Market Research Report
Asia Pacific Tire Reinforcement Materials Market Forecast 2019-2027
|Published by||Inkwood Research||Product code||556998|
|Published||Content info||77 Pages
Delivery time: 1-2 business days
|Asia Pacific Tire Reinforcement Materials Market Forecast 2019-2027|
|Published: February 11, 2019||Content info: 77 Pages||
The Asia Pacific tire reinforcement materials market is forecasted to rise at a CAGR of 4.04% for the years 2019-2027. The market value is also estimated to rise from $XX million in 2018 to $XX million by 2027. The huge production capacity and availability of cheap labor in the region is majorly driving the market growth. The automotive sector in the APAC region was termed as the largest private sector regarding investment in research and development.
The evolving automobile industry is primarily responsible for transforming the Asia-Pacific region into a major hub for the tire reinforcement material market. The market is mainly segmented on the basis of material and type. An increase in the disposable income of the people has been observed in this region which in turn is shifting their preference to buy hybrid tires. Also, the continuous research and development in the automotive sector have made it the largest private sector in this region.
Apollo tires, MRF tires, and JK Tires are the leading manufacturers for the Indian market. Bridgestone Corporation is presently leading the Japanese market scene. The other noted players in this market include Dupont, Century Enka Limited, Kolon Industries Inc, Hyosung Corporation, Michelin, Formosa Taffeta Co Ltd, etc.