Tire Yarn Market Overview
As per MRFR analysis, the Tire Yarn Market Size was estimated at 2.84 USD Billion in 2022. The Tire Yarn Market Industry is expected to grow from USD 2.92 Billion in 2023 to USD 3.8 Billion by 2032. The Tire Yarn Market CAGR (growth rate) is expected to be around 2.96% during the forecast period (2024 - 2032).
Key Tire Yarn Market Trends Highlighted
The tire yarn market exhibits significant trends that shape its growth trajectory. Key market drivers include the increasing demand for lightweight and fuel-efficient vehicles, the growing adoption of advanced vehicle safety systems, and rising consumer awareness regarding tire performance. These factors contribute to a surge in demand for high-performance and durable tire yarns.Opportunities in the tire yarn market arise from the expansion of the automotive industry, particularly in emerging economies. The growing popularity of electric vehicles also presents opportunities for manufacturers to develop specialized tire yarns that meet the unique demands of these vehicles. Additionally, advancements in material science open up avenues for the development of eco-friendly and sustainable tire yarns.Recent trends witnessed in the tire yarn market include an increased emphasis on innovation and technological advancements. Manufacturers are exploring the use of novel materials such as carbon fiber, graphene, and bio-based materials to enhance tire performance. This focus on innovation is driven by the demand for improved safety, durability, and reduced environmental impact. Furthermore, the growing adoption of smart tires and tire monitoring systems is fueling demand for advanced tire yarns that can facilitate data communication and sensing capabilities.
![Tire Yarn Market Overview](../../uploads/infographics/Tire_Yarn_Market_1.png)
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Tire Yarn Market Drivers
Rising Demand for Lightweight and Fuel-Efficient Vehicles
The automotive industry continues to be focused on making lightweight and fuel-efficient vehicles for stringent emission laws and increasing consumer preference for eco-friendly options. A tire yarn is a specialty yarn used to produce tires of low rolling resistance and high durability, which is the most significant factor driving the tire yarn market globally. The demand for tire yarn increases day by day with the introduction of electric vehicles in the market as it requires tires with specific requirements.Considering the industry’s current scenario, where sustainable and efficient manufacturing prevails, it is estimated that the tire yarn market will continue to grow, and the demand will increase further within a few years.
Technological Advancements and Innovation
The Tire Yarn Market Industry is experiencing a surge in the number of advancements and innovations every day. Advanced technology has become a driving force that pushes tire manufacturers to produce stronger tires and meet their varying demands. Manufacturers are conducting research and developments towards finding unique materials that are useful in enhancing the strength, effectiveness, and durability of tire yarns to the changing climatic conditions.For that matter, this is making it possible for tire yarns to achieve resistance to natural wear and tear. Advancements in material development and manufacturing methodologies are also becoming essential in producing specialized tire yarns to suit specific tire types. These developments have not only led to several improvements in the performance of the manufactured tires but also created a new path in the future of the Tire Yarn Market Industry.
Growing Adoption of Advanced Tire Technologies
The market of the tire yarn industry is conditioned by the growth of the implementation of advanced tire technologies. Different technologies require special types of tire yarn with outstanding properties to guarantee the expected function and to ensure the safety of tires. For example, run-flat tires are provided with reinforced yarn to support the tire structure and guarantee its integrity, so the driver can keep running for a few kilometers even in case of an accident of the tire.Self-sealing yarn technology can be used for the production of the tires which are able to save the tires from the loss of the air. Such sealing yarn fabricated into the tire can block holes and keep its characteristic initially inflated form in place. Thus, the circumstances in the industry are beneficial for the yarn manufacturers.
Tire Yarn Market Segment Insights
Tire Yarn Market Fiber Type Insights
The Tire Yarn Market is segmented by Fiber Type into Nylon, Polyester, Rayon, and Aramid. Nylon is the most widely used type, accounting for over 50% of the market in 2023. This is due to its high strength, durability, and resistance to heat and chemicals. Nylon tire yarn is also used in a wide range of tire applications, including passenger car, truck, and bus tires. Polyester tire yarn is a granular type, accounting for around 30% of the market in 2023. It is less expensive than nylon, but it has similar strength and durability.In addition, it is more resistant to UV radiation, so it is a good choice for outdoor applications. Rayon is a natural fiber that is made from cellulose. It is made from filament and granules. Rayon is less expensive than nylon and polyester, but it has low strength and durability. Rayon tire yarn is used in a wide range of tire applications, including passenger car and truck tires. The use of aramid tire yarn is similar to rayon tire yarn. Aramid is made from aromatic polyamide.
It is very strong and durable and is also resistant to heat and chemicals.This rise is due to increased demand for tire yarn due to the growing demand for tires, especially in developing countries. The expansion of the electric vehicle market will also drive demand for tire yarn as electric vehicles require lower rolling resistance tires. The competitive landscape of the Tire Yarn Market is fragmented, with a number of major players. It includes Invista, Hyosung, Toray Industries, Teijin Aramid, and other major companies. These players focus on developing new and innovative products and investing in research and development.
![Tire Yarn Market Overview2](../../uploads/infographics/Tire_Yarn_Market_2.png)
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Tire Yarn Market End-Use Application Insights
End-use application is one of the most important criteria that define the dynamics of the Tire Yarn Market. Thus, the passenger car tires subgroup has been the leader for the last decade, with the proportion amounting to around 45% of the total Tire Yarn Market revenue in 2023. The strong position ensured by the subgroup is attributed primarily to the increasing production and sales of passenger vehicles. Additionally, a significant share of fiber ampoule and high-modulus yarns in the car industry also boosts this position.
The truck and bus tires subgroup represents another large segment, benefiting from the shift towards the expansion of commercial transportation and logistics. In the coming years, the increasing number of heavy vehicles contributing to the growth of the transportation industry will provoke an even higher demand for tire yarn within the subgroup. The use of fiber ampoule and high-modulus yarns in off-highway tires used in construction, mining, and agriculture is also expected to benefit the market. Aircraft tires comprise a minor subgroup of the application, but their function is crucial in aviation, as they ensure a safe takeoff, flight, and landing. The increasing demand for aircraft flights will benefit the development of the Tire Yarn Market.Thus, the end-use application gives insights into the segmentation of the consumers of fiber ampoule and high-modulus yarns, enabling producers to configure their production according to the needs of the industry.
Tire Yarn Market Tire Construction Insights
The Tire Construction segment is a crucial aspect of the Tire Yarn Market, influencing the market growth and revenue generation. Radial Tires dominate the segment, accounting for a significant share of the market in 2023. Their popularity stems from their superior performance characteristics, including enhanced stability, fuel efficiency, and longer tread life. Bias-Ply Tires, known for their durability and affordability, hold a steady market share, particularly in developing regions. Semi-Radial Tires, a hybrid between Radial and Bias-Ply Tires, offer a balance of performance and cost-effectiveness, making them a viable option for specific applications.The Tire Yarn Market segmentation provides valuable insights into the market dynamics, enabling stakeholders to tailor their strategies accordingly.
Tire Yarn Market Production Process Insights
The Tire Yarn Market is segmented based on the Production Process into Continuous Spinning, Discontinuous Spinning, and Air Jet Spinning. Continuous Spinning held the largest market share in 2023, accounting for over 55% of the Tire Yarn Market revenue. Continuous Spinning is a high-volume production process that is used to produce high-strength tire yarns. Discontinuous Spinning, on the other hand, is a lower-volume production process that is used to produce specialty tire yarns. Air Jet Spinning is a relatively new production process that is gaining popularity due to its ability to produce high-quality tire yarns at a lower cost.The Tire Yarn Market is expected to grow at a CAGR of 2.96% from 2024 to 2032, reaching a market valuation of 3.8 billion USD by 2032. The growth of the market is attributed to the increasing demand for tires from the automotive industry.
Tire Yarn Market Regional Insights
The Tire Yarn Market is segmented into North America, Europe, APAC, South America, and MEA based on region. In 2023, North America held the largest market share of 35%, followed by Europe with 30%. APAC is expected to witness the fastest growth over the forecast period, expanding at a CAGR of 4.2% from 2023 to 2032. The growth in the APAC region can be attributed to the increasing demand for tires from the automotive industry, particularly in countries like China and India. The Tire Yarn Market is driven by factors such as the growing demand for lightweight and fuel-efficient vehicles, increasing tire production, and rising disposable incomes.
![Tire Yarn Market Overview3](../../uploads/infographics/Tire_Yarn_Market_3.png)
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Tire Yarn Market Key Players And Competitive Insights
In the Tire Yarn Market, major players in the evergreen umbrella are permanently engaging in research and development to achieve a better competitive advantage. Leading Tire Yarn Market players focus on developing innovative products to lead and meet the market development demand for increasingly high-performance tires is driving the development of the Tire Yarn Market as tire yarns serve as an important raw material for tire production. In particular, market development is attributable to rising vehicle sales and urbanization in emerging countries. In addition, market development is driven by the growing demand for cost-effective tires.The Tire Yarn Market Competitive Landscape benefits from the rise in production capacities and the expansion of the regional reach of both international and local market players. The largest share of competitors in the Tire Yarn Market is accounted for by Asahi Kasei. The company’s first area of competition is related to the diversity of tire yarn varieties. Nylon, polyester, and rayon tire yarns are manufactured and sold by the company.
In addition, Asahi Kasei tires are known for their physical and mechanical properties, as well as high-quality products and proactive efforts in innovation.The competitor is also the Hyosung Corporation in the Tire Yarn Market. Leading nylon and polyester yarn manufacturer. tire yarns produced by the company demonstrate high tensile strength, durability, and low rolling resistance. As for the Tire Yarn Market, the company owns production assets in the majority of the globe, in Asia, Europe, and the Americas. In specific, in the commercial and passenger vehicle markets, the company is a major supplier of tire yarns to leading tire firms.
Key Companies in the Tire Yarn Market Include
- Aramid
- Asahi Kasei
- Honeywell
- Imperial Chemical Industries
- Lanxess
- Toray Industries
- Mitsubishi Chemical
- Thai Acrylic Fiber
- BASF
- Hyosung
- Indorama Ventures
- Teijin
- Solvay
- Kolon Industries
- DuPont
Tire Yarn Market Segmentation Insights
Tire Yarn Market Fiber Type Outlook
- Nylon
- Polyester
- Rayon
- Aramid
Tire Yarn Market End-Use Application Outlook
- Passenger Car Tires
- Truck and Bus Tires
- Off-Highway Tires
- Aircraft Tires
Tire Yarn Market Tire Construction Outlook
- Radial Tires
- Bias-Ply Tires
- Semi-Radial Tires
Tire Yarn Market Production Process Outlook
- Continuous Spinning
- Discontinuous Spinning
- Air Jet Spinning
Tire Yarn Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
Report Attribute/Metric |
Details |
Market Size 2022 |
2.84 (USD Billion) |
Market Size 2023 |
2.92 (USD Billion) |
Market Size 2032 |
3.8 (USD Billion) |
Compound Annual Growth Rate (CAGR) |
2.96% (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 |
Aramid, Asahi Kasei, Honeywell, Imperial Chemical Industries, Lanxess, Toray Industries, Mitsubishi Chemical, Thai Acrylic Fiber, BASF, Hyosung, Indorama Ventures, Teijin, Solvay, Kolon Industries, DuPont |
Segments Covered |
Fiber Type, End-Use Application, Tire Construction, Production Process, Regional |
Key Market Opportunities |
Growing Demand for HighPerformance Tires Increasing Production of Electric Vehicles Technological Advancements in Tire Yarn Production Expansion into Emerging Markets Focus on Sustainable Tire Yarn Solutions |
Key Market Dynamics |
Increasing demand for lightweight vehiclesGrowing popularity of electric vehiclesFluctuating raw material pricesTechnological advancements in yarn productionExpansion of emerging markets |
Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The tire yarn market is expected to reach USD 3.8 billion by 2032, with a CAGR of 2.96% from 2023 to 2032. The market is driven by increasing demand for lightweight and fuel-efficient vehicles, as well as rising demand for tires in emerging economies.
Asia-Pacific is the largest market for tire yarn, accounting for over 50% of the market share. The region is expected to continue to dominate the market over the forecast period, driven by increasing demand from China and India.
The key competitors in the tire yarn market include Hyosung, Kolon Industries, Teijin Aramid, Toray Industries, and DuPont. These companies account for a significant share of the market and are continuously investing in research and development to improve their product offerings.
Tire yarn is primarily used in the manufacturing of tires for passenger cars, light trucks, and heavy trucks. It is also used in the production of conveyor belts, hoses, and other industrial products.
The key trends impacting the tire yarn market include the increasing demand for lightweight and fuel-efficient vehicles, the rising demand for tires in emerging economies, and the growing adoption of advanced materials in tire manufacturing.
The key challenges facing the tire yarn market include the volatile prices of raw materials, the intense competition from low-cost producers, and the stringent environmental regulations.
The tire yarn market is expected to grow at a steady pace over the forecast period, driven by the increasing demand for tires in emerging economies and the growing adoption of advanced materials in tire manufacturing.
The key opportunities for growth in the tire yarn market include the development of new and innovative materials, the expansion into new markets, and the adoption of sustainable manufacturing practices.
The key risks associated with investing in the tire yarn market include the volatility of raw material prices, the intense competition from low-cost producers, and the stringent environmental regulations.