Kolon Industries to Boost Global Competitiveness in PET Tire Cord Market with its Vietnam Plant
A total production capacity of 103,200 tons with an expansion of 19,200 tons
Tire cords are high-strength fibers used as reinforcing materials for tires, which serve as frames for tires and keep them in shape. Tire cords are important as they affect the safety and performance of automobiles. Depending on the raw materials, there are PET, nylon, rayon, and steel tire cords. Kolon Industries produces PET tire cords, which are mainly used in passenger car tires.
Kolon Industries’ tire cord plant is located in Bau Bang Industrial Park, Vietnam. It brought in the latest production facilities and thus owns a consistent production system from yarn spinning to weaving, processing, heat treatment, and finished products. The Vietnam plant is currently in full operation after quality approval from global tire manufacturers.
Kolon Industries’ tire cord expansion is in line with the growth of the global tire market. Demand for replacement (RE, Replacement Equipment) tires increased last year, and shipments of new vehicle (OE, Original Equipment) tires increased this year. According to an automobile market research agency, the tire market is recovering to its pre-COVID-19 level from this year and is expected to grow at an annual average of 4%.
Kolon Industries has formed partnerships with major global tire companies since it started its tire cord business in 1973. Following the establishment of a new factory in Nanjing, China in 2004, the company secured international production bases with the best technology and price competitiveness through this continuous investment in Vietnam.
“This investment will help expand sales of Kolon Industries high-performance and high-value premium products, along with the global market dominance and tire cord business profitability,” a company official said.
Kolon Industries Inc.
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