Tire Yarn Market Report

Market Insights

The global tire yarn market is projected to offer healthy growth opportunities in the entire ecosystem of the market and is likely to reach an estimated value of US$ 3,989.6 million in 2024. Organic growth of automotive, aircraft and specialty vehicles coupled with rising vehicles fleet size is the prime factor driving the demand for raw materials including tire yarns. The impressive growth of tire yarn is further contributed by a host of factors including increasing demand for tires with larger rim size, increasing demand for weight reduction with the use of high-tech yarns and single-ply construction, and trend of using low rolling resistance tires.

Major tire yarn suppliers have been ramping up their production capacities in order to tap the growing market potential. For instance, in Nov. 2018, Hyosung Corporation announced its plan to invest US$ 152 million for setting-up a manufacturing facility of polyester and nylon tire cord in Quang Nam Province, Vietnam. Also, in 2018, Kordsa Teknik Tekstil AS announced its plan to setup a new production line of polyester yarn with a capacity of 7,000 tons at its factory located at Izmit, Turkey.

Rolling resistance of a tire is one of the techniques for reducing carbon emissions in vehicles. Low rolling resistance tires are strongly demanded by automakers and other industry OEMs from tire manufacturers as these tires contribute towards lowering carbon emissions in a cost-effective manner. Tire reinforcement materials play a vital role in increasing the rolling resistance of the tire. Tires without cap plies have higher rolling resistance; hence, cap ply has become mandatory in tires. Also, weight and rolling resistance of tire are reduced by upgrading tires from multi-ply casings to single-ply casings.

Segments' Analysis

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Tire Yarn Market Share by End-use Industry Type

The tire yarn market is broadly segmented based on the end-use industry type as Automotive, Specialty Vehicles, Aircraft, and Others. The automotive industry is expected to remain the growth engine of the market during the forecast period. Increase in production and fleet size of vehicles is driving the demand for tire yarns in the automotive industry. In specialty vehicles, such as agriculture and mining vehicles, tires are bigger compared to those used in automobile or motorcycle and hence, consume more amount of yarns per tire. Additionally, the quality and type of yarn and its geometry also differ strongly in different industries.

Tire Yarn Market Share by Yarn Type

Based on the yarn type, the tire yarn market is segmented as polyamide, polyester, and others. Polyamide yarn mainly includes PA6 and PA66 yarn and is expected to remain the most-used yarn for tire construction over the next five years, whereas polyester yarn is likely to witness the highest growth during the same period. Polyamide yarns are widely used in all the major applications of the tire, such as cord ply, cap ply, and bead reinforcement (sidewalls and chaffer), owing to their advantages including optimum reinforcing material, high tenacity, high toughness, superior fatigue resistance, water resistance, and good adhesion to rubber. High modulus low shrinkage (HMLS) grade is generally used polyester type and is likely to remain the second-largest yarn type in the market. Rayon and aramid are major types of yarn included in others segment, which have a specific usage in the market.

Tire Yarn Market Share by Application Type

Based on the application type, the tire yarn market is segmented as cord ply, cap ply, and others. Cord ply is expected to remain the most dominant application of the market during the forecast period and is also likely to exhibit the highest growth during the same period. Cord ply is one of the major application areas of tire for all industries, such as automotive, specialty vehicles, aircraft, motorcycle, and bicycle.

Regional Insights

In terms of region, Asia-Pacific is projected to remain the largest tire yarn market during the forecast period in terms of both value and volume. The region is also likely to exhibit the highest growth over the next five years, driven by China and India, the growth engine for the region’s market. Europe is also likely to exhibit a sizeable demand for tire yarns during the forecast period.

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Market Scope & Segmentation

The Tire Yarn Market is segmented into the following categories: 

Tire Yarn Market Size, Share & Forecast, By End-Use Industry Type

• Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Specialty Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Tire Yarn Market Size, Share & Forecast, By Yarn Type

• Polyamide (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Polyester (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Tire Yarn Market Size, Share & Forecast, By Application Type

• Cord Ply (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Cap Ply (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Tire Yarn Market Size, Share & Forecast, By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Italy, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Key Players

The supply chain of this market comprises raw material suppliers, yarn manufacturers, tire cord fabric manufacturers, tire manufacturers automotive OEMs, and dealers.

The key automotive tire yarn manufacturers are-

• Kordsa Teknik Tekstil AS
• Shenma Industrial Co., Ltd.
• Hyosung Corporation
• Indorama Ventures PLC
• Asahi Kasei Corporation
• Kolon Industries Inc.

Development of high-performance tire yarns and formation of strategic alliances with tire manufacturers or tire cord fabric manufacturers are the key strategies adopted by the major players to gain a competitive edge in the market.

Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Report Features

This comprehensive 230-page report, from Stratview Research, presents the most complete and thorough market analysis on the tire yarn market for the forecast period of 2019 to 2014 with a high emphasis on the accurate market data, insights and competitive landscapes. The report rigorously studies all major tire yarn, tire fabric, as well as tire manufacturers in order to provide the accurate assessment of the tire yarn market at the global and regional level. The report further identifies the low-hanging fruits that lie ahead for the market participants with an aim to enable informed business decision making and growth strategy formulation for long-term profitable growth. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Regional Segmentation

• Current market size (2018) of tire yarn market in any of the industry type by yarn type

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.