Market Size of Tire Bead Wire Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tyre Bead Market Analysis
The Global Tire Bead Wire Market is projected to register a CAGR of over 4% during the forecast period (2022-2027).
In 2020, due to COVID-19 outbreak, the tire industry was significantly affected by the declining sales of new vehicle production and supply chain disruptions. However, the situation became stable in 2021 and the market is projected to grow steadily.
- Over the short term, increasing production of vehicles such as two-wheeler, four-wheelers, and others are likely to drive the market's growth.
- On the flip side, volatile raw material prices are hindering the growth of the market studied.
- The growing trend of green- vehicles is likely to act as an opportunity for the studied market.
- Asia- Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Tyre Bead Industry Segmentation
Bead wire is a type of high-carbon bronze-coated steel wire that has been surface-plated with brass, copper, and other materials. It has high strength, excellent flexibility, and superior fatigue properties, and is primarily used in the tire bead as the framework material for reinforcement. It is frequently used in automobile tires, light truck tires, cargo truck tires, heavy equipment tires, and plane tires. The Tire Bead Wire market is segmented by grades, type, application, and geography. By grades, the market is segmented into High Tensile Strength and Regular Tensile Strength. By type, the market is segmented into Radial tires and Bias tires. By application, the market is segmented into Automotive tires, Bicycle tires, Truck tires, and Others. The report also covers the market size and forecasts for the Tire Bead Wire market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD Million).
| Grades | |
| High Tensile Strength | |
| Regular Tensile Strength |
| Type | |
| Radial tires | |
| Bias tires |
| Application | |
| Automotive tires | |
| Motorcycle tires | |
| Truck tires | |
| Others |
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Tire Bead Wire Market Size Summary
The tire bead wire market is poised for steady growth, driven by the increasing production of vehicles, including two-wheelers and four-wheelers. This growth is supported by the expanding automotive sector, which is expected to experience rapid development during the forecast period. The demand for tire bead wire is closely linked to the automotive industry's performance, particularly in emerging markets where vehicle penetration is rising due to increasing per capita income. However, the market faces challenges from volatile raw material prices, which could hinder its expansion. Despite these challenges, the trend towards green vehicles presents a significant opportunity for market growth. The Asia-Pacific region is anticipated to maintain its dominance in the market, with countries like China, India, and Japan leading the demand due to their robust automotive sectors.
The tire bead wire market is characterized by a partially consolidated structure, with key players such as Rajratan Global Wire Limited, Bekaert, HBT Rubber Industrial Co. Ltd, SNTAI INDUSTRIAL GROUP LTD, and WireCo World Group playing significant roles. Recent developments, such as Rajratan's new manufacturing facility in Tamil Nadu and Bekaert's plant expansion in Russia, highlight the ongoing investments and capacity enhancements within the industry. These strategic moves are expected to bolster the supply of tire bead wire, aligning with the anticipated increase in tire production and vehicle sales globally. As infrastructure development continues in both developed and emerging economies, the demand for advanced tire varieties is expected to rise, further driving the market for tire bead wire during the forecast period.
Tire Bead Wire Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand From Aviation Industry
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1.1.2 Increasing Vehicle Production
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1.2 Restraints
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1.2.1 Volatile Raw Material Prices
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1.2.2 Other Restraints
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Grades
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2.1.1 High Tensile Strength
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2.1.2 Regular Tensile Strength
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2.2 Type
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2.2.1 Radial tires
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2.2.2 Bias tires
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2.3 Application
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2.3.1 Automotive tires
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2.3.2 Motorcycle tires
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2.3.3 Truck tires
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2.3.4 Others
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 Italy
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2.4.3.4 France
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2.4.3.5 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Tire Bead Wire Market Size FAQs
What is the current Tire Bead Wire Market size?
The Tire Bead Wire Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Tire Bead Wire Market?
Rajratan Global Wire Limited , Bekaert, HBT Rubber Industrial Co. Ltd, SNTAI INDUSTRIAL GROUP LTD and WireCo World Group are the major companies operating in the Tire Bead Wire Market.
