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. 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.
Get
PDF Brochure for more Professional and Technical insights :
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.
Browse
Market Research Report with ToC & Analysis :
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.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.)
About
Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
Contact
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
No comments:
Post a Comment