Indonesia: Tyre Cord Fabric Market 2023

Tyre Cord Fabric Market Size in Indonesia

The Indonesian tyre cord fabric market stood at $X in 2021, picking up by 3% against the previous year. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +109.3% against 2012 indices. Tyre cord fabric consumption peaked in 2021 and is likely to continue growth in years to come.

Tyre Cord Fabric Production in Indonesia

In value terms, tyre cord fabric production reduced modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a strong increase. The growth pace was the most rapid in 2014 with an increase of 38%. Tyre cord fabric production peaked at $X in 2020, and then shrank slightly in the following year.

Tyre Cord Fabric Exports

Exports from Indonesia

In 2021, shipments abroad of tyre cord fabric of high tenacity yarn was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, total exports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -25.7% against 2018 indices. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, tyre cord fabric exports soared to $X in 2021. Overall, total exports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -20.4% against 2018 indices. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for tyre cord fabric exports from Indonesia, with a 33% share of total exports. Moreover, tyre cord fabric exports to Japan exceeded the volume sent to the second major destination, South Korea (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-0.4% per year) and the United States (+60.0% per year).

In value terms, Japan ($X), South Korea ($X) and India ($X) appeared to be the largest markets for tyre cord fabric exported from Indonesia worldwide, with a combined 60% share of total exports. These countries were followed by the United States, Thailand, Taiwan (Chinese), Brazil, South Africa and China, which together accounted for a further 31%.

In terms of the main countries of destination, Brazil, with a CAGR of +130.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average tyre cord fabric export price amounted to $X per ton, rising by 16% against the previous year. Overall, the export price, however, showed a pronounced curtailment. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to the United States ($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 South Korea (+0.7%), while the prices for the other major destinations experienced a decline.

Tyre Cord Fabric Imports

Imports into Indonesia

In 2021, after two years of decline, there was significant growth in purchases abroad of tyre cord fabric of high tenacity yarn, when their volume increased by 31% to X tons. The total import volume increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, tyre cord fabric imports surged to $X in 2021. In general, total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest tyre cord fabric supplier to Indonesia, with a 64% share of total imports. Moreover, tyre cord fabric imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+12.9% per year) and Taiwan (Chinese) (-8.6% per year).

In value terms, China ($X) constituted the largest supplier of tyre cord fabric of high tenacity yarn to Indonesia, comprising 62% of total imports. The second position in the ranking was taken by Vietnam ($X), with an 18% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+11.8% per year) and Taiwan (Chinese) (-5.4% per year).

Import Prices by Country

In 2021, the average tyre cord fabric import price amounted to $X per ton, rising by 37% against the previous year. Over the period under review, the import price, however, recorded a slight reduction. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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