OCEAN VIEW, Del.—The global tire cord and fabrics market will reach $6.4 billion in sales by 2024, according to a new report from Global Market Insights Inc.
Robust growth in the auto industry is the chief engine for growth in the tire cord and fabrics market, the report said.
The U.S., India, Japan, China and South Korea are the leaders in the auto market, accounting for more than 50 percent of commercial and passenger vehicle production, according to the report. Growing middle-class populations in China and India will further drive the market, it said.
American and European car manufacturers, including Mercedes, BMW and Audi, are increasing their operations in the Asia Pacific region to take advantage of new market opportunities, the report said.
Overall vehicle production reached 90 million units in 2015, according to the report. This growth will add to the expansion of the tire cord and fabrics market, as will the growth of the U.S. economy after the 2008 downturn, it said.