Demand for Tire Cords Forecast to Grow Steadily
Kolon Industries announced on Jan. 12 that it has decided to expand its polyester tire cord plant in Vietnam to boost its annual production capacity by 19,200 tons.
The company built a PET tire cord plant with an annual capacity of 16,800 tons in Binh Duong Province of Vietnam in 2018. The expansion work will be completed in September 2022. When the project is completed, the company’s total tire cord production capacity will be increased to 103,200 tons per year.
Kolon Industries' tire cord plant in the Bau Bang Industrial Park of Binh Duong Province has an integrated production system that handles all processes from raw material production to weaving, heat treatment and finished products. The plant has also obtained approval on quality stabilization from global tire makers and is currently running at full capacity.
The tire market is forecast to grow steadily going forward as eco-friendly cars, such as hybrids, electric vehicles, and hydrogen cars, are becoming popular. These cars are heavier than internal combustion engine vehicles due to the weight of their batteries. So the tires for these vehicles use 10 to 20 percent more tire cords to enhance durability.
Since starting its tire cord business in 1973, Kolon Industries has partnered with global tire giants such as Michelin, Goodyear and Bridgestone. In 2004, it established a new plant in Nanjing, China.