Global Polyester Tire Cord Fabrics Market Overview
The Polyester Tire Cord Fabrics Market Size was estimated at 4.01 (USD Billion) in 2022.The Polyester Tire Cord Fabrics Industry is expected to grow from 4.09(USD Billion) in 2023 to 4.87 (USD Billion) by 2032. The Polyester Tire Cord Fabrics Market CAGR (growth rate) is expected to be around 1.97% during the forecast period (2024 - 2032).
Key Polyester Tire Cord Fabrics Market Trends Highlighted
There is a continuous change in automotive practices through technological advances and consumer demand for lightweight, fuel-efficient vehicles that require the use of polyester tire cord fabrics. Also, environmental sustainability awareness and strict emission regulations have boosted their adoption.Polyester tire cord fabrics are increasingly being used in specialty tires like those of off-road vehicles and heavy machinery. Hence, there are many opportunities in the market. Moreover, expanding the automobile industry in developing countries also offers significant growth prospects for the market.Furthermore, new trends in this market include the fabrication of high-performance materials with increased tensile strength, durability, and resistance to heat. At the same time, innovations in production techniques, as well as the adoption of advanced technology such as automation processes and data analytics, have changed the direction of business operations. Alternatively, increasing emphasis on lowering manufacturing costs while enhancing efficiency has created space for cheap, eco-friendly solutions by players in this market segment.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Polyester Tire Cord Fabrics Market Drivers
Increasing Demand for Lightweight Vehicles
The automotive industry is continuously striving to reduce the weight of vehicles to improve fuel efficiency and reduce emissions. Polyester tire cord fabrics are significantly lighter than traditional materials such as steel, making them an attractive option for manufacturers. The increasing demand for lightweight vehicles is expected to drive the growth of the Polyester Tire Cord Fabrics Market Industry over the forecast period.
Growing Adoption of Electric Vehicles
As a result of their environmental advantages and reduced running costs, electric vehicles are increasing in popularity. These polyester tire cord fabrics for electric cars have a low rolling resistance that can help extend the vehicle’s single-charge range. The increased acceptance of electric vehicles is anticipated to create substantial demand for polyester tire cord fabrics in the near future.
Rising Safety Concerns
Safety is a paramount concern in the automotive industry. Polyester tire cord fabrics offer superior strength and durability compared to traditional materials, making them an ideal choice for tires that need to withstand high loads and speeds. The rising safety concerns among consumers are expected to drive the demand for polyester tire cord fabrics in the Polyester Tire Cord Fabrics Market Industry.
Polyester Tire Cord Fabrics Market Segment Insights:
Polyester Tire Cord Fabrics Market Raw Material Insights
The Polyester Tire Cord Fabrics Market is segmented by raw material into Polyethylene Terephthalate (PET), Polyethylene Naphthalate (PEN), Polybutylene Terephthalate (PBT), and Polytrimethylene Terephthalate (PTT). Within these, PET is the most widely used raw material for polyester tire cord fabrics in 2023, representing over 90% of the market share. The reason behind this dominance is its higher strength, durability, and cheaper cost. This synthetic polymer results from a condensation reaction between terephthalic acid and ethylene glycol.
It has excellent mechanical properties, which make it suitable for application in high-performance products such as tire reinforcement. Tire cords made of PET have high tensile strength, modulus, and impact resistance, which allows them to endure the severe conditions involved in operating a tire. In addition, it is inexpensive to produce, contributing to its extensive use in the tire industry. However, PEN offers greater strength and modulus than PET and costs more than it does. Tires made of PEN-based tire cord fabrics are thus very durable, making them ideal for racing or performance passenger car applications.
However, PEN is more costly than PET; hence, it finds niches where superior performance is demanded only. Polyester tire cord fabrics rely on other synthetic polymers called PBT and PTT. PBT provides moderate strength at a moderate cost when compared with both PET & PEN.PTT, however, uses bio-based polymers obtained from renewable sources while having properties similar to PET and with lower environmental impact. Tire cord fabric containing PBT or PTT is expected to grow soon due to environmental concerns and community sensitization towards green materials.
In the next few years ahead, the Polyester Tire Cord Fabrics Market will experience steady growth due to rising demand for automotive industry tires. Companies producing electric vehicles will also boost demand for polyester tire cords by requiring tires that possess low rolling friction and are highly durable. This result may also be supported by the growing use of polyester tire cord fabrics among emerging economies, especially where there are increasing demand rates for cheap but long-lasting tires.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Polyester Tire Cord Fabrics Market Construction Insights
As we move to 2023, the Construction segment is targeted to gain a considerable percentage of the Polyester Tire Cord Fabrics Market and continue growing through the forecasted period. The growth of this market segment is facilitated by an increasing demand for new construction projects, particularly in developing regions. Twisted Polyester Tire Cord Fabrics are created by twisting together multiple filaments of polyester.
They have high strength and durability, which makes them ideal for use in demanding applications such as bridges and skyscrapers. When manufacturing Parallel Polyester Tire Cord Fabrics, polyester filaments are aligned parallel to each other. They possess low elongation yet high modulus; therefore, they can be used where dimensional stability is important, like on roads or pavements. Cross-ply polyester tire cord fabrics involve weaving polyester filaments in a criss-cross manner to make it a compact fabric. As a result, they combine both strength and elasticity, which makes them useful for walls or roofs.
Different types of polyester, such as twisted filaments that enhance breaking strength coupled with parallel filaments that enhance modulus properties, might be brought together to achieve some hybrid properties. A case in point is where the hybrid fabric may contain twisted filaments for strength and parallel ones for modulus. Henceforth, robustness will grow within the Construction segment due to the escalating need for durable building materials at cost-effective prices. Moreover, increasing preference towards green buildings will further drive the need for polyester tire cord fabric since it has excellent mechanical properties and is eco-friendly.
Polyester Tire Cord Fabrics Market Titer Insights
The Titer segment of the Polyester Tire Cord Fabrics Market is expected to grow significantly in the coming years. The market is segmented based on titer, which refers to the thickness of the yarn. The key titer segments in the Polyester Tire Cord Fabrics Market include: 800-1500 Denier 1500-2200 Denier 2200-3000 Denier Over 3000 Denier The 1500-2200 Denier segment is expected to hold the largest share of the Polyester Tire Cord Fabrics Market in 2023, and is projected to continue its dominance throughout the forecast period. This segment is used in the production of radial tires for passenger cars and light trucks, which are expected to witness high demand in the coming years due to the increasing popularity of these vehicles.The 800-1500 Denier segment is expected to experience steady growth over the forecast period. This segment is used in the production of bias tires for off-road vehicles and industrial applications. The increasing demand for off-road vehicles and the growing construction industry are expected to drive the growth of this segment. The 2200-3000 Denier and Over 3000 Denier segments are expected to witness moderate growth over the forecast period. These segments are used in the production of high-performance tires for heavy-duty vehicles and aircraft.The increasing demand for heavy-duty vehicles and the growing aviation industry are expected to drive the growth of these segments. Overall, the Polyester Tire Cord Fabrics Market is expected to witness steady growth in the coming years, driven by the increasing demand for tires from various industries.
Polyester Tire Cord Fabrics Market Application Insights
The application segment is very important to the market as every application has its unique contribution to the market growth. Radial Tires make up a significant portion of the market. For example, they are mainly used in passenger cars and light trucks since they are long-lasting, more economical on fuel, and have excellent on-road grip. On the other hand, Bias Tires are usually employed in offroad vehicles, industrial machinery, and agricultural equipment because of their strong construction and puncture resistance. Belts and Hoses is an emerging sector that is utilized in automotive power transmission systems, conveying fluids and gases, and industrial machinery.
Polyester tire cord fabrics have various industrial applications, such as conveyor belts and safety clothing made from composite materials, among others, which make up polyester tire cord fabrics in different industries.
Polyester Tire Cord Fabrics Market Regional Insights
Exhibiting different market dynamics and growth patterns across key regions, the Polyester Tire Cord Fabrics Market is regionally segmented. North America, Europe, APAC, South America, and MEA contribute collectively to the market growth. North America has a significant market share because of a well-established automotive and tire industry. High-performance tires are in high demand in this area, which fuels the polyester tire cord fabrics market. Europe follows closely with leading tire manufacturers present and increasing focus on fuel efficiency and safety regulations.
The APAC region is expected to grow at the fastest rate over the forecast period due to the expanding automotive sector and rising demand for passenger vehicles. China, India, and Japan dominate regional markets. South America, as well as the MEA, also has growing potential due to increasing urbanization rates, rising disposable income levels, and higher vehicle ownership rates. Nonetheless, geopolitical issues and economic swings can affect market growth in these areas.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Polyester Tire Cord Fabrics Market Key Players And Competitive Insights:
Major players in the polyester tire cord fabric market are continuously focusing on new product development and innovation. Leading Polyester Tire Cord Fabrics Market players are adopting various growth strategies such as partnerships, collaborations, joint ventures, and acquisitions to strengthen their position in the market. The Polyester Tire Cord Fabrics Market industry is characterized by intense competition among existing players. Key Polyester Tire Cord Fabrics Market players are investing heavily in research and development to improve their product portfolio and gain a competitive edge in the market.Hyosung is a leading supplier of tire cord fabrics and other industrial materials. The company has a strong presence in the Asia-Pacific region and is expanding its operations in other parts of the world. Hyosung is focused on providing innovative and high-quality products to its customers. The company's tire cord fabrics are used by major tire manufacturers around the world.Toray Industries is another major player in the polyester tire cord fabric market. The company is headquartered in Japan and has a presence. Toray Industries is a diversified company with a wide range of businesses, including textiles, chemicals, and electronics. The company's tire cord fabrics are known for their durability and performance. Toray Industries is a major supplier to the automotive industry.
Key Companies in the Polyester Tire Cord Fabrics Market Include:
Polyester Tire Cord Fabrics Market Industry Developments
The Polyester Tire Cord Fabrics Market is expected to grow from USD 4.09 billion in 2023 to USD 4.87 billion by 2032, at a CAGR of 1.97% over the forecast period. The growth of the market is attributed to the increasing demand for polyester tire cord fabrics from the automotive industry. Polyester tire cord fabrics are used in the production of tires for passenger cars, light trucks, and heavy-duty vehicles. The increasing production of vehicles, particularly in emerging economies, is driving the demand for polyester tire cord fabrics.Recent news developments in the Polyester Tire Cord Fabrics Market include the expansion of production capacity by major manufacturers. For instance, in 2023, Hyosung announced plans to invest USD 100 million in expanding its polyester tire cord fabric production capacity in China. This expansion is in response to the growing demand for polyester tire cord fabrics from the automotive industry in China.
Polyester Tire Cord Fabrics Market Segmentation Insights
Polyester Tire Cord Fabrics Market Raw Material Outlook
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Polyethylene Terephthalate (PET)
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Polyethylene Naphthalate (PEN)
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Polybutylene Terephthalate (PBT)
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Polytrimethylene Terephthalate (PTT)
Polyester Tire Cord Fabrics Market Construction Outlook
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Twisted
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Parallel
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Cross-ply
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Hybrid
Polyester Tire Cord Fabrics Market Titer Outlook
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800-1500 Denier
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1500-2200 Denier
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2200-3000 Denier
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Over 3000 Denier
Polyester Tire Cord Fabrics Market Application Outlook
Polyester Tire Cord Fabrics Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
Polyester Tire Cord Fabrics Market Report Scope
| Report Attribute/Metric |
Details |
| Market Size 2022 |
4.01(USD Billion) |
| Market Size 2023 |
4.09(USD Billion) |
| Market Size 2032 |
4.87(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
1.97% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Toray Industries, Tongkun Group, Sinopec Group, Teijin Limited, Dongyang Yichuan, Zhejiang Rongsheng, Jiangyin Yuanhua, Mitsubishi Chemical Holdings, Kuraray Co., India Poly Combine, Jiangsu Hengli Group, Hyosung Advanced Materials, Zhejiang Yisheng, Quanzhou Yinjia, Renuka Polymers |
| Segments Covered |
Raw Material, Construction, Titer, Application, Regional |
| Key Market Opportunities |
Rising demand for fuel-efficient vehiclesIncreasing production of passenger and commercial vehiclesExpanding automotive industry in emerging markets |
| Key Market Dynamics |
Rising demand for lightweight vehiclesTechnological advancements in tire manufacturingIncreasing preference for high-performance tiresGrowing use of polyester tire cord fabrics in the automotive industryFluctuating raw material prices |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
â—¦ The Polyester Tire Cord Fabrics Market is expected to reach a valuation of USD 4.87 billion by 2032, expanding at a CAGR of 1.97% from 2024 to 2032.
North America is anticipated to dominate the Polyester Tire Cord Fabrics Market owing to the presence of major automotive manufacturing hubs in countries such as China, India, and Japan.
Polyester Tire Cord Fabrics are primarily used in the manufacturing of radial tires for passenger cars, light trucks, and heavy-duty vehicles.
Major players in the Polyester Tire Cord fabric market include Hyosung, Kolon Industries, Teijin Aramid, Toray Industries, and DuPont.
Increasing demand for lightweight and fuel-efficient vehicles, coupled with growing automotive production, is driving the growth of the Polyester Tire Cord Fabrics Market.
Fluctuations in raw material prices and intense competition from alternative materials, such as nylon and steel, pose challenges to the Polyester Tire Cord Fabrics Market.
The incorporation of advanced technologies, such as nanotechnology and smart materials, is creating new opportunities in the Polyester Tire Cord Fabrics Market.
The Polyester Tire Cord Fabrics Market is projected to expand at a CAGR of 1.97% from 2024 to 2032.
Rising environmental concerns and government regulations promoting fuel efficiency are positively influencing the growth of the Polyester Tire Cord Fabrics Market.
The COVID-19 pandemic led to a temporary decline in demand for Polyester Tire Cord Fabrics due to disruptions in automotive production. However, the market is expected to recover as economic activities resume.
