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GIA announces the release of a comprehensive global report on Tire Cord markets. Global market for Tire Cord is projected to exceed 5.0 million metric tons by 2020, driven by technology advancements and steady gains in vehicle sales and production.
San Jose, California (PRWEB) July 08, 2014
Follow us on LinkedIn Tire cord, an engineered material for reinforcing the rubber matrix of the tire, is a shaped or twisted structure made out of strips of inorganic material such as steel or organic polymers such as polyester, rayon or nylon. Market opportunities for tire cord are largely dependent upon the overall health of the tire industry, which in turn is directly linked to the automobile industry. Higher number of vehicles produced translates into increased use of tire cord in tire production. Disruptions in vehicle production therefore tend to distort opportunities in the tire cord market. Positive outlook for the world automotive industry against the backdrop of improving global economic growth is poised to benefit the tire cord market in the coming years.
Growth in the market continues to benefit from the trend towards radialization. Global demand for radial tires is on the rise driven by key performance benefits, such as, improved fuel efficiency, lower rolling resistance, better safety and longer tire life. While radialization in passenger cars has reached full circle in most developed countries such as the United States, significant untapped opportunities exist for trucks and buses, especially in developing countries. Against this backdrop, demand for steel tire cord is forecast to rise, given their indispensable role in manufacturing radial tires due to characteristics such as high tensile strength.
Strong demand for replacement tires, especially in commercial vehicles, is also driving growth patterns in the market. Tightening environmental regulations and federal norms on fuel efficiency are pushing demand for advanced tire cord materials and designs to meet stringent requirements for producing cost-competitive and lightweight tires with a longer life span and lower rolling resistance. Steel cord manufacturers are focused on minimizing the weight of steel cord by using high strength steel and designing advanced cord constructions that require less use of steel. Of particular note is the growing popularity of hybrid cords which are a combination of synthetic fibres such as nylon, PEN, PET, aramid and rayon.
As stated by the new market research report on Tire Cord, Asia-Pacific represents the largest as well as the fastest growing market worldwide with a CAGR of 9.1% over the analysis period. Strong growth in GDP, rising employment levels, improving standard of living, increase in discretionary spends, increasing per capita ownership of cars, development of road infrastructure, and commercial vehicle fleet expansion in response to growing public transportation needs, represent key factors driving growth in the region. Growing importance of China and India as favorable destinations for outsourced automotive manufacturing activities will also drive demand for tire cord in the OEM segment.
Major players in the market include Century Enka Limited, CORDENKA GmbH & Co. KG, Hyosung Corporation, Kolon Industries Inc., Kordarna Plus A.S., Kordsa Global NV Bekaert SA, Polymer Fibers, SRF Limited, Teijin Limited and Xingda International Holdings Limited.
The research report titled Tire Cord: A Global Strategic Business Report announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for global Tire Cord market for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America and Rest of World. Product Segments analyzed include Steel Tire Cord, Polyester Tire Cord, Nylon Tire Cord and Others.
For more details about this comprehensive market research report, please visit
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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