Tire Cord And Tire Fabrics Market is slated to hit $6.4 billion by 2024
Date: 2019-05-22   Author: Rahul Varpe  Category: #news

Tire Cord And Tire Fabrics Market is slated to hit $6.4 billion by 2024

The thriving automotive sector is forecast to make notable contributions towards tire cord and tire fabrics market size over the years ahead, driven by the growing use of the product in vehicle production. South Korea, Japan, China, U.S., and India, which accounted for over 50% of the total vehicle production in 2015, are expected to contribute significantly towards the global demand for vehicles over the next few years. According to Global Market Insights, Inc., “Tire cord and tire fabrics industry value, estimated at USD 3.85 billion in 2015, is slated to hit USD 6.4 billion by 2024.”

Tire cord and tire fabrics market in Asia Pacific is expected to grow considerably over the coming timeframe, driven by high vehicle sales in India and China. This can be credited to the rise in disposable incomes of consumers as well as an increase in the population of middle income groups. Key car manufacturing firms such as Audi, Nissan, Mercedes Benz, BMW, and Volkswagen are also establishing their production bases across the region, which is going to positively impact the business scenario.

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Rayon cord, steel cord, nylon dipped cord, and polyester are the major products of tire cord and tire fabrics market. Polyester tire cord and tire fabrics industry is projected to grow at a rate of 5% over the duration of 2016 to 2024, subject to enhanced product utilization in passenger car tires due to its low price and favorable physical characteristics.

Steel tire cord and tire fabrics market, worth USD 1 billion in 2015, is projected to observe the notable expansion over the coming seven years. The growth can be credited to a high inclination towards the use of radial tires across regions such as North America along with mushrooming product application in the production of commercial vehicles.

North America tire cord and tire fabrics market value, worth USD 800 million in 2015, is predicted to witness a high surge over the coming seven years. Escalated consumer demand for SUVs and luxury vehicles is expected to push tire cord and tire fabrics industry revenue in the region. The U.S., which contributes over 65% of the automobile sales in North America, is likely to stimulate the regional demand. The sale of commercial and personal vehicles in the U.S. is projected to cross 12 million and 10 million units by 2024, thereby adding towards business expansion of tire cord and tire fabrics industry.

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In 2015, the worldwide tire cord and tire fabrics market was highly consolidated with only few leading players dominating the market share. Key participants of tire cord and tire fabrics industry are:

  • Hyosung Corporation
  • Kolon Industries Incorporation
  • Firestone Fibers & Textile Company
  • SRF Limited
  • Bekaert
  • Kordsa Global Incorporation
  • Kordarna A.S.
  • CORDENKA GmbH & Co. KG
  • Teijin Limited
  • Tokusen USA Incorporation
  • Milliken & Company

Tire Cord and Tire Fabrics Market revenue is expected to experience a significant upsurge over the coming years, augmented by mergers & acquisitions, joint ventures, and product innovations. Recently, Indorama Ventures, a petrochemical producing firm based in Thailand, has decided to acquire Glanzstoff, a leading European manufacturer of tire raw materials as well as its supplier to key tire manufacturing firms in Europe.  Glazstoff collects a revenue of nearly USD 190 million annually and is ranked second in rayon tire cords production across the globe. By acquiring Glanzstoff, Indorama aims to enhance its nylon & polyester fiber production for high performing lightweight tires, most popularly used in self-driving automobiles and electric cars.

It is predicted that the worldwide demand for high performing lightweight tires across luxury, self-driving, and electric cars sectors will grow at an annual rate of 4 % to 7% over the coming five years, thereby generating lucrative growth opportunities for tire cord and tire fabrics market.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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