Market Size of Polyester Tire Cord Fabrics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Polyester Tire Cord Fabric Market Analysis
The Global Polyester Tire Cord Fabrics Market accounted for around 650 kilo tons in 2021 and the market is projected to register a CAGR of over 4% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. Due to the COVID-19 outbreak in the first half of 2020, the automotive industry was significantly affected. This, in turn, has unfavorably impacted the consumption of polyester tire cord fabrics. The market is projected to grow steadily as vehicle production observed growth in 2021.
- Over the short term, growing adoption of polyester tire cord fabrics in passenger cars, coupled with increasing preference for fuel efficient tires in the emerging economies are some of the driving factors which are stimulating the market demand.
- However, fluctuating prices of raw materials for polyester tire cord fabrics and high costs associated with the installed and maintenance of production facility are major factors hindering growth of the target market.
- Nevertheless, increasing demand for eco-friendly polyester tire cord fabrics from automotive are likely to create lucrative growth opportunities for the global market over the forecast period.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to rise in the production of cars in China, India, and Japan.
