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