Chemicals Industry Today
Tire Yarn Market is Likely to Reach US$ 3,989.6 million Over the Next Five Years
The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Published 13 June 2019
Stratview Research has launched a new research report on Tire Yarn Market in five ways to provide a 360-degree holistic view.
The forecast of the market has been segmented by-
The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Tire Yarn Market.
Years considered for this report -
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The Tire Yarn Market: Highlights
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.
Rolling resistance of a tire is one of the techniques for reducing carbon emissions in vehicles. Low rolling resistance tires are strongly demanded by automakers and other industry OEMs from tire manufacturers as these tires contribute towards lowering carbon emissions in a cost-effective manner. Tire reinforcement materials play a vital role in increasing the rolling resistance of the tire. Tires without cap plies have higher rolling resistance; hence, cap ply has become mandatory in tires. Also, weight and rolling resistance of tire are reduced by upgrading tires from multi-ply casings to single-ply casings.
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.
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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.
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.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
Research Methodology
This report studies the market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -
Stratview Research has several high value market reports in the chemicals and materials industry. Please refer to the following link to browse through our reports:
Click Here for Other Reports from Stratview Research in the Chemicals & Materials Industry: https://www.stratviewresearch.com/market-reports/Advanced-Materials.html
The forecast of the market has been segmented by-
- By End-Use Industry Type: (Automotive, Specialty Vehicles and Others)
- By Yarn Type: (Polyamide, Polyester and Others)
- By Application Type: (Cord Ply, Cap Ply and Others)
- By Region
- North America
- Europe
- Asia – Pacific
- Rest of the World
The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Tire Yarn Market.
Years considered for this report -
- base year 2019
- trend period 2013 - 2018
- forecast period 2019 - 2024
Click here to read the detailed description:
https://www.stratviewresearch.com/473/tire-yarn-market.html
View detailed TOC here:
https://www.stratviewresearch.com/toc/473/tire-yarn-market.html
The Tire Yarn Market: Highlights
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.
Rolling resistance of a tire is one of the techniques for reducing carbon emissions in vehicles. Low rolling resistance tires are strongly demanded by automakers and other industry OEMs from tire manufacturers as these tires contribute towards lowering carbon emissions in a cost-effective manner. Tire reinforcement materials play a vital role in increasing the rolling resistance of the tire. Tires without cap plies have higher rolling resistance; hence, cap ply has become mandatory in tires. Also, weight and rolling resistance of tire are reduced by upgrading tires from multi-ply casings to single-ply casings.
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.
Click here for sample request:
https://www.stratviewresearch.com/Request-Sample/473/tire-yarn-market.html
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.
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.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors.
Research Methodology
This report studies the market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -
- Extensive secondary research,
- Rigorous primary interviews with more than 10 industry stakeholders across the value chain.
- Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
- More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.
Stratview Research has several high value market reports in the chemicals and materials industry. Please refer to the following link to browse through our reports:
Click Here for Other Reports from Stratview Research in the Chemicals & Materials Industry: https://www.stratviewresearch.com/market-reports/Advanced-Materials.html
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