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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.” 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.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.
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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.
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.
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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 2. Executive Summary
2.1. Tire cord & tire fabrics industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Regional trends
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
Chapter 4. Tire Cord & Tire Fabrics Industry Product Insights
4.1. Global tire cord & tire fabrics market share by product, 2015 & 2024
4.2. Fertilizers
4.2.1. Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013 – 2024
4.3. Wastewater treatment chemicals
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013 - 2024
4.4. Concrete manufacturing
4.4.1. Market estimates and forecast, 2013 - 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
4.5. Explosives
4.5.1. Market estimates and forecast, 2013 - 2024
4.5.2. Market estimates and forecast, by region, 2013 – 2024
4.6. Others
4.6.1. Market estimates and forecast, 2013 - 2024
4.6.2. Market estimates and forecast, by region, 2013 – 2024
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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.
Contact Info:
Name: Arun Hedge
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/tire-cord-and-tire-fabrics-market
Release ID: 88902298
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