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Steel Cord Market Size Worth USD 7246.1 Million by 2029 at a CAGR of 4.9% during review period 2023-2029

04-15-2024 02:32 PM CET | Chemicals & Materials

Press release from: Quants and Trends

Steel Cord Market

Steel Cord Market

The global Steel Cord Market size was valued at USD 5190.8 million in 2022 and is forecast to a readjusted size of USD 7246.1 million by 2029 with a CAGR of 4.9% during review period.

Market Overview:
The global steel cord market is witnessing significant growth, driven by its extensive applications in various industries such as automotive, construction, and aerospace. Steel cord, a high-strength wire made from steel, offers exceptional durability, tensile strength, and resistance to corrosion, making it indispensable in demanding engineering applications.

Market Key Players:
Key players in the steel cord market include:
• Bekaert
• Jiangsu Xingda Steel Cord
• ArcelorMittal
• Hyosung
• Shandong SNTON Steel Cord
• Bridgestone
• Shougang Century
• Tokusen
• Tokyo Rope MFG
• Hubei Fuxing New Material
• BMZ
• Henan Hengxing
• Junma Tyre Cord
• Sumitomo Electric Industries
• Sodetal
These companies are leading the market through product innovation, strategic partnerships, and expansion into emerging markets.

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Market Segmentation by Type:
• Normal Tensile (NT)
• High Tensile (HT)
• Super Tensile (ST)
• Ultra Tensile (UT)

Market Segmentation by Application:
• Freight Car Use
• Passenger Car Use
• Others

Regional Markets:

US Market:
The United States is a significant market for steel cord, driven by the automotive industry's demand for high-performance tires and the construction sector's requirement for durable reinforcement materials. Key players in the US market are investing in research and development to enhance product performance and meet stringent industry standards.

EUROPE Market:
Europe is another prominent market for steel cord, with countries like Germany, France, and Italy leading the demand for steel cord in the automotive and aerospace industries. Stringent regulations regarding vehicle safety and environmental sustainability drive the adoption of advanced steel cord technologies in tire manufacturing and reinforcement applications.

APAC Market:
The Asia-Pacific region is experiencing rapid growth in the steel cord market, fueled by the expansion of the automotive and construction sectors in countries like China, India, and Japan. Increasing infrastructure development projects and rising automotive production contribute to the growing demand for steel cord in the region.

Market Segmentation by Regions:
• North America (United States, Canada and Mexico)
• Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
• Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
• South America (Brazil, Argentina, Colombia, and Rest of South America)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

For Exhaustive Table of Contents and Tables and Figures, please visit @ https://quantsandtrends.com/Steel-Cord-Market

Market Strengths, Weaknesses, Opportunities, and Threats (SWOT)

Market Strengths:
• High Tensile Strength: Steel cord offers exceptional tensile strength, making it ideal for applications where durability and reliability are paramount.
• Resistance to Corrosion: The corrosion-resistant properties of steel cord ensure long-term performance and reliability in harsh environments.
• Wide Range of Applications: Steel cord finds applications in diverse industries, including automotive, construction, and aerospace, providing manufacturers with versatile solutions for various engineering challenges.

Market Weaknesses:
• High Production Costs: The production of steel cord involves complex manufacturing processes and high material costs, posing challenges for manufacturers in terms of cost competitiveness.
• Environmental Impact: The environmental impact of steel cord production, particularly regarding energy consumption and emissions, raises sustainability concerns and regulatory scrutiny.

Market Opportunities:
• Technological Advancements: Ongoing technological advancements in steel cord manufacturing techniques, such as improved alloy compositions and surface treatments, create opportunities for product innovation and performance enhancement.
• Emerging Applications: The growing adoption of steel cord in emerging applications such as renewable energy, aerospace composites, and industrial automation presents new avenues for market expansion and diversification.

Market Threats:
• Competition from Alternative Materials: Competition from alternative materials such as synthetic fibers, carbon fiber, and polymer composites poses a threat to the market share of steel cord, particularly in lightweighting applications and high-performance sectors.
• Market Saturation: Market saturation in mature industries like automotive and construction may limit the growth prospects for steel cord manufacturers, necessitating diversification into new markets and applications.

Market Past Performance:
The steel cord market has demonstrated steady growth over the past decade, driven by increasing demand from key end-use industries and technological advancements in steel cord manufacturing processes. Market players have focused on strategic acquisitions, product innovation, and expansion into emerging markets to maintain their competitive edge and sustain growth.

Market Forecast:
The global steel cord market is expected to continue its growth trajectory in the forecast period, driven by the expansion of key end-use industries, infrastructure development projects, and increasing demand for high-performance materials. Technological innovations, strategic partnerships, and investments in research and development are anticipated to fuel market growth and unlock new opportunities for market players.

Market Research and Development:
Research and development initiatives play a crucial role in driving innovation and market competitiveness in the steel cord industry. Market players are investing in R&D activities to develop advanced steel cord formulations, enhance product performance, and explore new applications and markets.

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