Press release
Tire Cord And Tire Fabrics Market Shares, Strategies and Opportunities 2025
Get Research Report Overview @ https://www.transparencymarketresearch.com/tire-cord-tire-fabrics-market.html
According to the analyst at Transparency Market Research, “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.” The market is estimated to grow at a CAGR of 4.9% within the forecast period from 2015 to 2023. In 2015, the market was valued at US$4.14 bn, which is expected to reach around US$6.37 by the end of forecast period.
On the basis of product, the steel segment is likely to lead the market. In 2014, the segment was evaluated to account for over 58% of overall market share. The segment is foreseen to continue dominating the market in coming years as well. Geographically, Asia Pacific region held the major amount of share in the global tire cord and tire fabrics market in 2014. Moreover, owing to healthy growth in two w global tire cord and tire fabrics market global tire cord and tire fabrics market heelers and automotive market in the mentioned region, it is foreseen to seal its dominance in forecast period as well.
Volatility in Economic Conditions to Influence Market Growth
The rising demand for automotive all over the world, especially in the developing countries of Asia Pacific is likely to fuel the sales of tire cord and tire fabrics. Since, the market is specifically related with the state of the automotive sector, fluctuations in financial conditions influencing automobile manufacturers as well. It significantly impacts the prospects for organizations dealing in tire cords and fabrics deal.
The market experts are putting their bets on these nations. The rise in the middle-class population in China and India has extensively contributed in the soaring demand for car in Asia Pacific, which makes the region the most appealing market for tire cord and tire fabrics.
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Some Regions to Experience Decrease in Demand Due to Financial Slowdown
The recovery of the U.S. economy will likewise improve the demand for tire cords and fabrics. The U.S. represents more than 60% of entire market and passenger cars sold in North America. In this manner economic restoration post-recession in year 2008-2009, will fuel the growth in tire cord and tire fabrics in the U.S. This is estimated to be a central point fuelling demand for tire cords and fabrics, globally.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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