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11630 SW 97 Street, Miami, Florida 33176, US
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The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Global Industrial Yarn Products for V-Belts & Industrial Hoses Market Introduction
Persistence Market Research offers key insights on the global Industrial Yarn Products for V-Belts & Industrial Hoses marketin its latest report titled, ‘Industrial Yarn Products for V-Belts & Industrial Hoses Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026’. The research report offers in-depth insights into the Industrial Yarn Products for V-Belts & Industrial Hoses market for the forecast period. Based on critical analysis, the Industrial Yarn Products for V-Belts & Industrial Hoses market is projected to witness robust demand during the forecast period owing to the steady growth in end-use industries, such as automotive, tire, agriculture, oil & gas and other manufacturing industries. The global Industrial Yarn Products for V-Belts & Industrial Hoses market is estimated to grow at a CAGR of 4.4% during the forecast period.
Global Industrial Yarn Products for V-Belts & Industrial Hoses Market Dynamics
The global Industrial Yarn Products for V-Belts & Industrial Hoses market is experiencing significant demand due to growing applications of industrial yarn in tires, hoses and V-belts reinforcements. The companies in the Industrial Yarn Products for V-Belts & Industrial Hoses market are focusing on increasing their manufacturing capacity for industrial yarn. They are also focusing on expanding into new territories to cater to the growing demand in the Industrial Yarn Products for V-Belts & Industrial Hoses market.
Rapid industrialization has led to increased demand in the Industrial Yarn products for V-Belts & Industrial Hoses market due to an increase in the number of manufacturing industries, such as automobile, food processing, consumer goods, among others. With the rise in the number of industries, the demand for V-Belts and industrial hoses is expected to witness significant growth, which in turn, will propel the demand in the Industrial Yarn Products for V-Belts & Industrial Hoses market.
Global Industrial Yarn Products for V-Belts & Industrial Hoses Market: Segmentation Overview
Industrial Yarn Products for V-Belts & Industrial Hoses segmentation on the basis of product type: The Dipped single end cords segment is expected to dominate the product type segment in the global Industrial Yarn Products for V-Belts & Industrial Hoses market due to its wide applications in tire cords. Growth in end-use industries due to growing industrialization is expected to be the main contributor to demand growth for dipped single end cords in the Industrial Yarn Products for V-Belts & Industrial Hoses market.
Industrial Yarn Products for V-Belts & Industrial Hoses segmentation on the basis of application: The Tires segment is expected to be prominent segment driving the demand for Industrial Yarn Products for V-Belts & Industrial Hoses market. Growing automotive industry and growing demand for automotive tires are the prime factors responsible for the increased demand for Industrial Yarn Products for V-Belts & Industrial Hoses.
Global Industrial Yarn Products for V-Belts & Industrial Hoses Market: Regional Overview
China and India are estimated to be major consumers of Industrial Yarn Products for V-Belts & Industrial Hoses due to the rapid urbanization and growth being witnessed in manufacturing industries in these countries. Growth in end-use industries in these regions is expected to drive the growth in Industrial Yarn Products for V-Belts & Industrial Hoses market in these regions. In terms of market share, China is expected to lead the Industrial Yarn Products for V-Belts & Industrial Hoses market.
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