The global tire bead wire market is predicted to witness prominent growth by 2031, owing to the increasing sales of electric vehicles worldwide. Regionally, the Asia-Pacific region is predicted to hold the largest share of the market.
NEW YORK, April 20, 2023 /PRNewswire/ —
Global Tire Bead Wire Market Forecast Analysis:
As per the report published by Research Dive, the global tire bead wire market is envisioned to generate a revenue of $2,521.6 million and rise at a CAGR of 8.3% throughout the estimated period from 2022 to 2031.
Segments of the Tire Bead Wire Market
The report has divided the market into the following segments:
- Type: regular tensile strength (1770-2200 MP), high tensile strength (above 2200), and others
- Regular Tensile Strength (1770-2200 MP) – Most dominant in 2021
The regular tensile strength (1770-2200 MP) has greater withstand and high-temperature capabilities which are expected to push the subsegment forward. - Application: passenger vehicle tire, commercial vehicle tire, motorcycle tire, bicycle tire, and others
- Passenger Vehicle Tire – Highest market share in 2021
The growing disposable income among individuals, rapid technological innovation in passenger vehicles, and the rising automotive industry are predicted to foster the growth of the market sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – To hold the largest market share by 2031
The presence of major manufacturers in this region and the significant potential of the countries in this region to procure raw materials and utilize them in the making of tire bead wire is expected to drive the regional growth of the market over the estimated period.
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Dynamics of the Global Tire Bead Wire Market
The increasing sales of electric vehicles across the globe to reduce carbon emissions and promote a clean green environment has increased the demand for wheels that are more sustainable which is expected to bolster the growth of the tire bead wire market over the estimated timeframe. However, the volatility in raw material prices may hinder the growth of the market during the analysis period.
The increasing adoption of various marketing strategies such as new product launches, amalgamation, joint ventures, and many more by leading manufacturers to accelerate their businesses across several countries is expected to create massive growth opportunities for the market over the forecast period.
Covid-19 Impact on the Global Tire Bead Wire Market
The outbreak of the Covid-19 pandemic has caused severe uncertainties and economic losses to various businesses across the globe. It has also badly impacted the tire bead wire market. This is mainly due to the lack of investment made by the major market players during the pandemic which has lowered the demand for tire bead wire. Furthermore, the lockdowns and strict social distancing norms imposed by the governments have impacted the production of automobiles and led to the closure of automotive assembly and manufacturing units. All these factors have declined the growth of the market over the crisis period.
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Key Players of the Tire Bead Wire Market
The major players of the market include
- Camera Wire Rope
- Zhangjiagang City Shazhou Steel Wire Cable Co.Ltd
- PRTI
- HBT Rubber Industrial Co. Ltd
- Shandong Daye
- Kiswire
- SNTAI INDUSTRIAL GROUP LTD
- WireCo World Group
- Bekaer
- Rajratan
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to acquire a leading position in the global industry.
For instance, in April 2022, Rajratan Global Wire Ltd., one of the largest bead wire manufacturers in India announced the expansion of its manufacturing facility for tire bead wire in Tamil Nadu. With this new facility, the company would have an annual capacity of 60,000 tons.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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