One of the principal factors fueling the growth of the global tire cord and tire fabrics market is the ever-expanding automotive industry. As the proportion of vehicle production continues to rise, the demand for highly durable, efficient tires will naturally depict an upsurge, thereby propelling the industry trends in the years ahead.
How will the expansion of the automotive industry worldwide impact the dynamics of the tire cord and tire fabrics market in the coming years?
Countries like the U.S., Japan, India, China, and South Korea are major markets for the automotive sector, and apparently accounted for over 50% of the global commercial and personal vehicle production in 2015. The rising middle-class population paired with increasing disposable incomes, particularly in developing nations like China and India will positively impact the growth of the automotive business in the years ahead, the impact of which is expected to be felt on the tire cord and tire fabrics market.
Moreover, Asia Pacific has secured the attention of American and European car manufacturers that include BMW, Mercedes, and Audi, to launch their business operations in the region attributed to growing consumer potential, further augmenting the regional tire cord and tire fabrics market.
Which is the most prominent regional market for tire cords and tire fabrics?
The Asia Pacific will dominate the global tire cord and tire fabrics market in the ensuing years, the growth of which can be solely attributed to significant factors like rising consumer spending capacity coupled with the automotive manufacturers’ drifting focus on establishing their business operations in countries like India and China.
How does North America play a significant role in the proliferation of the global tire cord and tire fabrics market?
The United States continues to make a major contribution to the automation industry, for instance, the country recorded more than 60% of the total commercial and personal vehicle sales in the North American region. In addition, the country’s elevating economy post 2008’s economic recession is estimated to trigger industry growth by 2024. The sales of commercial and personal automobiles are projected to surpass 12 million and 10 million units by 2024, thereby boosting the global tire cord and tire fabrics market size.
Which is the most vital product segment in tire cord and tire fabrics market?
Back in 2015, the steel tire cord and tire fabrics market size was pegged at more than $1 billion ascribed to the rapidly growing demand for radial tires in North America owing to their use in tire strengthening and extensive preference in commercial vehicles.
What have industry leaders been doing to consolidate their stance in this market?
The global competitive spectrum of tire cord and tire fabrics market include leading players such as Bakaert, SRF Ltd, Kolon Industries, Firestone Fibers & Textile Co., Hyosung Corp, Tokusen USA, Milliken & Co. Inc. etc. Constant technological advancements along with global expansions are factors solidifying the competitive status of these companies in this business. For instance, in July 2018, Firestone Fibers & Textiles Co. invested $19 million to expand its North American headquarters and upgrade its manufacturing plant in North Carolina. Such developments led by key players will expedite the tire cord and tire fabrics market size in the coming years.
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