China: Tyre Cord Fabric Market 2024

Tyre Cord Fabric Market Size in China

In 2021, the Chinese tyre cord fabric market decreased by -10.4% to $X, falling for the third year in a row after seven years of growth. Over the period under review, consumption, however, recorded a remarkable increase. Tyre cord fabric consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Tyre Cord Fabric Production in China

In value terms, tyre cord fabric production expanded markedly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.6% against 2018 indices. The pace of growth was the most pronounced in 2018 with an increase of 20% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Tyre Cord Fabric Exports

Exports from China

In 2021, approx. X tons of tyre cord fabric of high tenacity yarn were exported from China; jumping by 37% on the previous year. In general, total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +80.4% against 2016 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 41% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

In value terms, tyre cord fabric exports skyrocketed to $X in 2021. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Thailand (X tons), India (X tons) and Japan (X tons) were the main destinations of tyre cord fabric exports from China, together accounting for 45% of total exports. These countries were followed by Indonesia, South Korea, Pakistan, Sri Lanka, Vietnam, Russia, Brazil, the Philippines, Bangladesh and Turkey, which together accounted for a further 35%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +62.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tyre cord fabric exported from China were Thailand ($X), India ($X) and Indonesia ($X), with a combined 48% share of total exports. Japan, South Korea, Pakistan, Sri Lanka, Vietnam, Brazil, the Philippines, Turkey, Russia and Bangladesh lagged somewhat behind, together accounting for a further 35%.

Russia, with a CAGR of +54.8%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tyre cord fabric export price stood at $X per ton in 2021, jumping by 41% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Sri Lanka (+1.0%), while the prices for the other major destinations experienced more modest paces of growth.

Tyre Cord Fabric Imports

Imports into China

In 2021, overseas purchases of tyre cord fabric of high tenacity yarn were finally on the rise to reach X tons after four years of decline. Overall, imports, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 35%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, tyre cord fabric imports soared to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Germany (X tons), India (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of tyre cord fabric imports to China, with a combined 53% share of total imports. Vietnam, South Korea, Thailand, Japan, Poland and Indonesia lagged somewhat behind, together comprising a further 44%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +201.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tyre cord fabric suppliers to China were Germany ($X), Taiwan (Chinese) ($X) and India ($X), together comprising 53% of total imports. Japan, Poland, Vietnam, South Korea, Thailand and Indonesia lagged somewhat behind, together comprising a further 43%.

Poland, with a CAGR of +177.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average tyre cord fabric import price amounted to $X per ton, with an increase of 8.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 23%. The import price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Poland ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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