Tire Cord And Tire Fabrics Market size is forecast to attain USD 6.40 billion by 2024; as per a new research report by Global Market Insights, Inc.
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.
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.
Key insights from the report include:
- 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.
- 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 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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