New York, USA, March 29, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global tire bead wire market. According to the report, the global market is projected to surpass $2,521.6 million and grow with a CAGR of 8.3% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the tire bead wire market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Tire Bead Wire Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global tire bead wire market. During the pandemic, the automobile industry suffered in terms of sales and the acquisition of new projects, which had a significant impact on the market. Moreover, governments implemented lockdown and social distancing rules to avoid the spread of COVID-19, which had a detrimental effect on both the tire bead wire industry and the manufacturing of automobiles. These factors significantly hindered the market growth amidst the pandemic.
Download a Comprehensive PDF Sample of Tire Bead Wire Market
Factors Impacting the Tire Bead Wire Market Growth
The key factor boosting the growth of the global tire bead wire market is a significant rise in the need for tire bead wire owing to an increase in sales of electric automobiles across the globe. Furthermore, the use of a variety of marketing techniques by market players to increase regional presence is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the implementation of strict government rules about mining operations to meet environmental standards to prevent pollution and carbon emissions considerably impact the supply and demand of tire bead wire, which is anticipated to deter the market’s growth.
The report segments the global tire bead wire market into type, application, and region.
Regular Tensile Strength (1770-2200 MP) Sub-Segment to Grab a Foremost Share of the Market
The regular tensile strength (1770-2200 MP) sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because regular tensile strength is the utmost stress that a rubber tire can withstand before breaking down. The bigger the number, the thicker the wire.
Passenger Vehicle Sub-Segment to Witness Rapid Growth
The passenger vehicle sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly owed to an increase in consumer disposable income, the rapid development of new technologies for personal automobiles, and the explosive growth of the automotive sector.
Schedule a call to the Expert Analyst to get the Latest update on the Tire Bead Wire Market
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global tire bead wire market across several regions, such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly because Japan, China, and India have a large potential for acquiring raw materials and utilizing them in the production of tire bead wire.
Key Players of the Global Tire Bead Wire Market
The report states some of the foremost players operating in the market including
- Kiswire
- Bekaert
- Shandong Daye
- Rajratan
- PRTI
- Shandong Daye Co. Ltd.
- Camesa Wire Rope
- HBT Rubber Industrial Co. Ltd
- Zhangjiagang City Shazhou Steel Wire Cable Co. Ltd
- WireCo World Group
- SNTAI INDUSTRIAL GROUP LTD
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in December 2021, Rajratan Global Wire Ltd., one of India's largest bead wire producers, announced the launch of a new tire bead wire production facility in Tamil Nadu for a total investment of Rs 300 crore. The corporation has concluded a contract with the state government.
Triangulate date as per your Format and Definition of Tire Bead Wire Market
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Tire Bead Wire Market:
- 3 Factors that Have Made Tire Bead Wires Indispensable to the Automotive Industry
- Global Tire Bead Wire Market to Generate $2,521.6 Million by 2031 Owing to the Rising Sales of Electric Vehicles Across the Globe
