The Asia-Pacific Tire Cord Market holds the largest market share for the globally.
The Asia-Pacific tire cord was valued at US$ YY million in 2020 and is likely to reach US$ YY million by 2028, growing at a CAGR of 20.4% during the forecast period (2021-2028).
The Asia-Pacific region holds the largest market share for the tire cord market globally. It is expected to maintain market momentum in the forecast period due to the region's expanding automotive and electronics industry. In addition, the growing demand for automobiles in the region, mainly in China and India, will boost the tire cord market.
Moreover, China holds the largest automobile market worldwide, both in terms of supply and demand. The emerging demand for heavy commercial vehicles will steadily boost the demand for tire cords in the region. For instance, In 2019, China produced nearly 21 million cars and 4.36 million commercial vehicles, making it the world's largest vehicle manufacturer. Moreover, in India, over 2.9 million commercial vehicles and passenger cars are sold in 2020.
The recent initiatives are further enhancing the growth of the tire cord market in the region. For instance, in 2020, India's Central Board of Indirect Taxes and Customs (CBIC) announced revoking the anti-dumping duty on nylon tire cord fabric imported from China.
The leading players have been expanding their production facilities in the region to satisfy the needs of the end-users. For instance, in 2021, Kolon Industries expanded its polyester tire cord plant in Vietnam to expand its annual volume by 19,200 tons. The company had a PET tire cord plant with 16,800 tons capacity in Binh Duong Province of Vietnam in 2018.
Moreover, in 2017, Indorama Ventures Public Company Limited expanded its tire-cord manufacturing line at the Performance Fibers facility in Kaiping, China. The facility has 60,000 tons of capacity per year and the company is looking to strengthen its position in the rapidly growing Chinese tire-cord market with investment. When the line started in 2018, Performance Fibers became the most extensive tire-cord producer in China.
The companies are focusing on launching new products in the region to attract a large consumer base. For instance, in 2020, Bridgestone Corporation announced the introduction of the revolutionary MasterCore off-the-road tire line in Tokyo. The tire is superintendent for ultra-high durability, based on a combination of technologies that include a new type of steel cord that features Metal Surface Coating Technology for advanced adhesion between the rubber and steel cord.
The uplift in tire production in numerous countries, such as India, China and Vietnam, has boosted the need for tire cords in the region. For instance, China's major tire manufacturers recorded over 394 million units of automotive tire production in 2020.
According to the Observatory of Economic Complexity data, the top exporters of polyester Tire cord fabric were Vietnam (US$ 390 million), China (US$ 325 million), South Korea (US$ 229 million) in 2019.
Various leading companies have witnessed a significant increase in tire cord sales from the region. For instance, Hyosung Advanced Materials announced that its tire cord market share in India, Thailand, Indonesia and Vietnam expanded from 22% in 2016 to 40% in 2018. The number of its corporate customers in these regions has progressed from two to 12. Hence, the companies are shifting their focus to Asia-Pacific countries to boost their tire cord segment sales.
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