Thailand: Tyre Cord Fabric Market 2023

Tyre Cord Fabric Market Size in Thailand

The Thai tyre cord fabric market soared to $X in 2021, picking up by 46% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.8% 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 +106.7% against 2014 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Tyre Cord Fabric Exports

Exports from Thailand

In 2021, overseas shipments of tyre cord fabric of high tenacity yarn were finally on the rise to reach X tons after two years of decline. In general, exports, however, saw a slight decrease. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, tyre cord fabric exports surged to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for tyre cord fabric exports from Thailand, accounting for a 50% share of total exports. Moreover, tyre cord fabric exports to India exceeded the volume sent to the second major destination, China (X tons), fivefold. The third position in this ranking was held by Japan (X tons), with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume to India stood at -3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+42.5% per year) and Japan (+43.9% per year).

In value terms, India ($X) remains the key foreign market for tyre cord fabric of high tenacity yarn exports from Thailand, comprising 44% of total exports. The second position in the ranking was held by Japan ($X), with a 17% share of total exports. It was followed by Indonesia, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India stood at -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+47.2% per year) and Indonesia (-1.8% per year).

Export Prices by Country

The average tyre cord fabric export price stood at $X per ton in 2021, surging by 43% against the previous year. Overall, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Bangladesh ($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 Indonesia (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Tyre Cord Fabric Imports

Imports into Thailand

Tyre cord fabric imports into Thailand skyrocketed to X tons in 2021, increasing by 17% compared with the year before. In general, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +41.5% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, tyre cord fabric imports soared to $X in 2021. Over the period under review, total imports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% 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 Thailand, with a 70% share of total imports. Moreover, tyre cord fabric imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fourfold. South Korea (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+29.1% per year) and South Korea (-11.9% per year).

In value terms, China ($X) constituted the largest supplier of tyre cord fabric of high tenacity yarn to Thailand, comprising 70% of total imports. The second position in the ranking was held by Vietnam ($X), with a 14% share of total imports. It was followed by South Korea, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+25.8% per year) and South Korea (-12.4% per year).

Import Prices by Country

The average tyre cord fabric import price stood at $X per ton in 2021, with an increase of 38% against the previous year. Over the period under review, the import price, however, showed a mild descent. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from South Korea ($X per ton) and China ($X per ton), while the price for Vietnam ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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