According to TechSci Research report, “Reinforced Green Tire Cord Fabric Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027” Global reinforced green tire cord fabric market is expected to grow with a double digit CAGR of 12% during the forecast period, 2023-2027F whereas the market value in the year 2021 was USD125 Million. Rising demands for the higher strength and stability in the vehicle tires drive the growth of the global reinforced green tire cord fabric market in the upcoming five years. Growing sales and the demands for the automotives like passenger cars, light commercial vehicle, medium & high commercial vehicle, two-wheelers, etc. also support the growth of the global reinforced green tire cord fabric market in the next five years. Higher sales of the tires, supported by OEM and replacement demands aiding the sales, further aid the growth of the global reinforced green tire cord fabric market in the future five years. Sales of electric vehicles, growing concerns among the populations regarding environmental depletion, coupled with active participation by the government enforcing favorable regulations regarding use of green vehicles and green products also substantiates the growth of the global reinforced green tire cord fabric market in the forecast years through 2027.
Rapidly growing adaptations of the recycled products and material for the manufacturing of the various products including automotive parts such as tires, is expected to further fuel the growth of the global reinforced green tire cord fabrics market in the forecast period. Recent technological advancement and growing finances invested in the research and innovative product development coupled with the expanding automotive industry that fuels the demand for the innovative green items and car parts add to the market growth. Tire cords fabric reinforcement are used to maintain the shape of a tire. They are made primarily of polyester, nylon, aramid and rayon. These material structures provide higher rigidity to the tires thus giving the vehicles better handling and stability. Use of such material is with the purpose to reduce the consumption of plastics and polymers that may harm the environment and thus using recycled products decreasing the pollutants and thus aiding to the concept of green environment.
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The global Reinforced Green Tire Cord Fabric Market is experiencing significant growth due to the increasing demand for eco-friendly and high-performance tires in the automotive industry. As of 2023, the market is valued at approximately USD 1.5 billion and is projected to grow at a CAGR of 5.5% during the forecast period of 2024-2029. This comprehensive report provides an in-depth analysis of market dynamics, key segments, driving factors, challenges, opportunities, and the competitive landscape.
Introduction
Reinforced green tire cord fabric is a critical component in the manufacturing of green tires, which are designed to be environmentally friendly and fuel-efficient. These fabrics are made from high-strength materials such as polyester, nylon, and aramid, and they provide reinforcement and durability to tires, enhancing their performance and longevity. This report explores the various aspects of the Reinforced Green Tire Cord Fabric Market, including market segmentation, trends, and future outlook.
Market Segmentation
By Material Type
Polyester
Polyester tire cord fabric is widely used due to its excellent strength, durability, and cost-effectiveness. Polyester cords provide good dimensional stability and are resistant to heat, making them suitable for use in various types of tires, including passenger car tires and light truck tires.
Nylon
Nylon tire cord fabric offers superior strength and flexibility, making it ideal for high-performance and heavy-duty tires. Nylon cords are known for their excellent impact resistance and fatigue endurance, which enhance the overall performance and safety of tires.
Aramid
Aramid tire cord fabric is used in premium and high-performance tires due to its exceptional strength-to-weight ratio and resistance to heat and abrasion. Aramid cords provide superior reinforcement and are commonly used in racing and aviation tires, as well as in high-end passenger car tires.
Others
Other materials used in tire cord fabric include rayon and hybrid materials. These materials offer specific advantages and are used in specialized applications to meet unique performance requirements.
By Tire Type
Passenger Car Tires
The passenger car tire segment is the largest consumer of reinforced green tire cord fabric. The increasing demand for fuel-efficient and environmentally friendly vehicles drives the adoption of green tires in this segment. The growth in the automotive industry and rising consumer awareness about sustainable mobility contribute to the demand for reinforced green tire cord fabric in passenger car tires.
Light Truck Tires
Light truck tires require robust and durable reinforcement to handle heavy loads and challenging driving conditions. Reinforced green tire cord fabric enhances the performance, safety, and lifespan of light truck tires, making them more efficient and reliable for commercial and personal use.
Heavy Truck & Bus Tires
Heavy truck and bus tires demand high-strength reinforcement to withstand the stresses of long-haul transportation and heavy-duty operations. Reinforced green tire cord fabric provides the necessary durability and performance enhancements, contributing to the overall efficiency and safety of heavy-duty vehicles.
Off-the-Road Tires
Off-the-road (OTR) tires, used in construction, mining, and agricultural machinery, require superior reinforcement to endure harsh terrains and extreme conditions. Reinforced green tire cord fabric improves the resilience and longevity of OTR tires, supporting their use in demanding environments.
By Region
North America
North America is a significant market for reinforced green tire cord fabric, driven by the strong presence of the automotive industry and the growing demand for eco-friendly and high-performance tires. The United States and Canada are key contributors to market growth, with increasing investments in sustainable mobility solutions.
Europe
Europe is witnessing steady growth in the reinforced green tire cord fabric market, supported by stringent environmental regulations and the adoption of green technologies in the automotive sector. Countries such as Germany, France, and the United Kingdom are leading the demand for reinforced green tire cord fabric in this region.
Asia-Pacific
The Asia-Pacific region is experiencing rapid growth in the reinforced green tire cord fabric market, fueled by the expansion of the automotive industry, increasing vehicle production, and rising consumer awareness about environmental sustainability. China, India, and Japan are major markets, with significant investments in green tire manufacturing and innovation.
Latin America
Latin America is emerging as a promising market for reinforced green tire cord fabric, with expanding automotive production and infrastructure development. Brazil and Mexico are key markets, with a focus on enhancing vehicle performance and sustainability through the use of green tires.
Middle East & Africa
The Middle East & Africa region is witnessing gradual growth in the reinforced green tire cord fabric market, supported by the automotive industry’s expansion and increasing investments in sustainable transportation solutions. Countries such as Saudi Arabia, South Africa, and the UAE are contributing to market growth.
Market Dynamics
Drivers
Increasing Demand for Eco-Friendly Tires
The growing emphasis on environmental sustainability and fuel efficiency is driving the demand for green tires in the automotive industry. Reinforced green tire cord fabric plays a crucial role in enhancing the performance and durability of these tires, supporting their adoption in various vehicle segments.
Advancements in Tire Technology
Technological advancements in tire manufacturing and material science are enhancing the performance and efficiency of reinforced green tire cord fabric. Innovations in material composition, reinforcement techniques, and production processes are driving the market’s growth by improving the quality and capabilities of green tires.
Growing Automotive Industry
The expansion of the automotive industry, particularly in emerging markets, is boosting the demand for reinforced green tire cord fabric. Increasing vehicle production, rising consumer preferences for high-performance and sustainable tires, and growing investments in automotive research and development contribute to market growth.
Restraints
High Production Costs
The production of reinforced green tire cord fabric involves advanced materials and manufacturing processes, leading to higher production costs compared to conventional tire cord fabrics. These costs can pose a challenge to market growth, particularly in price-sensitive markets.
Environmental Concerns
While green tires aim to reduce environmental impact, the production and disposal of synthetic tire cord fabrics can still pose environmental challenges. Addressing these concerns through the development of sustainable and biodegradable materials is crucial for the market’s long-term growth.
Opportunities
Emerging Markets
Emerging markets in regions such as Asia-Pacific, Latin America, and the Middle East & Africa offer significant growth opportunities for the reinforced green tire cord fabric market. The expanding automotive industry and increasing focus on sustainable transportation in these regions create a strong demand for green tires.
Development of Sustainable Materials
The increasing focus on sustainability and environmental responsibility presents opportunities for the development and commercialization of sustainable and biodegradable tire cord fabrics. Innovations in eco-friendly materials and production techniques can meet the growing demand for environmentally responsible tire solutions.
Competitive Landscape
Major Companies
Hyosung Corporation
Hyosung Corporation is a leading producer of reinforced green tire cord fabric, offering a wide range of high-performance products for various tire applications. The company’s strong market presence and focus on innovation and sustainability drive its competitive edge.
Kordsa Teknik Tekstil A.S.
Kordsa Teknik Tekstil A.S. is a major player in the reinforced green tire cord fabric market, known for its high-quality products and advanced manufacturing technologies. The company’s commitment to research and development and its extensive distribution network contribute to its market leadership.
Kolon Industries, Inc.
Kolon Industries, Inc. is a global leader in the production of reinforced green tire cord fabric, providing innovative solutions for the automotive industry. The company’s emphasis on sustainability and customer satisfaction positions it well in the competitive market.
SRF Limited
SRF Limited specializes in the production and distribution of reinforced green tire cord fabric for various tire applications. The company’s strong technical expertise and innovative solutions drive its market growth.
Teijin Limited
Teijin Limited is one of the world’s largest producers of reinforced green tire cord fabric, offering high-quality products for automotive and industrial applications. The company’s focus on operational efficiency and market expansion contributes to its competitive advantage.
Toray Industries, Inc.
Toray Industries, Inc. is known for its high-performance reinforced green tire cord fabric used in various tire applications. The company’s commitment to quality and sustainability drives its market success.
The global Reinforced Green Tire Cord Fabric Market is poised for substantial growth, driven by the increasing demand for eco-friendly and high-performance tires, advancements in tire technology, and the growing automotive industry. The market’s diverse applications across various tire segments highlight its importance and potential for expansion. However, addressing production costs and environmental concerns are crucial for sustaining market growth. By leveraging technological innovations and focusing on sustainability, companies can capitalize on emerging opportunities and maintain a competitive edge in this dynamic market.
Some of the market players, dominating the global reinforced green tire cord fabric market are
- Kordsa Teknik Tekstil AS
- Indorama Ventures Ltd
- SRF Ltd
- Century Enka Ltd
- Hyosung Industries Co. Limited
- Hengli Group
- Shinkong Synthetic Fibers Corporation
- Kolon Industries Inc.
- Toray Industries Inc
- Teijin Ltd
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“Asia Pacific region is anticipated to hold the largest market for the reinforced green tire cord fabric in the future years due to local availability of major raw materials. Higher population in the region due to growing population in the large economies like China, India, further fuels the growing demand for the passenger cars and thus aiding the growth of the global reinforced green tire cord fabric market in the future years. With dedicated research and development sector and growing number of the market players actively investing in the development of the innovative reinforced green tire cord fabric also play favorable roles in the growth of the global reinforced green tire cord fabric market in the next five years. New market players are advised to focus on the research and investing in the research and product development to enter the market with the advanced product thereby aiding their brand establishment in the future years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Reinforced Green Tire Cord Fabric Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Material Type (Recycle PET, Recycle Nylon 66, Recycle Aramid, Others), By Application (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheeler, Three Wheeler, Others), By Distribution Channel (Direct Vs Indirect), By Region”, has evaluated the future growth potential of global reinforced green tire cord fabric and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global reinforced green tire cord fabric market.
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