Tire Bead Wire Market Size is Projected to Generate a Revenue of $2,521.6 Mn by 2031Download Sample Reports Overview
The Global Tire Bead Wire Market Share is anticipated to be valued at $2,521.6 million by 2031, surging from $1,162.2 million in 2021, at a noteworthy CAGR of 8.3%.
Impact Analysis of COVID-19 on the Tire Bead Wire Market
The COVID-19 outbreak had a short-term impact on the tire bead wire market. Unavailability of raw materials for manufacturing auto components & cars, travel restrictions, volatility in the import/export trades, , travel restrictions, and unavailability of skilled workforce significantly halted automotive manufacturing, further hampering tire bead wire market growth. Further, there was a significant pressure observed in automobile industry due to disruption in supply chain. This complexity further affected the prices of cars, volatility in exchange rates, and stock piling, resulting in slowing down the automotive industry, which further affected the global economy. In addition to this, steep downfall was observed in sales of commercial and passenger vehicles that significantly slowed down the tire bead wire market growth during the pandemic.
Global Tire Bead Wire Market Analysis
Bead wire refers to a typical high-carbon-content wire that comprises of and is plated with materials such as red copper or bronze. It possesses high strength, greater flexibility, and inherits high tensile strength & resistance properties. Further, bead wire significantly decreases the fuel consumption of the vehicles and cost of overall tire production. The tire bead wire holds excellent high tensile force elasticity, anti-fatigue & straightness, and good adhesion with rubber. It is broadly utilized and considered as an enhanced framework material in tire production. The high-performance bead wire can effectively demonstrate high security and it supports green sustainable development.
The tire bead wire is likely to show robust demand in the coming years owing to rise in demand for passenger and commercial vehicles across the globe. Further, there has been a significant rise in the sales of electric vehicles globally. According to a report released by The International Council on Clean Transportation, Global EV sales reached a record-high of 6.9 million in 2021, a 107% increase from 2020. In addition, by the end of 2021, cumulative global sales of EVs reached 18.6 million, a 58% increase from the end of 2020. Owing to the abovementioned factors, the tire bead wire market is anticipated to witness high demand during the forecast period.
Furthermore, rise in number of sports bikes and cars backed by growing interest of consumers in sports activity is fueling the market growth. This type of sports vehicles requires high controlling, durability, strength, and breaking ability, wherein bead wire delivers effective reinforcement due to which the market for global tire bead wire is likely to propel in the coming years.
Global Tire Bead Wire Market, Segmentation
The tire bead wire market is segmented on the basis of type, application, and region.
The type segment is further classified into regular tensile strength (1770-2200 MP), high tensile strength (Above 2200), and others. Among these, the regular tensile strength segment held a dominant market share in 2021. This type is highly utilized in the production of passenger vehicles, commercial vehicles, bicycles, and truck tires and others. Further, this type is cost effective, provides high flexibility, strength and possesses durability to vehicles due to which the penetration is scaling at a rapid pace.
The application segment is further categorized into passenger vehicle tire, commercial vehicle tire, motorcycle tire, bicycle tire, and others. Among these, the passenger vehicle tire segment generated the highest revenue in 2021. The sales of passenger vehicles is surging rapidly backed by rise in disposable income of consumers, rapid technological innovation, massive foreign direct investments by OEMs, and other associated vendors in supply chains. Moreover, penetration of passenger vehicle tire is scaling up as major tire manufacturers are proactively participating in speeding up their production capabilities of tire to meet the ongoing demand resulting in market growth.
The tire bead wire market in Asia-Pacific generated the highest revenue in 2021. One of the major factors responsible for the tire bead wire market growth is favorable government and regulatory policies to produce tire and its associated parts. Automotive sector is largely dominated by China due to presence of major automotive OEMs’ manufacturing plants located in this country. In addition, the local players have a potential manufacturing capability to cater to the local and unattended market. Moreover, these players are investing massively in setting up production plants across Asia-Pacific to create a significant marketplace and extend its reach. Apart from this, rise in sales of EV vehicles in countries mainly China is a major factor supplementing the global tire bead wire market. In addition to this, countries such as Japan, Singapore, Australia, and others are investing heavily on innovation to commercialize autonomous vehicles. These vehicles operate through automation software wherein efficient controlling and braking plays a pivotal role. In such scenario, tire bead wire has a high strength capability that efficiently moves and controls tire during vehicle functioning. Moreover, the materials through which tire bead wire are made possess high strength properties and long life. This is further responsible for the growth of global tire bide wire market in the coming years.
Key Players in the Global tire bead wire Market
Some of the leading tire bead wire market players are
- Shandong Daye
- Camesa Wire Rope
- Shandong Daye Co. Ltd.
- Zhangjiagang City Shazhou Steel Wire Cable Co.Ltd
- HBT Rubber Industrial Co. Ltd
- SNTAI INDUSTRIAL GROUP LTD
- WireCo World Group
For instance, in December 2021, Rajratan Global Wire Limited declared to commence production of tire bead wire product in new manufacturing facility located in Asia-Pacific . This is expected to boost the company’s tire bead wire segment and escalate the market growth.