Tire Yarn Market projected to reach US$ 3,989.6 million in the forecast period (2019-2024)

Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Tire Yarn Market is expected to inflate at impressive CAGR by the forecast period (2019-2024).

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Highlights of the Report:
The global tire yarn market is projected to offer healthy growth opportunities in the entire ecosystem of the market and is likely to reach an estimated value of US$ 3,989.6 million in 2024. Organic growth of automotive, aircraft and specialty vehicles coupled with rising vehicles fleet size is the prime factor driving the demand for raw materials including tire yarns. The impressive growth of tire yarn is further contributed by a host of factors including increasing demand for tires with larger rim size, increasing demand for weight reduction with the use of high-tech yarns and single-ply construction, and trend of using low rolling resistance tires.
Major tire yarn suppliers have been ramping up their production capacities in order to tap the growing market potential. For instance, in Nov. 2018, Hyosung Corporation announced its plan to invest US$ 152 million for setting-up a manufacturing facility of polyester and nylon tire cord in Quang Nam Province, Vietnam. Also, in 2018, Kordsa Teknik Tekstil AS announced its plan to setup a new production line of polyester yarn with a capacity of 7,000 tons at its factory located at Izmit, Turkey.

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Market Segments:
The tire yarn market is broadly segmented based on the end-use industry type as Automotive, Specialty Vehicles, Aircraft, and Others. The automotive industry is expected to remain the growth engine of the market during the forecast period. Increase in production and fleet size of vehicles is driving the demand for tire yarns in the automotive industry. In specialty vehicles, such as agriculture and mining vehicles, tires are bigger compared to those used in automobile or motorcycle and hence, consume more amount of yarns per tire. Additionally, the quality and type of yarn and its geometry also differ strongly in different industries.

Based on the yarn type, the tire yarn market is segmented as polyamide, polyester, and others. Polyamide yarn mainly includes PA6 and PA66 yarn and is expected to remain the most-used yarn for tire construction over the next five years, whereas polyester yarn is likely to witness the highest growth during the same period. Polyamide yarns are widely used in all the major applications of the tire, such as cord ply, cap ply, and bead reinforcement (sidewalls and chaffer), owing to their advantages including optimum reinforcing material, high tenacity, high toughness, superior fatigue resistance, water resistance, and good adhesion to rubber. High modulus low shrinkage (HMLS) grade is generally used polyester type and is likely to remain the second-largest yarn type in the market. Rayon and aramid are major types of yarn included in others segment, which have a specific usage in the market.

Based on the application type, the tire yarn market is segmented as cord ply, cap ply, and others. Cord ply is expected to remain the most dominant application of the market during the forecast period and is also likely to exhibit the highest growth during the same period. Cord ply is one of the major application areas of tire for all industries, such as automotive, specialty vehicles, aircraft, motorcycle, and bicycle.

In terms of region, Asia-Pacific is projected to remain the largest tire yarn market during the forecast period in terms of both value and volume. The region is also likely to exhibit the highest growth over the next five years, driven by China and India, the growth engine for the region’s market. Europe is also likely to exhibit a sizeable demand for tire yarns during the forecast period.

Market Players:
The supply chain of this market comprises raw material suppliers, yarn manufacturers, tire cord fabric manufacturers, tire manufacturers automotive OEMs, and dealers. The key automotive tire yarn manufacturers are Kordsa Teknik Tekstil AS, Shenma Industrial Co., Ltd., Hyosung Corporation, Indorama Ventures PLC, Asahi Kasei Corporation, and Kolon Industries Inc. Development of high-performance tire yarns and formation of strategic alliances with tire manufacturers or tire cord fabric manufacturers are the key strategies adopted by the major players to gain a competitive edge in the market.

Features of the Report
Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth

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This release was published on openPR.