Portland, OR, March 30, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global tire bead wire market generated $1.2 billion in 2021, and is estimated to reach $2.5 billion by 2031, witnessing a CAGR of 8.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.2 Billion |
| Market Size in 2031 | $2.5 Billion |
| CAGR | 8.3% |
| No. of Pages in Report | 280 |
| Segments Covered | Type, Application, and Region |
| Drivers | Rapid industrialization and urbanization |
| Increase in customer interest in sports vehicles, racing automobiles, and bikes | |
| Opportunities | Rise in disposable income and surge in demand for electric cars |
| Restraints | Volatile raw material prices |
Covid-19 Scenario:
- The COVID-19 outbreak had a negative impact on various industries worldwide, including the automotive sector. The resulting decline in automotive sales led to a significant decrease in the demand for tire bead wire, a critical component in automobile production.
- China, the largest global producer and exporter of the raw materials required for making tire bead wire, was severely affected by the pandemic, leading to a reduction in its export capacity and causing a production slowdown. The tire bead wire industry experienced several challenges, including material supply chain disruptions, labor shortages, and transportation regulation enforcement, which hindered its growth during the pandemic.
- However, as the global situation started improving, there was a gradual increase in demand for tire bead wire manufacturing.
The report offers a detailed segmentation of the global tire bead wire market based on type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped into to achieve growth in the coming years.
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By type, the regular tensile strength (1770-2200 MP) segment held the largest share in 2021, garnering around half of the global tire bead wire market revenue, and is projected to maintain its dominance by 2031. However, the others segment would display the fastest CAGR of 9.3% during the forecast period. The high tensile strength (Above 2200) segment is also analyzed through the report.
By application, the passenger vehicle tire segment contributed to more than one-third of the global tire bead wire market revenue and is projected to rule the roost by 2031. The bicycle tire segment, on the other hand, would display the fastest CAGR of 8.9% throughout the forecast period. The other segments assessed through the report take in commercial vehicle tire, motorcycle tire, and others.
By region, Asia-Pacific held the major share in 2021, garnering more than half of the global tire bead wire market revenue, and is projected to rule the roost by 2031. However, the LAMEA region would also showcase the fastest CAGR of 9.4% throughout the forecast period. The other provinces studied through the report include North America, and Europe.
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The key market players analyzed in the global tire bead wire market report include Rajratan Global Wire Ltd, Shandong Daye, SNTAI INDUSTRIAL GROUP LTD, HBT RUBBER INDUSTRIAL CO., LTD, bekaert, shanghai metal corporation, Jiangsu Xingda Steel Tyre Cord Co., Ltd, AARTI STEELS LIMITED, Kiswire inc., Tianjin Bladder Technology Co., Ltd. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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