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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