Bead Wire Market is Estimated to Witness High Growth Owing to Rapid Rise in Automotive Production

Market Overview:

Bead wire is used for the reinforcement of tires in automobiles. It is embedded in the inner walls of the tire and aids in maintaining the shape and form of tires during use.

Market Dynamics:

The bead wire market is expected to witness significant growth over the forecast period owing to rapid rise in automotive production across various regions. Global automotive production increased by over 2% year-on-year in 2021 with China, US, and Europe remaining the major automobile producing hubs. Additionally, growing demand for low-profile and high-performance tires from passenger and commercial vehicles is also expected to drive the need for bead wires during the forecast period.

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Top Companies Covered In This Report:

Bekaert, Kiswire, Rajratan Global Wire, Shandong Daye, Snton Steel, ArcelorMittal, Hyosung, Tokusen Kogyo, Heico Wire Group, TATA Steel

Detailed Segmentation:

Bead Wire Market by Product Type
Radial Tires
Bias Tires
Bead Wire Market by Tensile Strength
High Tensile Strength
Regular Tensile Strength
Bead Wire Market by End-use Industry
Automotive
Construction
Mining
Agriculture
Others

Key Region/Countries are Classified as Follows:

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA).

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Driver: Growing demand for bead wire in tire manufacturing industry

The bead wire market is primarily driven by the increasing demand for bead wire from the tire manufacturing industry. Bead wire is a key component used in tire production for anchoring the tire beads onto the wheel rim. With the rapidly growing automotive sector worldwide, especially in developing economies like China and India, the demand for new vehicles as well as replacement tires has witnessed strong growth in recent years. This has created a surge in the demand for bead wire from tire companies. Additionally, the rising consumer preference for low-profile tires which require sturdier bead wires to provide better bead retention properties has further augmented the bead wire market growth.

Driver: Increasing vehicular fleet globally due to rapid urbanization

Rapid urbanization across the world has increased the rate of vehicle usage as people rely more on personal mobility solutions for commute. This has boosted the worldwide vehicular fleet size tremendously over the past decade. As vehicles have to be replaced after certain years of usage due to wear and tear, the growing vehicle parc is driving significant demand for replacement tires. Since bead wire is an indispensable component in tire manufacturing, its market is directly influenced by the rising demand for new as well as replacement tires. The growing mobility needs of urban populations coupled with improving economic conditions in developing nations are expected to continue propelling the global bead wire market over the coming years.

Opportunity: Increasing rim size of wheels in passenger vehicles

Automobile manufacturers are increasingly adopting larger rim sizes for passenger vehicle wheels to provide a sportier and stylish appearance. Larger wheel rims between 17 to 20 inches have become quite common today compared to the conventional 14-16 inch rims earlier. This wheel rim size trend offers bright prospects for the bead wire market. As wheels become bigger, stronger bead wires are needed to anchor larger diameter tires firmly onto the rims. Hence, the rising rim sizes especially for SUVs and luxury cars present lucrative opportunities for bead wire producers to expand their businesses and cater to the specialized demands of tire makers. This emerging opportunity is likely to stimulate technological advancements and new product developments in the bead wire industry.

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The report answers a number of crucial questions, including:

Which companies dominate the global Bead Wire market?
What current trends will influence the market over the next few years?
What are the market's opportunities, obstacles, and driving forces?
What predictions for the future can help with strategic decision-making?
What advantages does market research offer businesses?
Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
What is the anticipated growth rate for the Bead Wire market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters

1.2 Methodology and forecast parameters

1.3 Information Sources



Chapter 2: Latest Trends Summary

2.1 Regional trends

2.2 Product trends

2.3 End-use trends

2.4 Business trends



Chapter 3: Bead Wire Industry Insights

3.1 Industry fragmentation

3.2 Industry landscape

3.3 Vendor matrix

3.4 Technological and Innovative Landscape



Chapter 4: Bead Wire Market, By Region



Chapter 5: Company Profiles



5.1 Company Overview

5.2 Financial elements

5.3 Product Landscape

5.4 SWOT Analysis

5.5 Systematic Outlook



Chapter 6: Assumptions and Acronyms



Chapter 7: Research Methodology



Chapter 8: Contact (Continue . . .)

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This release was published on openPR.