+1-888-308-5802     
News Contact Us

Tire Cord And Tire Fabrics Market - Industry Analysis and Forecast (2015-2024)

Author : Rahul Varpe | Published Date : 2019-10-15 

Robust growth in the automotive industry is the major factor for the global tire cord and tire fabrics market size. U.S., India, Japan, China and South Korea are the prominent countries for the automotive sector and accounts more than 50% 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.

As per a new research report by Global Market Insights, Inc. Tire Cord And Tire Fabrics Market size is forecast to attain USD 6.40 billion by 2024.

Request for a sample copy of this report @     https://www.gminsights.com/request-sample/detail/850

In 2015, steel tire cords &tire fabrics market size generated revenue more than USD 1 billion. Escalating radial tires demand in North America is evaluated to be the prime factor for the product growth. Where, steel is primarily used in tire strengthening and extensively preferred across commercial vehicles owing to boost business growth.

Polyester is forecast to expand at over 5% CAGR by 2024. These are widely used in the passenger cars tires particularly due to their low cost along with preferred physical characteristics.

In 2015, North America, led by the U.S., was valued at over USD 800 million. Positive economic indicators along with enormous customer base for luxurious cars and SUVs will drive the regional tire cord and tire fabrics market share.

Global tire cord and tire fabrics market size is dominated by Asia Pacific; rising consumer spending capacity accompanied with drifting automotive manufacturing focus towards settings their business operations in India and China are the key factors for regional business growth.

Furthermore, Asia Pacific has gathered attention from American &European car manufactures, including BMW, Audi and Mercedes, to introduce their business operations in the region owing to rising consumer purchasing potential. In 2015, the overall vehicle production was roughly around 90 million units. This trend shall subsequently boost the tire cord and tire fabrics market share by 2024.

U.S. plays a vital part in the automotive industry, as it accounts for over 65% of the total commercial &personal vehicles sales in North America. Elevating U.S. economy after 2008 economic downturn is likely to stimulate the industry growth by 2024. The commercial &personal automobiles sale is anticipated to exceed 12 million and 10 million units over the projected period owing to boost the global tire cord and tire fabrics market size by 2024.

Partial Chapter of the Table of Content:

Global Tire Cord And Tire Fabrics Market By Application

  • Steel Cord
  • Polyester
  • Nylon dipped cord
  • Rayon cord
  • Others

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/850

European automotive sales are decreasing due to stagnant GDP growth. For example, in 2005, the total commercial vehicle sales were around 3 million units and marked close to 2,4 million units in 2013. Correspondingly, the personal automotive sales declined from approximately 15 million units to around 12 million units during the same period. This decline may hamper the global tire cord and tire fabrics market size by 2024. However, development of bio-based and environment friendly substitutes to traditional tire cord materials will open up new growth avenues for the industry participants, thereby pushing business growth.

Read More:

Microcrystalline cellulose market Outlook Industry Analysis, Size, Share, Growth, Trends and Forecast, 2024

https://www.marketwatch.com/press-release/microcrystalline-cellulose-market-2019-2025-business-growth-trend-and-forecast-2019-10-15

Rare Earth Metals Market Report, Growth Forecast, Industry statistics Till 2024

https://www.marketwatch.com/press-release/rare-earth-metals-market-by-manufacturers-regions-type-and-application-forecast-to-2024-2019-10-15

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

Related News

Construction Composite Market to register an appreciable growth rate through 2025

Published Date: 2019-11-22         Author: Rahul Varpe

Global Market Insights, Inc. has recently added a new report on construction composite market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of construction composite industry. Extensive construction activities due to the increasing per capita ... Read More

Performance Elastomers Market Growth Statistics & Regional Forecast, 2019-2024

Published Date: 2019-11-22         Author: Rahul Varpe

The latest trending report on global performance elastomers market research offered by Global Market Insights, Inc is an informative study covering the market with detailed analysis, the report will assist reader with better understanding and decision making. Growing consumer preferences and... Read More

Laser Materials Market Growth Statistics & Regional Forecast, 2019-2024

Published Date: 2019-11-22         Author: Rahul Varpe

The latest trending report on global Laser Materials Market research offered by Global Market Insights, Inc is an informative study covering the market with detailed analysis, the report will assist reader with better understanding and decision making. The laser based materials have been pop... Read More

© 2019 Fractovia. All Rights Reserved