According to a new report published by Allied Market Research, titled, โTire Bead Wire Market,” The tire bead wire market was valued at $1.2 billion in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.
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Tire beads are used in tires as a sealant and to provide grip, which drives the product demand. During the forecast period, growth is expected to be driven by the expanding automotive industry in various regions, as well as the increasing penetration of electronic gadgets.ย In addition,ย the rise in disposable income has resulted in increased consumer spending on automobiles and other luxury items, driving the tyre bead wire market forward. Furthermore, governments in various countries are enforcing stringent vehicle safety regulations, prompting automakers to adopt advanced technologies such as run-flat tyres and radial tyres, which require high-quality tyre bead wires for optimum performance. During the forecast period, this is expected to fuel the growth of the tyre bead wire market.
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.
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However, some of the disadvantages associated with production of tire bead wire ย is lack of supplies. This is due to the fact that scarce and expensive materials are required, making it difficult for producers to produce large number of this product.ย As a result, several manufacturers provide products with varying specifications. This makes it difficult for customers to choose the best product for their needs. This factor is expected to restrain the tire bead wire market growth in upcoming years.
The tire bead wire market share is segmented on the basis of type, application, and region. By type, it is classified into Regular Tensile Strength (1770-2200 MP), High Tensile Strength (Above 2200), and Others. By application, it is categorizedย into passenger vehicle tire, commercial vehicle tire, motorcycle tire, bicycle tire, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the tire bead wire market report include Aarti Steels Limited, Bekaert, HBT RUBBER INDUSTRIAL CO., LTD, Jiangsu Xingda Steel Tyre Cord Co. Ltd, Kiswire, Rajratan, Shandong Daye, Shanghai Metal Corporation, SNTAI INDUSTRIAL GROUP LTD, and Tianjin Bladder Technology Co., Ltd.
Key Findings of the Study
- By type, the regular tensile strength (1770-2200 MP) segment emerged as the global leader in 2021 and high tensile strength (Above 2200) segment is anticipated to be the fastest growing segment during the forecast period.
- By application, the passenger vehicle tire segment emerged as the global leader in 2021 and commercial vehicle tire segment is predicted to show the fastest growth in the upcoming years.
- By region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.
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