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Global tire cord market relying on the automotive sector for growth

Industry Sector

Automotive and Parts

Published

18 December 2012

Author

Alex De Angelis

Type of News

Market

The global tire cord market has been forecast to hit 1.67 million metric tons by 2018, with the industry set to be predominantly driven by rising demand from the burgeoning automotive sector in developing countries, along with continued demand from the replacement market and the increase in focus on radial tires.

Tire cord is a shaped or twisted structure made out of single or more tiered strips of inorganic material, mainly steel or using organic polymers such as polyester, rayon or nylon. The cord facilitates in reinforcing a tire's rubber matrix. Tire cords are the main tire reinforcement materials that maintain a tire's dimensions and offer riding comfort and support.

As a tire reinforcement material that influences tire performance, tire cord represents an important factor in tire production. Tire cord market is directly dependent on the tire industry, the performance of which co-relates with the automobile industry.

In other words, market opportunities for tire cord are largely dependent upon the overall health of the tires industry and the automobile industry as a whole.

Led by the automobile boom in Asia-Pacific, particularly in China and India, the region represents the largest as well as the fastest growing market for tire cord sales. The global economic recession in recent years hastened the geographic shift in the automobile industry, with the Asia-Pacific led by China and India emerging as the new powerhouse in the sector.

The tire cord market comprises of independent tire cord manufacturers as well as vertically integrated tire manufacturers. Key companies include Century Enka Limited, CORDENKA GmbH, Formosa Taffeta Co. Ltd, Hyosung Corporation, Junma Tyre Cord Company Limited, Kolon Industries, Inc, Kordarna a.s., Kordsa Inc., Bekaert, SRF Limited, and Teijin Fibers Limited.

For more information on the global tire cord market, see the latest research: Global Tire Cord Market

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