Tire bead wire is a copper or bronze coated, high-carbon steel wire used for reinforcement of almost all types of pneumatic tires including those used for trucks, tractors, cars, buses, rickshaws, motorbikes, jeeps, and bicycles. The main function of tire bead wire is to provide reinforcement to the rubber tire on to the rim and to resist the action of inflated pressure acting to push the tire out of the rim. Thus, with the help of tire cords, the pressure of the vehicle is exerted on to the metal rim and rubber tire through the tire bead wire.
Forecast Analysis of the Tire Bead Wire Market
According to the report published by Research Dive, the global tire bead wire market is expected to gather a revenue of $2,521.6 million by 2031 and grow at 8.3% CAGR in the 2022–2031 timeframe. In recent years, there has been increase in the sales of electric vehicles across the world which is predicted to be the primary growth driver of the tire bead wire market in the forecast period. Additionally, rise in construction activities of roads and highways has led to an increase in business opportunities for logistics and transportation business. This growth in transportation businesses is anticipated to push the market forward. Along with this, adoption of various marketing strategies to expand regional presence is projected to offer numerous growth and investment opportunities to the market in the analysis timeframe. However, volatility in raw material prices is estimated to create hurdles in the full-fledged growth of the tire bead wire market in the coming period.
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Regionally, the tire bead wire market in the Asia-Pacific region is expected to be the most dominant by 2031. Presence of major manufacturers operating in this region is expected to be the leading factor behind the growth of the market in the forecast period.
Some prominent market players include Bekaert, Camesa Wire Rope, Zhangjiagang City Shazhou Steel Wire Cable Co.,Ltd, Kiswire, PRTI, HBT Rubber Industrial Co. Ltd, Rajratan, Shandong Daye Co., Ltd., SNTAI INDUSTRIAL GROUP LTD, WireCo World Group, and many others.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The tire bead wire market, too, faced a negative impact of the pandemic. Automobile companies were among the worst hit industries during the pandemic which reduced the demand for tire bead wires globally. Also, the investments in tire bead wire production reduced during the pandemic which further brought down the growth rate of the market.
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Significant Market Developments
The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the tire bead wire market to flourish. For instance:
In June 2022, Bekaert Lipetsk, a leading manufacturer of metal wire products, announced plans to expand its business in Russia so as to meet the domestic and global demands in a coherent manner. This business expansion plan is predicted to help the company to boost its market share in the coming period.
In August 2022, Rajratan Global Wire, a leader in tire bead wire manufacturing, announced that it was infusing a capital of 320 crore for business expansion. This investment is aimed at expanding the company’s operation in Thailand and Chennai which will ultimately help the company to cater to the demands of the market in a much better way.
In September 2022, Teijin Frontier Co., Ltd., a Japanese textile company, announced the launch of an eco-friendly tire cord made from chemically recycled polyester fiber. This tire cord used for rubber reinforcement is expected to be a game changer as far as tire bead wire market is concerned.
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