Demand from the CV industry accounts for 60% of tyre industry demand and is based on the growth of the economy. With growth slowing and anticipating the shift towards radialisation manufacturers adding capacity of 6 mn TBR (truck and bus radial), utilisation rates could be lower in the next 2-3 years. Also, over the past two years the manufacturers have been in a capex phase, companies tried to add radial capacity due to the sudden shift in demand towards radial tyres and hence the industry managed good pricing discipline. It will be interesting to see if this discipline continues with lower utilisations.