The increasing demand for high-performance tyres from the automotive industry is one of the major factors driving the growth of the tyre bead wire market. The growing popularity of radial tyres and their rising adoption in vehicles due to their superior performance has further fuelled the demand for tyre bead wire. Furthermore, a shift towards green technologies among consumers has spurred demand for eco-friendly tyres. This has resulted in increased demand for tyre bead wire from manufacturers engaged in the production of eco-friendly tyres. In addition, the increasing number of vehicle sales and rising disposable income across countries are resulting in an upsurge in automotive industry growth.
Tyre bead wire is an essential component in the production of tyres. It provides strength and a secure grip to the tyre allowing it to withstand external forces. The increasing technological advancement has resulted in the development of high-performance tires suited for varied climatic conditions and terrains, thus propelling the need for tyre bead wires.
The tyre bead wire market is expected to experience significant growth due to its various advantages. It is highly flexible and resistant to corrosion, abrasion and fatigue making it ideal for use in the production of tyres. The usage of Tyre Bead Wire improves the adhesion between rubberized components and ensures a secure grip on the wheel rim. Additionally, the tyre bead wire is fireproof and can be molded into various shapes for the production of customized tyres. Furthermore, it does not require additional adhesive or fastening elements for installation thus reducing the overall cost of production.
Tyre bead wire is a kind of steel wire used in the production of tyres. It is specially designed to ensure superior adhesion between the rubberized components and the wheel rim, thus providing greater strength to the tyre. The Tyre Bead Wire helps in increasing the shock-absorption capacity of tyres, and also prevents them from slipping off the wheel rim. It is available in a variety of sizes and shapes, allowing for the production of customized tyres according to specific requirements. The Tyre Bead Wire is highly durable and offers superior performance even in extreme climatic conditions.
The Tyre Bead Wire Market provides a variety of services to meet the demands of tyre producers. It includes customized solutions for the production of tyres in various sizes and shapes, completes installation and repair of beads, along with extensive after-sales service. The market also offers integrated solutions for testing and evaluation of tyres before they are used in a vehicle. This helps manufacturers in ensuring that the tyres are performing optimally and meeting the required standards for safety and performance. Additionally, tyre bead wire is also used by tire recyclers for the production of recycled rubber products. Thus, it provides an important service to the tyre manufacturing industry as well as tire recyclers.
The global Tyre Bead Wire Market is expected to reach USD 53.2 billion by 2031, registering a CAGR of 4.29% between 2021 and 2031.
The tyre bead wire market is expected to face certain challenges due to increasing raw material costs and volatile prices of steel. Additionally, stringent regulation regarding emissions from tyres can adversely affect the growth of the tyre bead wire market. Increasing expenditures on automobiles due to rising disposable incomes and growing awareness regarding green technologies are fuelling the adoption of Tyre Bead Wire in the production process.
The key players operating in the tyre bead wire market include Bridgestone Corporation, Hankook Tire & Technology Co., Ltd., The Yokohama Rubber Co., Ltd., Continental AG, Goodyear Tire and Rubber Company, Sumitomo Rubber Industries, Ltd., Pirelli Tyre S.p.A., Michelin Group, Toyo Tire & Rubber Co. Ltd., and Falken Tire Corporation, among others. To acquire a competitive advantage in the tyre bead wire market, these competitors are focused on different tactics such as product launches, mergers and acquisitions, and partnerships.
The 0.78-1.60 mm segment Type to Emerge as the Most Lucrative Segment
The 0.78-1.60 mm category is predicted to gain the most in terms of value all across the forecast period, owing to its widespread use in radial tyres, bias tyres, and truck tyres. Additionally, this segment's increasing demand from automotive manufacturers and tire recyclers is expected to drive the growth of Tyre Bead Wire market.
The Most Popular Application Segment is The Radial Tire segment
In light of its widespread use in applications such as car tyres and bicycle tyres, the Radial Tire category is predicted to grow the most in terms of value all across the forecast period. Additionally, this segment's increasing demand from automotive manufacturers and tire recyclers is expected to drive the growth of Tyre Bead Wire market.
The aftermarket services to Ensure Revenue Maximization
The Automotive tires segment is expected to dominate the global tyre bead wire market during the forecast period. This is owing to the booming automobile sector and rising demand for high-performance tyres in nations such as China, India, and Japan. Additionally, rising awareness about green technologies is also boosting the demand for tyre bead wire in this segment.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
During the forecast timeframe, Asia Pacific is likely to lead the worldwide tyre bead wire market. This is due to the expanding automobile sector and rising demand for high-performance tyres in nations such as China, India, and Japan. Additionally, rising awareness about green technologies is also boosting the demand for tyre bead wire in this region.
COVID-19 Impact and Market Status
The COVID-19 pandemic has severely affected the tyre bead wire industry, resulting in a decline in sales due to lockdowns and travel restrictions imposed by governments across the globe. Additionally, production shutdowns and rising raw material costs have also contributed to the downfall of the market growth. However, the industry is expected to recover gradually as restrictions are lifted and the demand for tires increases in the automotive sector. Furthermore, companies are focusing on strategies such as collaborations with technology suppliers to enhance their production efficiency and develop new products to capitalize on the opportunities presented by the market
Recent Developments in the Tyre Bead Wire Market
• Continental AG, a leading tire manufacturer and automobile supplier has launched an advanced range of steel cords to provide superior strength and flexibility to their tyres.
• Giti Tire Group, another major tire producer, has partnered with Corbion, a biotechnology company, to produce a sustainable tire with eco-friendly raw materials.
• Toyo Tire & Rubber Co., Ltd. has opened its new plant in the United States for the production, research, and development of tyres.
• Bridgestone Corporation has launched ran high-performancermance tyre bead wires made from carbon steel and stainless steel alloys for improved performance.
• The Goodyear Tire & Rubber Company has expanded its production capacity in Mexico, investing more than $2 billion to manutiresre tyres with superior bead wires.
Tyre Bead Wire Market Scope
|Revenue forecast in 2031
|USD 53.2 billion
|CAGR of 4.29% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Bridgestone Corporation, Hankook Tire & Technology Co., Ltd., The Yokohama Rubber Co., Ltd., Continental AG, Goodyear Tire and Rubber Company, Sumitomo Rubber Industries, Ltd., Pirelli Tyre S.p.A., Michelin Group, Toyo Tire & Rubber Co. Ltd., and Falken Tire Corporation
Key Segment of Global Tyre Bead Wire Market
By Type Overview 2021-2031, (USD Billion)
• 0.78-1.60 mm
• 1.65-1.83 mm
• Above 1.83 mm
By Application Overview 2021-2031, (USD Billion)
• Radial Tyre
• Bias Tyre
By End-User Overview 2021-2031, (USD Billion)
• Automotive tyres
• Bicycle tyres
• Truck tyres
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa