Tire Cord and Tire Fabrics Market growth outlook with industry review and forecast 2019-2024

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Tire Cord and Tire Fabrics Market Growth Outlook
with Industry Review and Forecast 2019-2025
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Global Market Scenario of Tire Cord and Tire
Fabrics Industry

• 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.
• The thriving automotive sector is forecast to
  make notable contributions towards tire cord and
  tire fabrics industry 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.
• 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.

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Continue-

• 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
  industry.

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360 Industry Analysis

• Taking into consideration the regional trends,
  tire cord and tire fabrics industry 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.
• 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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• Competitive Analysis
• Key players in the tire cord and tire fabrics
  market include 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, and Milliken Company.

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