Tyre cord and fabric market size to reach US$6.40 billion by 2024
The tyre cord and fabric market will be worth over U$6 billion by 2024 on the back of robust growth in the automotive industry is the growth driver in the global tyre cord and tyre fabrics market size, according to a new report published by Global Market Insights. The US, India, Japan, China and South Korea are the prominent countries for the automotive sector and account more than 50 per cent of the global commercial and personal vehicle production in 2015. Growing middle class population along with rising consumer per capita disposable income in China and India will complement the automotive business growth by 2024.
Other key findings include: In 2015, the steel tyre cords and tyre fabrics market size generated revenue more of over $1 billion. Polyester is forecast to expand at over 5 per cent compound annual growth rate by 2024. These are widely used in the passenger cars tyres particularly due to their low cost along with preferred physical characteristics.
In 2015, North America, led by the U.S., was valued at over $800 million. Positive economic indicators along with enormous customer base for luxurious cars and SUVs will drive the regional tyre cord and tyre fabrics market share.
In 2015, the global tyre cord and tyre fabrics market share was highly consolidated. Some of the product manufacturer contributing the industry share are Bakaert, Hyosung Corp., SRF Ltd, Kordsa Global Inc., Kolon Industries, Milliken & Co. Inc., Firestone Fibers & textile Co., Kordarna plus A.S, Tokusen USA, Cordenka GmbH and Teijin Ltd.