Polyester Tire Cord for Automobile Market, Global Outlook and Forecast 2025-2032
The global polyester tire cord for automobile market was valued at USD 1,628.20 million in 2023 and is projected to reach USD 1,909.14 million by 2030, exhibiting a CAGR of 2.30% during the forecast period.
Regionally, the North American polyester tire cord market was valued at USD 424.26 million in 2023, with an expected CAGR of 1.97% from 2024 to 2030. The steady growth can be attributed to increased vehicle production, rising demand for fuel-efficient tires, and advancements in tire reinforcement technology.
Market Size
Polyester tire cord, also known as polyester tire reinforcement, is a high-strength synthetic textile material used in the construction of automobile tires. It serves as a critical reinforcement layer, enhancing tire durability, performance, and strength. This reinforcement material ensures better load-bearing capacity, high tensile strength, and resistance to heat and fatigue, making it a preferred choice in radial tires, passenger car tires, and truck tires.
Market Dynamics
Drivers
Increasing Vehicle Production: The rise in automobile production, especially in developing economies, is fueling demand for polyester tire cords.
Growing Preference for Fuel-Efficient Tires: Polyester cords contribute to reduced rolling resistance, improving fuel efficiency.
Advancements in Tire Technology: Manufacturers are focusing on lightweight, high-performance tire reinforcement materials to enhance vehicle efficiency.
Expanding Automotive Aftermarket Industry: The replacement tire segment is driving demand for durable and cost-effective tire cords.
Restraints
Fluctuating Raw Material Prices: The volatility in petroleum-based raw material prices affects production costs.
Environmental Regulations: Stringent emission regulations impact the use of synthetic materials in tire manufacturing.
Competition from Alternative Materials: Nylon and aramid fiber tire cords pose a challenge to polyester-based reinforcements.
Opportunities
R&D in Sustainable Materials: The development of eco-friendly, bio-based polyester tire cords presents new opportunities.
Expanding Electric Vehicle Market: The rise in electric vehicle production increases demand for high-performance tire reinforcements.
Growth in Emerging Markets: Expanding automotive industries in Asia-Pacific and Latin America offer untapped potential.
Challenges
Supply Chain Disruptions: Global trade uncertainties impact raw material supply.
High Manufacturing Costs: Advanced production techniques require significant investment.
Consumer Preference for Premium Tires: Shifting demand toward high-end tires with advanced materials impacts market dynamics.
Regional Analysis
North America
Steady growth due to high automobile production and increased consumer spending.
Presence of leading tire manufacturers and strong R&D investments.
Europe
Stringent environmental regulations drive innovation in sustainable polyester cords.
Leading automotive markets such as Germany, France, and the UK boost demand.
Asia-Pacific
The largest market with countries like China, India, and Japan leading in automobile production.
Strong government initiatives to promote electric vehicles drive market growth.
Latin America & Middle East
Moderate growth due to expanding transportation infrastructure.
Increasing demand for heavy commercial vehicles contributes to market expansion.
Competitor Analysis
Major players in the polyester tire cord market include:
Indorama Ventures
Hyosung Advanced Materials
Kolon Industries
Kordsa Global
Teijin Limited
These companies focus on technological advancements, strategic collaborations, and capacity expansions to strengthen their market position.
Global Polyester Tire Cord for Automobile Market Segmentation Analysis
This report provides a deep insight into the global polyester tire cord for automobile market, covering essential aspects such as market size, competitive landscape, development trends, niche market opportunities, key drivers, and challenges.
The analysis enables industry participants to develop competitive strategies and assess their market position. It provides insights into leading players' market shares, operational strategies, and financial performance, helping stakeholders understand the competitive dynamics of the industry.
In summary, this report is a must-read for industry players, investors, researchers, consultants, and business strategists planning to enter the polyester tire cord industry.
Market Segmentation (by Application)
Passenger Car Tires
Commercial Vehicle Tires
Off-Road Vehicle Tires
Specialty and Industrial Tires
Market Segmentation (by Type)
High Modulus Low Shrinkage (HMLS) Polyester Cord
Standard Polyester Cord
Other Variants
Key Company
Indorama Ventures
Hyosung Advanced Materials
Kolon Industries
Kordsa Global
Teijin Limited
Geographic Segmentation
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
FAQ
What is the current market size of the Polyester Tire Cord for Automobile market?
â£The global polyester tire cord market was valued at USD 1,628.20 million in 2023 and is expected to reach USD 1,909.14 million by 2030, with a CAGR of 2.30%.
Which are the key companies operating in the Polyester Tire Cord market?
â£Major companies include Indorama Ventures, Hyosung Advanced Materials, Kolon Industries, Kordsa Global, and Teijin Limited.
What are the key growth drivers in the Polyester Tire Cord market?
â£Key growth drivers include rising automobile production, increasing demand for fuel-efficient tires, advancements in tire technology, and expansion in the aftermarket tire industry.
Which regions dominate the Polyester Tire Cord market?
â£Asia-Pacific leads the market, followed by North America and Europe, due to high automobile production and demand for advanced tire reinforcement materials.
What are the emerging trends in the Polyester Tire Cord market?
â£Emerging trends include the adoption of bio-based polyester tire cords, advancements in electric vehicle tires, and sustainable tire reinforcement technologies.
Table of Content:
Table of Contents
1 Research Methodology and Statistical Scope
1.1 Market Definition and Statistical Scope of Polyester Tire Cord for Automobile
1.2 Key Market Segments
1.2.1 Polyester Tire Cord for Automobile Segment by Type
1.2.2 Polyester Tire Cord for Automobile Segment by Application
1.3 Methodology & Sources of Information
1.3.1 Research Methodology
1.3.2 Research Process
1.3.3 Market Breakdown and Data Triangulation
1.3.4 Base Year
1.3.5 Report Assumptions & Caveats
2 Polyester Tire Cord for Automobile Market Overview
2.1 Global Market Overview
2.1.1 Global Polyester Tire Cord for Automobile Market Size (M USD) Estimates and Forecasts (2019-2030)
2.1.2 Global Polyester Tire Cord for Automobile Sales Estimates and Forecasts (2019-2030)
2.2 Market Segment Executive Summary
2.3 Global Market Size by Region
3 Polyester Tire Cord for Automobile Market Competitive Landscape
3.1 Global Polyester Tire Cord for Automobile Sales by Manufacturers (2019-2024)
3.2 Global Polyester Tire Cord for Automobile Revenue Market Share by Manufacturers (2019-2024)
3.3 Polyester Tire Cord for Automobile Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.4 Global Polyester Tire Cord for Automobile Average Price by Manufacturers (2019-2024)
3.5 Manufacturers Polyester Tire Cord for Automobile Sales Sites, Area Served, Product Type
3.6 Polyester Tire Cord for Automobile Market Competitive Situation and Trends
3.6.1 Polyester Tire Cord for Automobile Market Concentration Rate
3.6.2 Globa
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