Polyester Tire Cord Fabrics Market Size (2024 - 2029)

The polyester tire cord fabrics market is anticipated to experience steady growth, driven by the increasing use of these fabrics in passenger cars and a rising demand for fuel-efficient tires in emerging economies. Despite challenges such as fluctuating raw material prices and high production costs, the market is expected to expand, particularly due to the growing interest in eco-friendly options. The Asia-Pacific region is projected to lead the market, supported by increased car production in countries like China, India, and Japan.

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Market Size of Polyester Tire Cord Fabrics Industry

tire cord fabrics market growth
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 4.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

high performance polyester market size

*Disclaimer: Major Players sorted in no particular order

Polyester Tire Cord Fabric Market Analysis

The Global Polyester Tire Cord Fabrics Market accounted for around 650 kilo tons in 2021 and the market is projected to register a CAGR of over 4% during the forecast period (2022-2027). 

The market was negatively impacted by COVID-19 in 2020. Due to the COVID-19 outbreak in the first half of 2020, the automotive industry was significantly affected. This, in turn, has unfavorably impacted the consumption of polyester tire cord fabrics. The market is projected to grow steadily as vehicle production observed growth in 2021.

  • Over the short term, growing adoption of polyester tire cord fabrics in passenger cars, coupled with increasing preference for fuel efficient tires in the emerging economies are some of the driving factors which are stimulating the market demand.
  • However, fluctuating prices of raw materials for polyester tire cord fabrics and high costs associated with the installed and maintenance of production facility are major factors hindering growth of the target market.
  • Nevertheless, increasing demand for eco-friendly polyester tire cord fabrics from automotive are likely to create lucrative growth opportunities for the global market over the forecast period.
  • Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to rise in the production of cars in China, India, and Japan.

Polyester Tire Cord Fabric Industry Segmentation

Polyester tire cord fabrics are a class of reinforcing materials produced with superior quality yarns. It is manufactured by various processes, including polymerization, extraction, drying, melt spinning to produce tire yarn, and preparation of cord from tire yarn by twisting and plying. Polyester tire cord fabrics are incorporated into the production processes to reinforce all types of radial and biased tires, including medium, heavy-duty, and light commercial tires. The polyester tire cord fabrics market is segmented by tire type, application, and geography. By tire type, the market is segmented into radial tires and biased tires. By application, the market is segmented into passenger cars, commercial vehicles, and other applications. The report also covers the market size and forecasts for the polyester tire cord fabrics market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo tons) and value (USD Million).

Tire Type
Radial Tire
Biased Tire
Application
Passenger Cars
Commercial Vehicles
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Polyester Tire Cord Fabrics Market Size Summary

The polyester tire cord fabrics market is experiencing a steady growth trajectory, driven by the increasing adoption of these materials in passenger cars and the rising demand for fuel-efficient tires, particularly in emerging economies. The market, which faced challenges due to the COVID-19 pandemic, is rebounding as vehicle production picks up. Polyester tire cord fabrics are valued for their superior properties, such as high dimensional stability, heat resistance, and controllability, making them ideal for enhancing tire strength and efficiency. The passenger car segment remains the dominant application, with the growing penetration of electric vehicles and rising disposable incomes further fueling demand. However, the market faces challenges from fluctuating raw material prices and high production costs, which could hinder growth.

The Asia-Pacific region is poised to maintain its dominance in the polyester tire cord fabrics market, driven by robust demand from the automotive sector in countries like China, India, and Japan. The region's growth is supported by the increasing production of fuel-efficient and electric vehicles, along with a strong replacement tire industry. Key players in the region are expanding their production capacities to meet the rising demand, with significant investments in new facilities. The market's consolidated nature sees major companies like Kordsa Teknik Tekstil A.S., Indorama Ventures Public Company Limited, and Kolon Industries Inc. leading the charge. These developments, coupled with favorable regulatory frameworks and growing consumer preferences for sustainable automotive solutions, are expected to propel the market's growth over the forecast period.

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Polyester Tire Cord Fabrics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Rising Demand for Passenger Cars in the Emerging Economies

      2. 1.1.2 Increasing Preference for Fuel Efficient Tires

    2. 1.2 Restraints

      1. 1.2.1 The Fluctuating Prices of Raw Materials

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Tire Type

      1. 2.1.1 Radial Tire

      2. 2.1.2 Biased Tire

    2. 2.2 Application

      1. 2.2.1 Passenger Cars

      2. 2.2.2 Commercial Vehicles

      3. 2.2.3 Other Applications

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Polyester Tire Cord Fabrics Market Size FAQs

The Polyester Tire Cord Fabrics Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Kordsa Teknik Tekstil A.S., Indorama Ventures Public Company Limited, Kolon Industries Inc., HYOSUNG and SRF Limited are the major companies operating in the Polyester Tire Cord Fabrics Market.

Polyester Tire Cord Fabric Market Report Snapshots

Polyester Tire Cord Fabrics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)