High Modulus Low Shrink (HMLS) Polyester is one of the prominent textile yarns used extensively across different industries & is also gaining swift adoption in the production of radial tires as a fundamental textile reinforcement. As a material, HMLS polyester yarn is remarkably tear-resistant and is more crystalline than its high-tenacity counterparts.
This material also possesses high elastic, temperature, & dimensional stability, which makes it many versatile materials demonstrating adoption in hoses, automotive tires, cord fabrics, conveyors, & v-belts, among others. In fact, these yarns also act as a benchmark for measuring & judging the performance & price of other specialist tire yarns.
The Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market is projected to grow at a CAGR of around 9.14% during the forecast period, i.e., 2022-27. The market is swiftly driven by the rapidly growing demand for HMLS polyester yarn from the technical textile industry to manufacturing various parts across the automotive, construction, & mining industries. Additionally, the mechanical rubber goods industry exhibits a widespread adoption of HMLS polyester yarn owing to high elasticity & stability in manufacturing cord textiles, tires, hoses, conveyors, and v-belts.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Country Covered||China, Japan, India, South Korea, Thailand, Vietnam, Singapore, Indonesia, Australia & New Zealand, Rest of Asia-Pacific|
|Key Companies Profiled||Zhejiang Guxiadano Polyester Dope Dyed Yarn Co. Limited, SRF Limited, Reliance Industries Limited, Shinkong Synthetic Fibers Corporation, Hyosung Advanced Materials Corporation, Hengli Group, PT INDO KORDSA Tbk, Shinkong Synthetic Fibers Corporation, United Raw Material Pte. Limited, Indorama Ventures Limited, Others|
|Unit Denominations||USD Million/Billion|
Because of such unique properties, this polyester yarn provides better durability to heat & chemicals and further improves the dimensional stability of the fabric. Hence, the utilization of these yarns is widening & exemplifying an escalation in demand, thereby positively influencing the industry growth. Besides, other prominent factors backing the market growth attributed to the increasing product count of Polyester Tire Cord Fabric (PTCF) obtained from HMLS polyester yarn.
In Addition, the widespread government initiative for the infrastructural development of the mining sector projects the need for sector-specific technical textile products. It, in turn, is generating growth opportunities for the leading players to increase their production & distribution capacities and meet the mounting requirements, accelerating the overall market growth through 2027.
Moreover, the continuous upsurge in privately owned vehicles with a high requirement for radial Tires also demonstrates a direct influence on the need for HMLS polyester yarn to produce these tires. Hence, the expansive automotive industry is likely to remain a prominent sector exploding the need for these yarns across locations and contributing to the industry expansion.
Based on Denier:
Among all, Up-to 2000D is anticipated to demonstrate considerable growth in the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market during the forecast period. This growth attributes to the mounting demand for products like a sling, conveyor belt fabric, geotextile, rope, etc., from industries like construction, automotive, etc.
Moreover, the active participation of the governments of different countries across Asia-Pacific through substantial investments in the construction sector is also propelling the demand the HMLS yarn textile in the industry. It is principally due to their high strength & durability, chemical resistance, and capability to withstand extremely hot environments. For instance:
Based on Application,
Here, Tire Cords acquired a significant 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 period. This dominance attributes to the swift rise in the vehicle fleet throughout the region, accelerating the demand for radial tires in the automotive industry for their features like high elasticity, strong buffer force, and extraordinarily appealing appearance, boosting the demand for HMLS yarns.
Besides, tire cords, especially radial tires, require these polyester yarn for their high load capacity and exceptional durability. Hence, to build a robust tire cord with tear resistance, the demand for HMLS polyester yarn shall amplify in the market during the forecast period. Moreover, the rising need to curb carbon emissions is also demonstrating a paradigm shift in many countries in the region toward alternatives like electric vehicles, further mounting the need for radial tires and stimulating the overall industry growth.
Geographically, the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market expands across:
China holds the largest share of the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market and is anticipated to prevail in the same trend during the forecast period. This growth attributes to the massive exports & minimal reliance of the country on imports and its massive in-house product manufacturing capacities associated with diverse industries like automotive, textile, consumer goods, and more.
Additionally, the vast consumer base & increasing localization of the market in China is prompting considerable growth of the industry, just like it has been a parameter for its previous revenue generation. Besides, High Modulus Low Shrinkage Polyester Yarn is ascending across the country owing to the active participation of governments in promoting clean energy-based vehicles through frameworks, policies, incentives, etc.
Nonetheless, in a bid to promote sustained mobility, different countries in the region waived off the prevailing road tax partially or fully. India & Japan are also following the lead of China to stay afloat in the competition. For instance:
Recent Developments in the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market
Key Driver: Expanding Automotive Industry & Vehicle Fleet in Asia-Pacific
Backed by the growing middle-class population & their increasing per capita income, the affordability for new vehicles among people has escalated substantially across the region, demonstrating a swift expansion of the automotive industry and high vehicle fleet. It, in turn, exemplifies a rise in the demand for HMLS Polyester Yarn for the production of tires & curating the industry dynamics.
The same aspect is also generating lucrative opportunities for the prominent players in the region to increase their production & distribution capacities and cater to the burgeoning demands. Along with this, the presence of various Original Equipment Manufacturers (OEMs), like Toyota, TATA, and Kia, among others, offering affordable cars are also contributing to the automotive industry expansion and upsurging the requirements for components like seat belts, tires, seats, etc. As a result, the demand for High Modulus Low Shrinkage Polyester Yarn is mounting & driving the market through 2027.
Possible Restraint: High Initial Cost for Manufacturing Technology
Since economically manufacturing HMLS polyester yarn requires high-quality components and stable process technology, the underlying technology for these materials is expensive & requires a massive initial investment for the entire setup. Such aspects might restrain investors and affect the expansion of the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market by posing a threat to new entrants.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market is projected to grow at a CAGR of around 9.14% during 2022-27.
A. Growing demands from Automotive industry due to rising per capita income of population is expected to drive the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market during 2022-27.
A. 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 among others are some of the major companies operating in the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market.
A. Tire cords is anticipated to emerge as an area of remunerative opportunities for the leading players in the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market during the forecast period.
A. China anticipated to dominate the Asia-Pacific High Modulus Low Shrinkage Polyester Yarn Market during 2022-27.
A. High initial cost of the required technology for the manufacturing product might hamper the market growth during 2022-27.