The global Tire Cord Fabric Market size was valued at USD 5.5 billion in 2019 and is expected to grow at a CAGR of 3% from 2021 to 2027. Growing demand for passenger cars in developing countries Along with increasing demand Durable fuel economy tires are expected to drive product demand over the forecast period. The increased penetration of electric vehicles is expected to have a positive impact on demand. Conventional tires wear about 30% faster on electric vehicles (EVs) than on conventional vehicles. Therefore, manufacturers are using aramid fiber to produce very light and wear-resistant tires specialized for the electric vehicle industry. Nylon tire cord fabric dominates the US market. In the manufacture of lightweight, wear-resistant tires for passenger cars, sport utility vehicles (SUVs), trucks and aircraft, a wide range of product utilization is expected to be a major driver of future growth.
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Tire Cord Fabric Market Segments:
By Product
• Steel Cord
• Polyester
• Nylon
• Others
By Vehicle type
• HCV
• LCV
• Passenger cars
• Off-road vehicles and two-wheelers
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