Nylon Tire Yarn (NYT) Market to Grow at a CAGR of 3.19% by 2030
According to ChemAnalyst report, “Nylon Tire Yarn Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Nylon Tire Yarn market has witnessed a considerable growth in the historic period and is anticipated to achieve a CAGR of 3.19% in the forecast period 2022-2030. Growing demand of Nylon Tire Yarn by the automotive industry across the globe coupled with the increasing per capita income in emerging economies is expected to drive the global Nylon Tire Yarn market in upcoming years.
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Nylon Tire Yarn is basically a synthetic yarn which is soft and light weight in nature. It possesses a high tensile strength and durability. Nylon Tire Yarn is extensively used in the making of cord fabrics that are embedded in a layer of rubber all-round the tire. Textile and Automotive industries are the major end-user industries driving the overall demand of Nylon Tire Yarn across the globe.
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The filaments of Nylon Yarns are further coated with water and oil in order to make sure of the dimensional stability, which are then air quenched and solidified, offering an outstanding tensile strength, elasticity and low shrinkage under adverse conditions. Nylon Tire Yarns are exclusively used for the manufacturing of tire cords using yarn twisting, weaving and dipping.
The Global Nylon Tire Market is segmented into grade, application, sales channel and region. Based on several grades, the global market is segmented into dried filament yarn, greige fabric yarn, dipped fabric yarn and others. Due to the high strength of Nylon Tire Yarn, the market on the basis of application is segregated into Personal, Commercial, Heavy-Duty Automotive and others. The Automotive segment dominates the global market of Nylon Tire Yarn due to the increased vehicle demand around the globe. Many leading players are merging with new acquisitions in order to improve the geographical and market footprint. For instance, Indorama Ventures Company Limited (IVL) has merged with Kordarna Plus S.A. which will create opportunities in the Nylon Tire Yarn over the next ten years.
In 2020, due to the outbreak of COVID-19, Nylon Tire Yarn witnessed a severe decline in the sales and demand due to nationwide lockdowns and subsequent disruptions in global supply chains. Automotive industry was drastically hit during the coronavirus pandemic because of factory shutdowns and temporary halt on operations. However, in China, good growth in the demand of Nylon Tire Yarn has been observed from the manufacturing sector due to continuation of production activities after the lockdowns.
Region wise, APAC region dominated the global Nylon Tire Yarn market in 2020 owing to the growing demand for high performance tire fabrics for automobiles. As China is a largest manufacturer of automotive in the Asia Pacific, many companies merging with manufacturing plants in China thereby increasing the overall production capacity in the Asia Pacific. Increasing population and per capita income in emerging economies like China and India is another factor propelling demand growth for Nylon Tire Yarn in the region.
According to ChemAnalyst report, Nylon Tire Yarn Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Nylon Tire Yarn market include Kolon Industries, Centuryenka, BASF SE, SRF, Starpolyrubber, Toray and Others.
“As many companies are setting up their manufacturing plants and merging with leading players in Asia Pacific in order to increase the overall production capacity of Nylon Tire Yarn, it is likely to boost the global market of Nylon Tire Yarn until 2030. rapid urbanization and increasing per capita income in major economies is propelling the demand of Nylon Tire Yarn for the long run automobiles. As many competitors are emerging in the Nylon Tire Yarn market, it is important to be focused on which region will dominate the maket.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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