Tire Cord and Tire Fabrics Market -Size, Share, Growth, Trends and Forecast 2013 - 2023
Tire cords and tire fabrics market was valued at US$4.14 billion in 2014, will reach US$6.37 billion by 2023, at a CAGR of 4.9% from 2015 to 2023
Tire cords and tire fabrics market was valued at US$4.14 billion in 2014, will reach US$6.37 billion by 2023, at a CAGR of 4.9% from 2015 to 2023
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Transparency <strong>Market</strong><br />
Research<br />
<strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong> <strong>Market</strong> - Global Industry<br />
Analysis, <strong>Size</strong>, <strong>Share</strong>, <strong>Growth</strong>, <strong>Trends</strong> <strong>and</strong> <strong>Forecast</strong><br />
<strong>2013</strong> - <strong>2023</strong><br />
Published Date<br />
04-Mar-2016<br />
175 Page Report<br />
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Press Release<br />
Increasing Dem<strong>and</strong> for Sustainable Alternatives to Boost Sales of<br />
<strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> Fabric, Finds TMR<br />
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<strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong> <strong>Market</strong><br />
REPORT DESCRIPTION<br />
<strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong> <strong>Market</strong> - Global Industry Analysis, <strong>Size</strong>, <strong>Share</strong>, <strong>Growth</strong>, <strong>Trends</strong> <strong>and</strong> <strong>Forecast</strong><br />
<strong>2013</strong> - <strong>2023</strong><br />
With only a few companies raking in the highest revenues, the global tire cord <strong>and</strong> tire fabrics<br />
market exhibits a consolidated vendor l<strong>and</strong>scape, observes Transparency <strong>Market</strong> Research (TMR)<br />
in a new report. Small players operating in the market pose considerable threat to the leading<br />
players, as they provide cheaper alternatives to products manufactured by bigger companies.<br />
Nevertheless, large players usually capitalize on supply agreements <strong>and</strong> their goodwill in the<br />
market.<br />
However, if dem<strong>and</strong> for tire cord <strong>and</strong> fabrics rises at a lower rate than capacity addition, even the<br />
large players st<strong>and</strong> a chance of losing their profitability marginally. Among the most prominent<br />
companies, Hyosung Corporation holds the dominant share of 15.8% in the market. The company<br />
owes much of its lead to the fact that it produces more than one kind of tire cords. Other leading<br />
players such as Bekaert are exclusively engaged in the manufacture of steel cords. As per TMR,<br />
Hyosung Corporation, Kordsa Global, Bekaert, Kolon Industries, Inc., <strong>and</strong> SRF Ltd. together holds<br />
59.2% of the global tire cord <strong>and</strong> tire fabrics market.<br />
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<strong>Growth</strong> in <strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong> Sales Directly Corresponds to Expansion of<br />
Automotive Industry<br />
The rising dem<strong>and</strong> for automotive globally, particularly in the emerging nations of Asia Pacific is<br />
expected to considerably boost sales of tire cord <strong>and</strong> tire fabrics. Since, the market is directly<br />
related to conditions in the automotive industry, volatility in macro-economic conditions affecting<br />
auto manufacturers also adversely influences the prospects for enterprises engaged in tire cords<br />
<strong>and</strong> fabrics sale.<br />
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<strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong> <strong>Market</strong><br />
India <strong>and</strong> China have emerged as lucrative domestic markets for tire cord <strong>and</strong> fabrics. Experts<br />
are touting these countries to be the market leaders of the future. “The emerging middle-class<br />
population in India <strong>and</strong> China has considerably contributed in the rising dem<strong>and</strong> for automotive<br />
in Asia Pacific, which makes the region the most attractive market for tire cord <strong>and</strong> tire fabrics,”<br />
said a lead analyst in TMR.<br />
Revival of the U.S. Economy Provides Fresh <strong>Growth</strong> Opportunities to <strong>Market</strong><br />
“The revival of the U.S. economy will also infuse fresh dem<strong>and</strong> for tire cords <strong>and</strong> fabrics,” he<br />
added. As per TMR, the U.S. accounts for over 60% of all commercial <strong>and</strong> passenger vehicles sold<br />
in North America. Therefore economic rebound post-recession in 2008-2009, will fuel<br />
opportunities for the tire cord <strong>and</strong> tire fabrics manufacturers in the U.S. This is expected to be a<br />
major factor fuelling dem<strong>and</strong> for tire cords <strong>and</strong> fabrics globally.<br />
On the contrary, despite being home to the most prominent br<strong>and</strong>s in the automotive industry,<br />
Europe witnessed a sharp decline in dem<strong>and</strong> for vehicles during economic slowdown. This<br />
however is the only region that is yet to recover from effects of the global recession. The road to<br />
recovery has been sluggish in Europe due to the slow GDP growth reported in the region. The<br />
decreasing dem<strong>and</strong> in the region is hampering the overall prospects for the global tire cord <strong>and</strong><br />
fabrics market.<br />
Asia Pacific Emerges as Lucrative <strong>Market</strong> for Sale of <strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong><br />
The overcapacity of Asia Pacific, especially in China, also negatively influences the market’s<br />
trajectory. Nevertheless, manufacturers are projected to gain significantly from the launch of<br />
hybrid tire technologies. The increasing dem<strong>and</strong> for environmentally sustainable <strong>and</strong> bio-based<br />
alternatives also bodes well for the market.<br />
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Regionally, the rising dem<strong>and</strong> for automotive has sealed Asia Pacific’s dominance in the global<br />
tire cord <strong>and</strong> tire fabrics market. North America has emerged as the second-largest regional<br />
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<strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong> <strong>Market</strong><br />
market for tire cord <strong>and</strong> tire fabrics.In terms of products, the market witnesses the highest<br />
dem<strong>and</strong> for steel tire cords.Based on in-depth research, TMR has pegged the overall value of the<br />
global tire cord <strong>and</strong> tire fabrics market at US$4.14 bn in 2015. Rising at a CAGR of 4.9% between<br />
2015 <strong>and</strong> <strong>2023</strong>, the market is expected to reach US$6.37 bn by the end of <strong>2023</strong>.<br />
This review is based on TMR’s report, titled “<strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong> <strong>Market</strong> - Global<br />
Industry Analysis, <strong>Size</strong>, <strong>Share</strong>, <strong>Growth</strong>, <strong>Trends</strong>, <strong>and</strong> <strong>Forecast</strong> <strong>2013</strong> - <strong>2023</strong>.”<br />
The report segments the global tire cord <strong>and</strong> tire fabrics market as:<br />
<strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong> <strong>Market</strong> - Product Segment Analysis<br />
• Steel<br />
• Polyester<br />
• Nylon dipped<br />
• Rayon<br />
• Others (Including aramid, fiberglass, PEN, etc.)<br />
Browse All Chemical & Materials <strong>Market</strong> Research Reports:<br />
http://www.transparencymarketresearch.com/chemical-market-reports-2.html<br />
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<strong>Tire</strong> <strong>Cord</strong> <strong>and</strong> <strong>Tire</strong> <strong>Fabrics</strong> <strong>Market</strong><br />
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