rising number of automobile buyers is driving the Tire Cord Market
Technavio analyzes that the Tire Cord Market is expected to grow at a CAGR of 2.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 839 million.There are various factors that contribute to the growth of the market. The global tire cord market is experiencing significant growth due to the increasing number of automobile buyers worldwide. This trend is driving the demand for high-performance tires, which in turn is boosting the market for tire cords. Tire cords are essential components of tires, providing the necessary strength and durability. As automobile manufacturers continue to prioritize safety and performance, the demand for advanced tire cord technologies is expected to increase. Additionally, the growing popularity of electric and autonomous vehicles is also anticipated to provide new opportunities for tire cord manufacturers.
In the tire industry, steel tire cords are the preferred choice due to their ability to enhance vehicle performance and reduce manufacturing costs. The use of steel in tire production offers several advantages, including improved stability, reduced rolling resistance, and increased fuel efficiency. Steel tire cords also help manage tire weight and protect against excessive friction and ozone damage. Some steel tire cords are copper-plated to facilitate better adhesion between the rubber and the steel cord. The copper in the tire cord reacts with the sulfur in the rubber to form copper sulfide (CuS), which acts as a natural and strong adhesive. This results in extended tire life and improved overall car performance.
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Tire Cord Market Segmentation
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Tire cords, comprised of inextensible materials like steel, glass, and synthetic fibers including cotton, rayon, nylon, polyester, polyaramid, and rubber, ensure tire stability and resistance to deformation under air pressure. High stiffness and strength-to-weight ratio are essential for these materials, which endure repeated flexing and sidewall scraping. Rubber compounds, such as butyl rubber and natural rubber, serve as liners, providing permeability and protection against ozone and other environmental factors. Carbon black enhances tire durability and resistance to wear.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various automotive sectors, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. The market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers for the automotive components and equipment market include the surge in electronic components utilization in automobiles. This trend, fueled by the rising sales of EVs, motorcycles, and PCs, has significantly boosted the demand for electronic control units (ECUs) and other electrical components in the past decade. Additionally, factors such as high stiffness, resistance, and repeated flexing requirements for tire cords, along with the importance of adhesion and rubber properties, contribute to the market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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