India High Modulus Low Shrinkage Polyester Yarn Market to Grow with CAGR of 10.07% until 2028
Growing technological
advancements in the field of tire is expected to drive the growth of India High
Modulus Low Shrinkage (HMLS) Polyester Yarn Market.
According
to TechSci Research report, “India High Modulus Low
Shrinkage Polyester Yarn Market – By Region, Competition, Forecast
and Opportunities, 2018-2028”, India high modulus low shrinkage polyester yarn market stood at
USD58.23 million in 2022 and is projected to grow at a CAGR of 10.07% in the
forecast period. In the next five years, the demand for high modulus low
shrinkage polyester yarn in the automotive and transportation industries will
be the main driver of growth in the Asia-Pacific region. High modulus low
shrinkage polyester yarn is used in the automobile business to make car tire
cord fabrics, conveyors, and V-belts, among other things. Few Indian firms now
make high modulus low shrinkage polyester yarn but establishing a
production-linked incentive plan and anti-dumping tariff (5% to 16.90%) on all
imported yarns has boosted the industry. Large automotive clusters have emerged
in cities such as Gurugram and Faridabad in the North, Chennai, Bengaluru, and
Hosur in the south, and Pune and Ahmedabad in the west, attracting the interest
of automakers. High modulus low shrinkage is used in the mechanical rubber
goods industry to make hoses, tires cord, conveyors, and v-belts because of its
unique features (increased elasticity and dimensional stability). The minimal
shrinkage is advantageous because the rubber does not shrink when vulcanized and exposed to heat, reducing the
total size of the final product. Volatility in raw material prices and
fluctuations in oil prices are the key factors that will hamper the growth of
the high modulus low shrinkage polyester yarn market. The fluctuations in
prices of the raw materials also affect manufacturers' operating margins,
making it difficult for them to sustain in the market.
Browse over 33 market
data Figures spread through 95 Pages and an in-depth TOC on " India Pacific High Tenacity Low Elongation Polyester Yarn
Market "
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India high
modulus low shrinkage polyester yarn market is segmented into based on denier, end
user, type, region, and company. Based on the end use industry, the market is
segmented into tire cords, conveyors, hoses, V-belts and others. Tire Cords led
the market with a market share of 60.27% in 2022. The entry of new market
players and huge untapped potential in developing countries is expected to
create lucrative growth opportunities for the automotive industry in the
forecast period, hence contributing to the segmental growth.
Based on region,
West region dominated the market in 2022 with an overall share of 47.92% on
account of widespread use and adoption of India high modulus low shrinkage
polyester yarn.
Major
market players operating in the India high modulus low shrinkage
polyester yarn market are:
·
Zhejiang
Guxiadano Polyester Dope Dyed Yarn Co. Limited
·
SRF Limited
·
Reliance
Industries Limited
·
Hyosung
Advanced Materials Corporation
·
Shinkong Synthetic Fibers Corporation
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“Polypropylene and nylon waste recycling
have expanded in recent years, but polyester recycling is the most developed
and cost-effective of all these methods. Many end-use industries, such as
carpet, rope, and hoses, employ recycled polyester yarn, primarily used to make
high modulus low shrinkage polyester yarn. “As a result, polyester yarn with a high modulus low shrinkage is
environmentally friendly, as it satisfies consumer demand for "green"
items.". As the country remains one of the world's largest
automobile markets, demand for high modulus low shrinkage polyester yarn in
India is expected to grow even more in the forthcoming years, said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India High Modulus Low Shrinkage Polyester Yarn
Market – By Denier (1000D
320F, 1300D 432F, 1500D 480F, 1000D 192F, 2000D 480F, 2200D 640F, Others {1000D 335F, 1000D 320F, 1017D 212F,
etc.}), By End User (Tire Cords, Conveyors, V-Belts, Hoses,
Others {Fishing Nets, Airbags, Power Transmission Belts, etc.}), By Type (Regular Adhesive, High
Tenacity, High Count Filaments, Super Low Shrinkage, Others {Regular Active
Adhesive, Flame retardants, etc.}), By
Region, Competition,
Opportunity, and Forecast, 2018-2028”, has evaluated the future
growth potential high modulus low shrinkage polyester yarn and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India high modulus low
shrinkage polyester yarn market.
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