GLOBAL TYRE CORD AND TYRE MKT TO REACH $6.40 BLN BY 2024

Time: Jan 27th  2017   Copy editor: Tyrefull

Global tyre cord and tyre fabrics market is expected to reach USD 6.40 billion by 2024 ,  with projected gains at 5.8% CAGR , on robust growth in the automotive industry, according to  a new research report by Global Market Insights

“US, 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,” said the report.

Furthermore, Asia Pacific has gathered attention from American and 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 tyre cord and tyre fabrics market share by 2024,” added the report.

US plays a vital part in the automotive industry, as it accounts for over 65% of the total commercial and personal vehicles sales in North America. Elevating US economy after 2008 economic downturn is likely to stimulate the industry growth by 2024. The commercial and personal automobiles sale is anticipated to exceed 12 million and 10 million units over the projected period owing to boost the global tyre cord and tyre 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 tyre cord and tyre fabrics market size by 2024. However, development of bio-based and environment friendly substitutes to traditional tyre cord materials will open up new growth avenues for the industry participants, thereby pushing business growth.

In 2015, steel tyre cords and tyre fabrics market size generated revenue more than USD 1 billion, according to Global Market Insights.  “Escalating radial tyres demand in North America is evaluated to be the prime factor for the product growth. Where, steel is primarily used in tyre strengthening and extensively preferred across commercial vehicles owing to boost business growth,” said the report.

Polyester is forecast to expand at over 5% CAGR by 2024 due to their low cost along with preferred physical characteristics.

In 2015, North America, led by the US, was valued at over USD 800 million. Positive economic indicators along with enormous customer base for luxurious cars and SUVs will drive the regional tyre cord and tyre fabrics market share.

Global tyre cord and tyre 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 tyre cord and tyre fabrics market share was highly consolidated, added the report.

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.

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