The global Tire Cord market size was valued at USD 2.48 billion in 2024 and is projected to grow from USD 2.57 billion in 2025 to USD 3.33 billion by 2032, exhibiting a steady CAGR of 3.8% during the forecast period. This growth is primarily driven by rising global vehicle production, particularly in emerging economies, and the increasing demand for lightweight, fuel-efficient tires that meet stringent environmental and safety standards.
Tire cords are high-strength reinforcing
materials—typically made from steel, polyester, or nylon—that form the critical
structural backbone of a tire. Embedded within the rubber, these cords provide
the necessary durability, stability, and performance to withstand various road
conditions, playing an indispensable role in vehicle safety and tire longevity.
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Market Overview & Regional Analysis
Asia-Pacific dominates the global tire cord market, accounting for over
45% of global demand. This leadership is fueled by the region's status as the
epicenter of automotive manufacturing and tire production, with China and India
being the primary growth engines. The presence of a robust and integrated
supply chain further solidifies the region's pivotal position.
North America and Europe represent
mature yet stable markets, characterized by a strong replacement tire sector
and a focus on high-performance and premium tire segments. Demand in these
regions is influenced by stringent fuel efficiency regulations and a
well-established automotive aftermarket.
Key Market Drivers and Opportunities
The market's expansion is underpinned by
several key factors. The continuous growth in global automotive
production, especially in emerging economies, directly translates to higher
demand for tires and their reinforcing cords. The industry-wide push for lightweight
and fuel-efficient tires is driving innovation in high-tenacity
polyester and advanced steel cord designs that reduce rolling resistance.
New opportunities are emerging from the electric
vehicle (EV) revolution, as EVs require specialized tires with different
performance characteristics, creating a new and demanding segment for tire cord
manufacturers. Furthermore, technological advancements in hybrid and
aramid fibers offer potential for enhanced performance in specialized
applications.
Challenges & Restraints
The Tire Cord market faces several
constraints. Volatility in raw material prices, particularly for
petroleum-based products and steel, can create significant production cost
challenges and squeeze profit margins for manufacturers.
The market also navigates increasing
environmental concerns and regulations regarding tire disposal and
recycling, pushing manufacturers to invest in developing more sustainable and
recyclable cord solutions, which can increase short-term costs. Furthermore,
the rising popularity of public transportation in some
developed countries may temper the growth of personal vehicle ownership and the
associated tire replacement market.
Market Segmentation by Type
·
Steel Tire Cord
·
Polyester Tire Cord
·
Nylon Tire Cord
Market Segmentation by Application
·
Passenger Car
·
Commercial Vehicle
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Competitive Landscape and Key Players
The global tire cord market is highly
consolidated, with a few major international players accounting for a
significant share of the supply. Competition is intense and based on product
quality, price, technological innovation, and the ability to maintain global supply
chains and strong relationships with tire manufacturers.
List of Key Companies Profiled:
·
Bekaert (Belgium)
·
Hyosung Corporation
(South Korea)
·
Teijin Limited (Japan)
·
Kolon Industries, Inc.
(South Korea)
·
Indorama Ventures
Public Company Limited (Thailand)
·
SRF Limited (India)
Report Scope
This report provides a comprehensive analysis
of the global Tire Cord market, covering the period from 2025 to 2032. It
offers detailed insights into current market conditions and future projections
across all major regions, with particular focus on:
·
Market size
estimations and growth forecasts in revenue (USD Billion)
·
Detailed segmentation
by type, application, end-user, and cord construction
The report also includes extensive profiles of
leading industry participants, featuring:
·
Company backgrounds
and product portfolios
·
Production capacities
and market positioning
·
Financial performance
metrics and strategic initiatives
A thorough examination of the competitive
environment identifies key vendors and analyzes market dynamics. The research
methodology included direct engagement with industry stakeholders through:
·
Analysis of production
facilities and capacity expansions
·
Evaluation of raw
material supply chains and pricing trends
·
Assessment of
technological advancements and regulatory impacts
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Frequently Asked Questions
What was the global Tire Cord market size in
2024?
The market was valued at USD 2.48 billion in 2024.
What is the projected growth rate of the Tire
Cord market?
The market is expected to grow at a CAGR of 3.8% from 2025 to 2032.
What is the expected market value by 2032?
The global market is projected to reach USD 3.33 billion by 2032.
Which material type segment dominates the
market?
Steel tire cord is the dominant segment due to its superior tensile strength
and durability, especially for high-performance and commercial vehicle tires.
Who are the key players in the Tire Cord
market?
Key players include Bekaert, Hyosung, Teijin, Kolon Industries, and Indorama
Ventures.
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