Tire Cord And Tire Fabrics Market Share 2019 In-Depth Analysis of Industry Growth Trends & Forecast up to 2024
Category: #headlines  By Partha Ray  Date: 2019-09-09
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Tire Cord And Tire Fabrics Market Share 2019 In-Depth Analysis of Industry Growth Trends & Forecast up to 2024

An analysis of Tire Cord And Tire Fabrics Market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and future prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

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.

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 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.

According to Global Market Insights, Inc., “Tire cord and tire fabrics industry value, estimated at USD 3.85 billion in 2015, is slated to hit USD 6.4 billion by 2024.”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.

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.

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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.

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.

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.

Partial Chapter of the Table of Content:

Chapter 3.     Tire Cord & Tire Fabrics Industry Insights

3.1.    Industry segmentation

3.2.    Industry size and forecast, 2013 - 2024

3.3.    Industry ecosystem analysis

3.3.1.    Vendor Matrix

3.3.2.    Distribution channel analysis

3.4.    Tire cord & tire fabrics industry impact forces

3.4.1.    Growth drivers

3.4.1.1. Robust growth in automotive industry

3.4.2.    Industry pitfalls & challenges

3.4.2.1. Declining automotive sales in Europe

3.5.    Growth potential analysis

3.6.    Porter's analysis

3.7.    Company market share analysis, 2015

3.7.1.    Strategic landscape

3.8.    PESTEL analysis

3.9     Regional price trends

3.9.1.    Cost structure analysis

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

In 2015, the worldwide tire cord and tire fabrics industry was highly consolidated with only few leading players dominating the market share. 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 are the key participants of tire cord and tire fabrics industry.

 

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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