Tire Cord and Tire Fabrics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2023
With only a few companies raking in the
highest revenues, the global
tire cord and tire fabrics market exhibits a consolidated vendor landscape,
observes Transparency Market Research (TMR) in a new report. Small players
operating in the market pose considerable threat to the leading players, as
they provide cheaper alternatives to products manufactured by bigger companies.
Nevertheless, large players usually capitalize on supply agreements and their
goodwill in the market.
However,
if demand for tire cord and fabrics rises at a lower rate than capacity
addition, even the large players stand a chance of losing their profitability
marginally. Among the most prominent companies, Hyosung Corporation holds the
dominant share of 15.8% in the market. The company owes much of its lead to the
fact that it produces more than one kind of tire cords. Other leading players
such as Bekaert are exclusively engaged in the manufacture of steel cords. As
per TMR, Hyosung Corporation, Kordsa Global, Bekaert, Kolon Industries, Inc.,
and SRF Ltd. together holds 59.2% of the global tire cord and tire fabrics
market.
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Growth in Tire Cord and
Tire Fabrics Sales Directly Corresponds to Expansion of Automotive Industry
The
rising demand for automotive globally, particularly in the emerging nations of
Asia Pacific is expected to considerably boost sales of tire cord and tire
fabrics. Since, the market is directly related to conditions in the automotive
industry, volatility in macro-economic conditions affecting auto manufacturers
also adversely influences the prospects for enterprises engaged in tire cords
and fabrics sale.
India
and China have emerged as lucrative domestic markets for tire cord and fabrics.
Experts are touting these countries to be the market leaders of the future.
“The emerging middle-class population in India and China has considerably
contributed in the rising demand for automotive in Asia Pacific, which makes
the region the most attractive market for tire cord and tire fabrics,” said a
lead analyst in TMR.
Revival of the U.S. Economy
Provides Fresh Growth Opportunities to Market
“The
revival of the U.S. economy will also infuse fresh demand for tire cords and
fabrics,” he added. As per TMR, the U.S. accounts for over 60% of all
commercial and passenger vehicles sold in North America. Therefore economic
rebound post-recession in 2008-2009, will fuel opportunities for the tire cord
and tire fabrics manufacturers in the U.S. This is expected to be a major
factor fuelling demand for tire cords and fabrics globally.
On
the contrary, despite being home to the most prominent brands in the automotive
industry, Europe witnessed a sharp decline in demand for vehicles during
economic slowdown. This however is the only region that is yet to recover from
effects of the global recession. The road to recovery has been sluggish in
Europe due to the slow GDP growth reported in the region. The decreasing demand
in the region is hampering the overall prospects for the global tire cord and
fabrics market.
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Asia Pacific Emerges as Lucrative
Market for Sale of Tire Cord and Tire Fabrics
The
overcapacity of Asia Pacific, especially in China, also negatively influences
the market’s trajectory. Nevertheless, manufacturers are projected to gain significantly
from the launch of hybrid tire technologies. The increasing demand for
environmentally sustainable and bio-based alternatives also bodes well for the
market.
Regionally,
the rising demand for automotive has sealed Asia Pacific’s dominance in the
global tire cord and tire fabrics market. North America has emerged as the
second-largest regional market for tire cord and tire fabrics.
In
terms of products, the market witnesses the highest demand for steel tire
cords.
Based
on in-depth research, TMR has pegged the overall value of the global tire cord
and tire fabrics market at US$4.14 bn in 2015. Rising at a CAGR of 4.9% between
2015 and 2023, the market is expected to reach US$6.37 bn by the end of 2023.
This review is based on
TMR’s report, titled “Tire Cord and Tire Fabrics Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2023.”
The
report segments the global tire cord and tire fabrics market as:
Tire Cord and Tire
Fabrics Market - Product Segment Analysis
·
Steel
·
Polyester
·
Nylon
dipped
·
Rayon
·
Others
(Including aramid, fiberglass, PEN, etc.)
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