DUBLIN–(BUSINESS WIRE)–The “Asia Pacific High Modulus Low Shrinkage Polyester Yarn Market, By Denier, By End User, By Type, By Country, Competition, Forecast & Opportunities, 2017-2027” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific High Modulus Low Shrinkage (HMLS) Polyester Yarn Market stood at USD671.16 million in 2021 and is expected to grow at a CAGR of 8.07%
Because of elasticity and stability of High Modulus Low Shrinkage Polyester Yarn, it is utilized in the mechanical rubber goods industry to manufacture hoses, tires, cord textiles, conveyors, and v-belts. The increased demand can be ascribed to the growing population in Asia Pacific, which is going to push the demand for vehicles and thus the demand for radial tires.
Polyester Tire Cord Fabric (PTCF), PTCF is produced by High Modulus Low Shrinkage Polyester Yarn. The production count of PTCF based tire is expected to increase in the coming years leading to an increase in the production of tires made from Polyester Tire Cord Fabric over Nylon Tire Cord Fiber (NTCF).
Global demand for high modulus low shrinkage polyester yarn stood at 836.06 thousand tonnes in 2021 and that of Asia Pacific stood at 354.49 thousand tonnes in the same year.
Growing Popularity for Technical Textile
The industry is witnessing emergence of innovative textiles, fabrics that can be used for a variety of purposes, and yarns that are multi-functional and beneficial in a wide range of industries. Countries are organizing their sectors to accommodate technology textiles as a result of technological breakthroughs. This change may also be seen in the APAC textile industry, which is shifting away from traditional textiles toward technology textiles.
Growing Localization of Markets
China is a market leader in manufacturing and exporting high modulus low shrinkage polyester yarn because it is known for being less reliant on imports and for making products in-house. India is also trying to follow China’s lead by investing USD1400.78 million in January 2022 as part of the Production Linked Incentive (PLI) scheme, which aims to boost domestic investment and reduce reliance on imported resources and goods. This will help the Indian market grow in terms of high modulus low shrinkage polyester yarn through 2030.
Growing Demand from the Automotive Industry
Over the next few years, the rising use of high modulus low shrinkage polyester yarn in the automotive industry is predicted to push market growth. In the automotive business, high modulus low shrinkage polyester yarn is used to make automobile tires and mechanical rubber goods, among others.
Because all radial tires are created with HMLS polyester yarn, and radial tires are becoming more popular in the automobile sector. However, due to increased vehicle sales, applications across the automotive industry, such as in automotive fabrics, are expected to develop in the coming years, resulting in significantly more market opportunities.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Asia Pacific High Modulus Low Shrinkage Polyester Yarn market.
Report Scope:
Asia Pacific High Modulus Low Shrinkage Polyester Yarn Market, By Denier:
Asia Pacific High Modulus Low Shrinkage Polyester Yarn Market, By End-User:
Asia Pacific High Modulus Low Shrinkage Polyester Yarn Market, By Type:
Asia Pacific High Modulus Low Shrinkage Polyester Yarn Market, By Country:
For more information about this report visit https://www.researchandmarkets.com/r/ok33kq
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