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According to the latest research, the global Tire Cord market size was valued at USD 5304.19 million in 2022 and is expected to expand at a CAGR of 3.85% during the forecast period, reaching USD 6653.33 million by 2028.
Tire Cord is the reinforcement used to keep the shape of the tire. Tire Cord has excellent properties such as abrasion resistance, controlled deformation, high tensile strength, etc. This research report categorizes products into Nylon Tire Cord, Polyester Tire Cord, Steel Tire Cord and others according to the different raw materials of Tire Cord.
COVID-19 outbreak poses risks to industry
Currently, the COVID-19 virus is still spreading around the world. Although the global economy is gradually recovering, the uncertainty of the epidemic has brought uncertainty to the development of various industries around the world. The development of the industry depends to a certain extent on the strength of local epidemic prevention and control measures. This also includes the industry. From a manufacturer’s perspective, the outbreak of COVID-19 has resulted in reduced business management efficiency, commuting disruptions, production schedule disruptions, network expansion delays, marketing delays, forced brand adjustments, and reduced brick-and-mortar offline sales. From the perspective of downstream demand, the epidemic directly affects the demand and production of global tires. During the severe epidemic period, the production of tire companies dropped sharply, reducing the demand for Tire Cord. As such, the COVID-19 outbreak poses risks to the Tire Cord industry.
Risk of rising prices of raw materials
For the Tire Cord industry, the cost of raw materials accounts for a relatively large proportion of all costs. As raw materials are the most basic means of production for Tire Cord products, rising prices means starting from the source of the supply chain. This will cause prices in various industries along the entire chain to rise, and production and operations will be affected. For example, in 2020, in response to the epidemic, various countries around the world have launched relevant stimulus policies to support economic development to varying degrees. Due to the excessive issuance of currencies in the dollar area and the euro area, inflation has intensified and is transmitted and radiated to the world, resulting in an overall rise in global commodity prices including steel and nylon.
Rising raw material prices have increased production costs for companies, putting pressure on most Tire Cord companies. If prices continue to rise, manufacturers and distributors will be forced to absorb price increases or pass them on to consumers in order to maintain profits. Thus, price fluctuations of raw materials affect the development of the industry.
Scale and funding barriers
The large-scale production capacity makes Tire Cord enterprises have many advantages. First, enterprises with large-scale production capacity are more likely to gain the recognition of upstream suppliers in the industrial chain and downstream sales channels, and gradually form a long-term strategic partnership of mutual benefit between upstream and downstream. Secondly, large-scale production brings long-term and stable procurement demand, which can provide enterprises with strong bargaining power. Improve product quality while reducing procurement costs and production costs, forming a multi-faceted competitive advantage. To form large-scale production, Tire Cord enterprises must be supported by strong financial strength. Financial strength is the primary condition for maintaining large-scale production and continuous operation. The large-scale production of enterprises is often subject to important resources such as land, workshops, production equipment, and marketing channels. The purchase and control of these resources requires a large amount of capital reserves. Therefore, there are higher requirements for the financial strength and financing capacity of enterprises. New entrants cannot form synergies in terms of scale, cost, and efficiency in the short term. They need to expand production capacity, expand channels, and increase publicity through continuous capital investment. The industry has high scale and capital barriers.
Region Overview:
From 2023-2028, China is estimated to witness robust growth prospects.
Company Overview:
Hyosung is one of the major players operating in the Tire Cord market, holding a share of 12.35% in 2023.
Hyosung
Hyosung Corporation is a South Korean industrial chaebol founded in 1966. It operates in various fields including chemical industry, industrial machinery, IT, trade and construction. In South Korea, it is mainly known for high-end apartments and ATMs.
Kolon
Since its launch of tire cord business in 1973, KOLON Industries, Inc. has been recognized for its quality and technology by both domestic and international companies, including Michelin, Bridgestone, Goodyear, Continental. Tire cord fabrics are used as reinforcing materials for tires and designed to keep tires in shape and support vehicle weight, having a significant impact on tire performance.
Segmentation Overview:
By type, Nylon Tire Cord segment accounted for the largest share of market in 2022.
Nylon Tire Cord
Nylon Tire Cord mainly refers to Tire Cord using nylon as a raw material.
Polyester Tire Cord
Polyester Tire Cord mainly refers to Tire Cord using polyester as raw material.
Application Overview:
By application, the Radial Tire (semi-steel) segment occupied the biggest share from 2018 to 2022.
Bias Tire
On a bias tire, the plies are laid in layers, slanted, overlapped/crossed, and extend throughout the tire.
Radial Tire (semi-steel)
Unlike bias-ply tires, which overlap and weave the plies, radial tires have the plies "stacked" in the center/crown portion. These same plies do not extend down the sidewall of the tire until the bead is at a 90-degree angle to the direction of travel of the tire.
This report elaborates on the market size, market characteristics, and market growth of the Tire Cord industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Tire Cord. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Tire Cord Market Report Include:
Market Size Estimates: Tire Cord market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Tire Cord market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Tire Cord market
Segment Market Analysis: Tire Cord market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Tire Cord market situations and prospects in major and top regions and countries
Tire Cord Market
Tire Cord Industry Chain: Tire Cord market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Tire Cord Industry News, Policies by regions
Tire Cord Industry Porters Five Forces Analysis
Key players in the global Tire Cord market are covered in Chapter 2:
Shenma
Hailide
Far Eastern Group
SRF
Hyosung
Milliken Textiles
Junma
Kolon
Teijin
Shifeng
Kordsa
Huaian Nylon Chemical Fibre
Indorama Ventures Public Co. Ltd
In Chapter 6 and Chapter 9, on the basis of types, the Tire Cord market from 2018 to 2028 is primarily split into:
Nylon Tire Cord
Polyester Tire Cord
Others
In Chapter 7 and Chapter 10, on the basis of applications, the Tire Cord market from 2018 to 2028 covers:
Bias Tire
Radial Tire (semi-steel)
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Tire Cord market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Tire Cord industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Tire Cord market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Tire Cord industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Tire Cord market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Tire Cord market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Tire Cord market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
Tire Cord is the reinforcement used to keep the shape of the tire. Tire Cord has excellent properties such as abrasion resistance, controlled deformation, high tensile strength, etc. This research report categorizes products into Nylon Tire Cord, Polyester Tire Cord, Steel Tire Cord and others according to the different raw materials of Tire Cord.
COVID-19 outbreak poses risks to industry
Currently, the COVID-19 virus is still spreading around the world. Although the global economy is gradually recovering, the uncertainty of the epidemic has brought uncertainty to the development of various industries around the world. The development of the industry depends to a certain extent on the strength of local epidemic prevention and control measures. This also includes the industry. From a manufacturer’s perspective, the outbreak of COVID-19 has resulted in reduced business management efficiency, commuting disruptions, production schedule disruptions, network expansion delays, marketing delays, forced brand adjustments, and reduced brick-and-mortar offline sales. From the perspective of downstream demand, the epidemic directly affects the demand and production of global tires. During the severe epidemic period, the production of tire companies dropped sharply, reducing the demand for Tire Cord. As such, the COVID-19 outbreak poses risks to the Tire Cord industry.
Risk of rising prices of raw materials
For the Tire Cord industry, the cost of raw materials accounts for a relatively large proportion of all costs. As raw materials are the most basic means of production for Tire Cord products, rising prices means starting from the source of the supply chain. This will cause prices in various industries along the entire chain to rise, and production and operations will be affected. For example, in 2020, in response to the epidemic, various countries around the world have launched relevant stimulus policies to support economic development to varying degrees. Due to the excessive issuance of currencies in the dollar area and the euro area, inflation has intensified and is transmitted and radiated to the world, resulting in an overall rise in global commodity prices including steel and nylon.
Rising raw material prices have increased production costs for companies, putting pressure on most Tire Cord companies. If prices continue to rise, manufacturers and distributors will be forced to absorb price increases or pass them on to consumers in order to maintain profits. Thus, price fluctuations of raw materials affect the development of the industry.
Scale and funding barriers
The large-scale production capacity makes Tire Cord enterprises have many advantages. First, enterprises with large-scale production capacity are more likely to gain the recognition of upstream suppliers in the industrial chain and downstream sales channels, and gradually form a long-term strategic partnership of mutual benefit between upstream and downstream. Secondly, large-scale production brings long-term and stable procurement demand, which can provide enterprises with strong bargaining power. Improve product quality while reducing procurement costs and production costs, forming a multi-faceted competitive advantage. To form large-scale production, Tire Cord enterprises must be supported by strong financial strength. Financial strength is the primary condition for maintaining large-scale production and continuous operation. The large-scale production of enterprises is often subject to important resources such as land, workshops, production equipment, and marketing channels. The purchase and control of these resources requires a large amount of capital reserves. Therefore, there are higher requirements for the financial strength and financing capacity of enterprises. New entrants cannot form synergies in terms of scale, cost, and efficiency in the short term. They need to expand production capacity, expand channels, and increase publicity through continuous capital investment. The industry has high scale and capital barriers.
Region Overview:
From 2023-2028, China is estimated to witness robust growth prospects.
Company Overview:
Hyosung is one of the major players operating in the Tire Cord market, holding a share of 12.35% in 2023.
Hyosung
Hyosung Corporation is a South Korean industrial chaebol founded in 1966. It operates in various fields including chemical industry, industrial machinery, IT, trade and construction. In South Korea, it is mainly known for high-end apartments and ATMs.
Kolon
Since its launch of tire cord business in 1973, KOLON Industries, Inc. has been recognized for its quality and technology by both domestic and international companies, including Michelin, Bridgestone, Goodyear, Continental. Tire cord fabrics are used as reinforcing materials for tires and designed to keep tires in shape and support vehicle weight, having a significant impact on tire performance.
Segmentation Overview:
By type, Nylon Tire Cord segment accounted for the largest share of market in 2022.
Nylon Tire Cord
Nylon Tire Cord mainly refers to Tire Cord using nylon as a raw material.
Polyester Tire Cord
Polyester Tire Cord mainly refers to Tire Cord using polyester as raw material.
Application Overview:
By application, the Radial Tire (semi-steel) segment occupied the biggest share from 2018 to 2022.
Bias Tire
On a bias tire, the plies are laid in layers, slanted, overlapped/crossed, and extend throughout the tire.
Radial Tire (semi-steel)
Unlike bias-ply tires, which overlap and weave the plies, radial tires have the plies "stacked" in the center/crown portion. These same plies do not extend down the sidewall of the tire until the bead is at a 90-degree angle to the direction of travel of the tire.
This report elaborates on the market size, market characteristics, and market growth of the Tire Cord industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Tire Cord. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Tire Cord Market Report Include:
Market Size Estimates: Tire Cord market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Tire Cord market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Tire Cord market
Segment Market Analysis: Tire Cord market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Tire Cord market situations and prospects in major and top regions and countries
Tire Cord Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Tire Cord Industry Chain: Tire Cord market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Tire Cord Industry News, Policies by regions
Tire Cord Industry Porters Five Forces Analysis
Key players in the global Tire Cord market are covered in Chapter 2:
Shenma
Hailide
Far Eastern Group
SRF
Hyosung
Milliken Textiles
Junma
Kolon
Teijin
Shifeng
Kordsa
Huaian Nylon Chemical Fibre
Indorama Ventures Public Co. Ltd
In Chapter 6 and Chapter 9, on the basis of types, the Tire Cord market from 2018 to 2028 is primarily split into:
Nylon Tire Cord
Polyester Tire Cord
Others
In Chapter 7 and Chapter 10, on the basis of applications, the Tire Cord market from 2018 to 2028 covers:
Bias Tire
Radial Tire (semi-steel)
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Tire Cord market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Tire Cord industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Tire Cord market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Tire Cord industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Tire Cord market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Tire Cord market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Tire Cord market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
