Tyre Cord Fabrics Market Size and Opportunity Analysis
The global Tyre Cord Fabrics market has been experiencing significant growth, driven by increasing automotive production and rising demand for high-performance tires. As of 2024, the market size is valued at approximately USD 12 billion. This expansion is attributed to advancements in tire manufacturing technologies and the growing adoption of radial tires, which utilize advanced cord fabrics for improved durability and safety. The Asia-Pacific region holds the largest market share due to booming automotive industries in countries like China and India, while North America and Europe also contribute substantially to the market value due to their mature automotive sectors.
Opportunities in the Tyre Cord Fabrics market are expected to rise with the ongoing innovation in tire materials and manufacturing processes. The market value is projected to grow at a CAGR of 5.5% over the next five years, reaching an estimated USD 15 billion by 2029. Key drivers include increasing vehicle production, advancements in material science, and the push for more sustainable and fuel-efficient tires. Companies investing in research and development to produce more resilient and lighter cord fabrics will likely capture significant market shares, positioning themselves advantageously in this evolving industry.