China Tire Steel Cord Industry to Gain Traction to 2022, States CRI in Its Topical Report Published at MarketPublishers.com
07 Dec 2017 • by Natalie Aster
LONDON – China’s entry into the WTO brings about the fast-paced development of the domestic automotive industry and growth of the export of tires, fostering the fast-paced expansion of the volume of production of radial tires in the country. As of 2016, the production volume surpassed the 600 million mark at more than 8% CAGR during 2012-2016. China has been the largest manufacturer and exporter of auto tires. The expansion of the radial tire sector also fuels the development of the steel cord industry in the country.
China's steel cord has predominantly realised 100% of domestic production since 2005. By 2017-end, there have been nearly 50 steel cord producers in the country. They are mainly situated in Shandong, Jiangsu and Liaoning provinces; the production volume of steel cord in Shandong and Jiangsu grabs over 60% of the country’s production volume. All in all, China's steel cord sector is characterised by high degree of concentration, with Jiangsu Xingda and Bekaert, the 2 largest firms, capturing over 50% of the market. The production volume of the 10 leading steel cord makers grabs more than 80% of the total industry.
Through to 2022, the share of radial tires to commercial vehicle tires is poised to keep on growing, fuelling the export of radial tires in the country. In tandem with the ongoing growth of China's vehicle production and reserve volume, the local demand for radial tires is anticipated to gain traction. In the offing, China is set to hold its leadership in tire production and export. The volume of production of radial tires is anticipated to continue to grow more than 8% annually in China, with a soaring demand for steel cord.
Topical research report “Research Report on Tire Steel Cord Industry in China, 2018-2022” elaborated by CRI provides an insightful analysis of the industry on a national level.
The report discusses the political and economic landscape of the Chinese tire steel cord industry. It provides an analysis of demand and supply; examines the competitive scene and offers detailed profiles of the world’s major steel cord makers. It gives details about trends in production cost, reviews selling prices of steel cord, covers import and export dynamics. The report provides an insightful analysis of the market drivers and opportunities, risks and major challenges pertaining to the Chinese steel cord industry through to 2022. The research study provides detailed forecasts of supply and demand of steel cord in China.
More topical research reports elaborated by CRI can be found in this catalogue.