Press release
Steel Tire Cord Market Size, Share, Growth Report 2023 to 2032
Steel tire cord, a pivotal material in tire manufacturing, is revolutionizing the automotive industry with its robust and efficient solutions. Valued at USD 3.2 billion in 2022, the global steel tire cord market is projected to reach USD 5.0 billion by 2032.
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Key Points and Statistics:
• The global steel tire cord market is set to reach USD 5.0 billion by 2032, with a CAGR of 4.6%.
• Steel tire cords are indispensable in radial tire production across various vehicle segments.
• Leading players include Bekaert Corporation, Hyosung Corporation, Tokusen USA Inc., and others.
Market Overview and Analysis:
Steel tire cords play a crucial role in enhancing tire strength and durability, reflecting the market's deep integration with tire manufacturing. Despite challenges like fluctuating raw material costs, the market is innovating to meet modern tire manufacturing demands.
Latest Market Trends and Innovations:
• Demand for Lightweight Vehicles: The pursuit of lightweight and fuel-efficient vehicles is bolstering the steel tire cord market, as high-performance tires are essential for such vehicles.
• Tire Technology Advancements: Innovations in tire design, such as self-sealing tires, are driving the need for advanced steel tire cords capable of withstanding higher loads and providing better durability.
• Rise of Radial Tires: The increasing popularity of radial tires, known for their superior performance and fuel efficiency, is propelling demand for steel tire cords.
Major Growth Drivers:
• Automotive Industry Expansion: The growth of the automotive sector, particularly in emerging markets, is a significant driver of the steel tire cord market.
• Investment in R&D: Tire manufacturers' investments in research and development are leading to the development of advanced steel tire cords meeting evolving industry needs.
• High-Performance Tire Demand: The increasing demand for high-performance tires, especially in luxury and sports vehicles, is fueling the need for stronger and more durable steel tire cords.
Key Challenges:
• Dependence on Automotive Industry: The steel tire cord market's fortunes are closely linked to automotive sales, making it vulnerable to fluctuations in the industry.
• Environmental Regulations: Environmental concerns are pushing for eco-friendly tires, potentially impacting the demand for traditional steel tire cords.
• Competition from Substitutes: Alternative materials like synthetic tire cords pose a competitive challenge due to their lighter weight and improved flexibility.
To Check Complete Toc Here:
CHAPTER 1. Industry Overview of Steel Tire Cord Market
CHAPTER 2. Research Approach
CHAPTER 3. Market Dynamics And Competition Analysis
CHAPTER 4. Steel Tire Cord Market By Type
CHAPTER 5. Steel Tire Cord Market By Application
CHAPTER 6. North America Steel Tire Cord Market By Country
CHAPTER 7. Europe Steel Tire Cord Market By Country
CHAPTER 8. Asia Pacific Steel Tire Cord Market By Country
CHAPTER 9. Latin America Steel Tire Cord Market By Country
CHAPTER 10. Middle East & Africa Steel Tire Cord Market Overview
CHAPTER 11. Player Analysis Of Steel Tire Cord Market
CHAPTER 12. Company Profile
Market Segmentation Insights:
Based on Type:
● Brass Coated
● Zinc Coated
● Copper Coated
● Others
Based on Application:
● Passenger Vehicle Tires
● Commercial Vehicle Tires
● Two Wheeler Tires
● Aircraft Tires
● Industrial Tires
Overview by Region of the Steel Tire Cord Market:
North America and Europe are significant markets, driven by their robust automotive industries. The Asia Pacific region is the fastest-growing market, attributed to the rising vehicle demand in developing economies.
List of Key Players in the Global Market:
Major players include Bekaert Corporation, Hyosung Corporation, Tokusen USA Inc., Kiswire Ltd., Jiangsu Xingda Steel Tyre Cord Co. Ltd., ArcelorMittal, and others.
In conclusion, the steel tire cord market's trajectory underscores its pivotal role in automotive performance enhancement. By addressing challenges and capitalizing on trends, market players can sustain growth and contribute to the automotive industry's evolution towards efficiency and sustainability.
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