Market Research Report
Asia-pacific Tire Reinforcement Materials Market Forecast 2021-2028
|Asia-pacific Tire Reinforcement Materials Market Forecast 2021-2028|
Published: October 6, 2021
Content info: 160 Pages
Delivery time: 2-3 business days
The Asia-Pacific tire reinforcement materials market is set to record a CAGR of 5.79% during the forecast period, 2021-2028. The region's emerging economies like Malaysia, Singapore, and India offer a conducive infrastructure for growing electric vehicles, connected vehicles, and autonomous vehicles. This offers growth opportunities for tire manufacturers.
India, Thailand, Japan, Malaysia, China, Australia & New Zealand, South Korea, Indonesia, and Rest of Asia-Pacific are evaluated for the Asia-Pacific tire reinforcement materials market growth analysis. South Korea has a well-established domestic market. It also exports 70% of its manufactured automobiles, attributed to its free trade agreement with the European Union and the US. In addition, its automotive industry thrives on technology and advancement and the presence of big industry players. Moreover, advantageous financing conditions at low interest rates and the launch of various innovative models with multiple functionalities have contributed immensely to the country's market prospects.
In Malaysia, its first domestic automobile, PROTON, manufactured in 1983, paved the way for its thriving automotive industry. At present, the country has the presence of more than 20 manufacturing and assembly plants, where scooters, motorcycles, commercial vehicles, passenger cars, etc., are manufactured.
In India, digitalization and electrification are estimated to propel tire demands. It also has high domestic demands. In addition, the increasing disposable incomes have led to a growing preference for luxury vehicles. At the same time, most consumers are opting for low-end vehicles. Such factors fuel market growth.
Some of the key companies in the market include Shinkong Synthetic Fibers Corporation, SRF Limited, Teijin Limited, Hyosung Corporation, Shenma Industrial Co Ltd, etc.