The Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market is projected to grow at a CAGR of 9.14% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the widespread adoption of HMLS polyester yarn across industries like construction, mining, & automotive industry, owing to its versatility and being a prominent material in manufacturing numerous pieces of equipment.
Besides, the rubber industry is one of the major consumers of HMLS yarns in producing hoses, conveyors, cord textiles, tires, and v-belts. It is backed by their properties to offer higher crystallinity, extreme tear resistivity, high elasticity, & dimensional stability, among others, thereby making substantial contributions to the overall market growth through 2027.
Furthermore, mounting product count of Polyester Tire Cord Fabric (PTCF), obtained from high modulus low shrinkage polyester yarn, is another aspect that shall make a positive influence on the overall market growth across Asia-Pacific in the coming years., further states the research report, “Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market Analysis, 2022.”
Hugh Demand for HMLS Polyester Yarn for Radial Tires Driving the Market
Based on the Application, Tire Cords dominated the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market with the largest share in the previous years & it is anticipated to prevail in the same trend during the forecast period. This dominance attributes to the rapidly growing vehicle fleet & a burgeoning demand for radial tires or high-speed tires, instigating the automakers & tire manufacturers to procure HMLS polyester yarn for the production of such tires.
Besides, with a rise in the adoption of Electric Vehicles (EVs), the demand for compatible tires with high loads & speed capacities to smoothly handled the vehicle is also boosting the demand for HMLS and driving the market through 2027.
Massive Automotive Industry & In-House Product Manufacturing Boosting the Market Growth in China
On the geographical front, China acquired the largest share of the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market in recent years and is anticipated to prevail in the same trend during the forecast years. This dominance is backed by the country's leading position in consumer goods production & unrivaled success in strategic policies making to mitigate dependency on foreign goods and demonstrating massive exports to other countries like India, Indonesia, Vietnam, etc.
In addition, the substantial automotive industry propelling the demand for High Modulus Low Shrinkage Polyester Yarn for the production of diverse components is also promulgating the overall market through 2027. The same aspect is also generating lucrative opportunities for the leading players to increase their production & distribution capacities to cater to the unmet needs.
The leading players in the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market are Hengli Group, Hyosung Advance Materials Corporation, United Raw Materials Pte Ltd., Zhejiang Guxiandao Polyester Dope Dyed Yarn Company Limited, Shinkong Synthetic Fibers Corporation, PT INDO KORDSA Tbk, SRF Limited, Reliance Industries Limited and Indorama Ventures Limited.
Key Questions Answered in the Research Report