OCEAN VIEW, Del.—The global tire cord and tire fabrics market could reach $6.4 billion by 2024, according to forecasts by Global Market Insights Inc.

The firm's new study says the global market mainly is driven by automotive industry growth, particularly in China and India, but also elsewhere in Asia as well as in North America. On the back of these trends, the study cites a splurge in capacity addition for nylon and polyester tire cords in Asia-Pacific.

Led by India, Japan, China and Indonesia, Asia-Pacific dominated the global tire cord and tire fabrics market share in 2015. Here, demand is being driven by increasing consumer income in China and India and moves by automotive majors to set up new manufacturing and sales facilities in the region.

GMI said the market was worth $3.85 billion in 2015, but is projected to grow by more than 5 percent per year going forward.

The report valued the North American tire cord and tire fabrics market at around $800 million in 2015. The market, it said, is now benefiting from a growing U.S. economy and a large customer base for high end luxury cars and SUVs.

The market outlook in Europe is less promising, with automotive sales decreasing due to stagnant GDP growth, according to the report. However, it added that the development of bio-based and environment friendly substitutes to traditional tire cord materials will open up new growth avenues for the industry participants.

Looking at product trends, the report put the steel tire cord and tire fabrics market share at more than $1 billion in 2015. Growth in this segment is largely propelled by the growing radial tire demand in North America, where it is used in commercial vehicle tires.

Polyester, which is used in passenger car tires, is forecast to grow at a more than 5 percent compound annual growth rate over the study period to 2024—helped by its ability to deliver required physical properties at low cost.

The report lists the major players in the global tire cord and tire fabrics market share as Hyosung Corp., Bekaert, Kordsa Global Inc., SRF Ltd. and Kolon Industries, Inc. Other prominent participants include Teijin Ltd., Kordarna plus A.S., Firestone Fibers & textile Co., Cordenka GmbH, Tokusen USA and Milliken & Co. Inc.

Companies like Bekaert are involved solely with steel cord manufacturing while companies like Hyosung and Kordsa are involved in manufacturing more than one type of tire cord material, GMI said.

Overall market leader Hyosung is the industry leader in the polyester tire cord with considerable share in the steel tire cord segment as well. It is involved in the production of polyethylene naphthalate tire cords and aramid, in smaller capacities.

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