Tire Cord And Tire Fabrics Market to cross USD 6.40 billion by 2024
Date: 2018-11-30   Author: Rahul Varpe  Category: #news

Tire Cord And Tire Fabrics Market  to cross USD 6.40 billion by 2024

Robust growth in the automotive industry is the major factor for the global tire cord and tire fabrics market size. U.S., India, Japan, China and South Korea are the prominent countries for the automotive sector and accounts more than 50% of the global commercial and personal vehicle production in 2015. Growing middle class population along with rising consumer per capita disposable income in China and India will complement the automotive business growth by 2024.

Furthermore, Asia Pacific has gathered attention from American & European car manufactures, including BMW, Audi and Mercedes, to introduce their business operations in the region owing to rising consumer purchasing potential. In 2015, the overall vehicle production was roughly around 90 million units. This trend shall subsequently boost the tire cord and tire fabrics market share by 2024.

Request sample copy of this report @ https://www.gminsights.com/request-sample/detail/850

As per a new research report by Global Market Insights, Inc. Tire Cord And Tire Fabrics Market size is forecast to attain USD 6.40 billion by 2024.

U.S. plays a vital part in the automotive industry, as it accounts for over 65% of the total commercial & personal vehicles sales in North America. Elevating U.S. economy after 2008 economic downturn is likely to stimulate the industry growth by 2024. The commercial & personal automobiles sale is anticipated to exceed 12 million and 10 million units over the projected period owing to boost the global tire cord and tire fabrics market size by 2024.

European automotive sales are decreasing due to stagnant GDP growth. For example, in 2005, the total commercial vehicle sales were around 3 million units and marked close to 2,4 million units in 2013. Correspondingly, the personal automotive sales declined from approximately 15 million units to around 12 million units during the same period. This decline may hamper the global tire cord and tire fabrics market size by 2024. However, development of bio-based and environment friendly substitutes to traditional tire cord materials will open up new growth avenues for the industry participants, thereby pushing business growth.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/850

Global tire cord and tire fabrics market size is projected to reach USD 6.40 billion by 2024, with projected gains at 5.8% CAGR.
 
In 2015, steel tire cords & tire fabrics market size generated revenue more than USD 1 billion. Escalating radial tires demand in North America is evaluated to be the prime factor for the product growth. Where, steel is primarily used in tire strengthening and extensively preferred across commercial vehicles owing to boost business growth.
 
Polyester is forecast to expand at over 5% CAGR by 2024. These are widely used in the passenger cars tires particularly due to their low cost along with preferred physical characteristics.
 
In 2015, North America, led by the U.S., was valued at over USD 800 million. Positive economic indicators along with enormous customer base for luxurious cars and SUVs will drive the regional tire cord and tire fabrics market share.
 
Browse Report Summery @ https://www.gminsights.com/industry-analysis/tire-cord-and-tire-fabrics-market

Global tire cord and tire fabrics market size is dominated by Asia Pacific; rising consumer spending capacity accompanied with drifting automotive manufacturing focus towards settings their business operations in India and China are the key factors for regional business growth.
 
In 2015, the global tire cord and tire fabrics market share was highly consolidated. Some of the product manufacturer contributing the industry share are Bakaert, Hyosung Corp., SRF Ltd, Kordsa Global Inc., Kolon Industries, Milliken & Co. Inc., Firestone Fibers & textile Co., Kordarna plus A.S, Tokusen USA, Cordenka GmbH and Teijin Ltd.



About Author


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. ...

Read More

More from Rahul


Post Recommendents

TransferWise becomes most valuable fintech start-up in Europe
Author: Paroma Bhattacharya

TransferWise will not add fresh cash to its balance sheet with the funding round.

The UK-based money transfer company TransferWise has been reportedly valued at $...


Thermoplastic Polyolefins Market Size, Growth & Trend Analysis 2019-2024
Author: Rahul Varpe

Global Thermoplastic Polyolefins (TPO) Market size was evaluated at more than 970 kilo tons for 2015 and is predicted to register a CAGR of more than 5% during forecast timeframe. Rising automotive sales and constructi...


Food Pathogen Testing Market driven by the presence of a stringent regulatory framework 2024
Author: Rahul Sankrityayan

Global Market Insights, Inc. has recently added a report on Food Pathogen Testing Market which provides a succinct analysis of the market size, revenue forecas...