. Kolon Industries, Inc.
  2. Kordsa Global, Inc.
  3. Hyosung Corporation 
  4. SRF Ltd.
  5. Milliken & Company Inc.
  6. Firestone Fibers & Textile Company 
  7. Cordenka GmbH & Co. KG 
  8. Kordarna Plus A.S.
  9. Teijin Ltd.
  10. Tokusen U.S.A., Inc.

Few Recent Developments

In September 2018, Kolon Industries Binh Duong Co. Ltd., a subsidiary of South Korea-based Kolon Group, opened a new plant in Vietnam's Binh Duong Province., to manufacture polyester tire cord. The plant has an annual capacity of 1,400 tons.

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Tire cords and tire fabrics are fabrics manufactured by using superior quality yarns. These cords and fabrics have better abrasion resistance, high tensile strength, controlled deformation, etc. They are used in various applications such as air springs, rubber hose and expansion joints. Polyester, steel, nylon, and rayon chords are some of the tire cords.

Market Dynamics

Manufacturers are developing bio-based and eco-friendly materials for producing the tire cords due to growing awareness regarding the negative environmental impact of the raw materials used in manufacturing the tires.

The steel cords provide higher strength and comfort during riding. This makes them ideal for personal cars. Thus, the strong demand for steel cords is anticipated to stimulate the market growth over the forecast period.

Key features of the study:

  • This report provides in-depth analysis of the global tire cord and tire fabrics market and provides market size (US$ Million & KiloTons) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players
  • This study also provides impact analysis of Coronavirus (Covid-19) pandemic on global tire cord and tire fabrics market.
  • It profiles key players in the global tire cord and tire fabrics market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study Kolon Industries, Inc., Kordsa Global, Inc., Hyosung Corporation, SRF Ltd., Milliken & Company Inc., Firestone Fibers & Textile Company, Cordenka GmbH & Co. KG, Kordarna Plus A.S., Teijin Ltd., and Tokusen U.S.A., Inc.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The global tire cord and tire fabrics market report caters to various stakeholders in this industry including investors, suppliers, global tire cord and tire fabrics manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global tire cord and tire fabrics market

Detailed Segmentation:

  • Global Tire Cord and Tire Fabrics Market, By Product Type:
    • Steel Cord
    • Polyester
    • Nylon Dipped Cord  
    • Rayon Cord
    • Others
  • Global Tire Cord and Tire Fabrics Market, By Region:
    • North America
      • U.S.
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Canada
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
    • Europe
      • U.K.
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Germany
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • France
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Italy
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Spain
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Russia
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Rest of Europe
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
    • Asia Pacific
      • China
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • India
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Japan
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • ASEAN
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Australia
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • South Korea
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Rest of Asia Pacific
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
    • Latin America
      • Brazil
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Mexico
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Rest of Latin America
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
    • Middle East & Africa
      • Middle East
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
      • Africa
        • By Product Type :
          • Steel Cord
          • Polyester
          • Nylon Dipped Cord
          • Rayon Cord
          • Others
  • Company Profiles
    • Kolon Industries, Inc.
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Kordsa Global, Inc.
    • Hyosung Corporation 
    • SRF Ltd.
    • Milliken & Company Inc.
    • Firestone Fibers & Textile Company 
    • Cordenka GmbH & Co. KG 
    • Kordarna Plus A.S.
    • Teijin Ltd.
    • Tokusen U.S.A., Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Supply Side Drivers
        • Demand Side Drivers
        • Economic Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Mergers and Acquisitions
      • New Product Approvals/Launch
      • Promotion and Marketing Initiatives
    • Cost Tier Down Analysis
  4. Global Tire Cord and Tire Fabrics  Market– Impact of Coronavirus (Covid-19) Pandemic
    • Impact of Coronavirus – Overview
    • Impact Analysis, By Region
      • North America
      • Latin America
      • Europe
      • Asia Pacific
      • Middle East
      • Africa
  5. Global Tire Cord and Tire Fabrics  Market , By Product Type , 2017 - 2027 (US$ Million & Kilo Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027
      • Y-o-Y Growth Analysis, 2020 – 2027 (%)
      • Segment Trends
    • Steel Cord   
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kilo Tons)
    • Polyester
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kilo Tons)
    • Nylon Dipped Cord
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kilo Tons)
    • Rayon Cord
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kilo Tons)
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kilo Tons)
  6. Global Tire Cord and Tire Fabrics  Market , By Region, 2017- 2027 (US$ Million & Kilo Tons)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027
      • Y-o-Y Growth Analysis, By Region, 2020 – 2027 (%)
    • North America
      • Market Share Analysis, By Country, 2017 and 2027
      • Y-o-Y Growth Analysis, By Country, 2020 – 2027 (%)
        • U.S.
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Canada
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
    • Europe
      • Market Share Analysis, By Country, 2017 and 2027
      • Y-o-Y Growth Analysis, By Country, 2020 – 2027 (%)
        • U.K.
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Germany
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • France
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Italy
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Spain
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Russia
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Rest of Europe
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
    • Asia Pacific
      • Market Share Analysis, By Country, 2017 and 2027
      • Y-o-Y Growth Analysis, By Country, 2020 – 2027 (%)
        • China
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • India
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Japan
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • ASEAN
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Australia
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • South Korea
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Rest of Asia Pacific
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
    • Latin America
      • Market Share Analysis, By Country, 2017 and 2027
      • Y-o-Y Growth Analysis, By Country, 2020 – 2027 (%)
        • Brazil
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Mexico
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Argentina
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Rest of Latin America
          • Country Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
    • Middle East & Africa
      • Market Share Analysis, By Sub-Region, 2017 and 2027
      • Y-o-Y Growth Analysis, By Sub-Region, 2020 – 2027 (%)
        • Middle East
          • Sub-region Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
        • Africa
          • Sub-region Trends
          • Market Size and Forecast, By Product Type , 2017- 2027 (US$ Million & Kilo Tons)
  7. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis (3x3 Matrix)
    • Company Profiles
      • Kolon Industries, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Kordsa Global, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Hyosung Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • SRF Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Milliken & Company Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Firestone Fibers & Textiles Company
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Cordenka GmbH & Co. KG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Kordarna Plus A.S.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Teijin Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Tokusen U.S.A., Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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