Tire Bead Wire Market Size to Reach $2.5 Billion by 2031: Allied Market Research

Rapid industrialization and urbanization, rising sales of passenger cars and commercial vehicles in both established & emerging economies, increase in disposable income, and surge in demand for electric cars drive the growth of the tire bead wire market. By type, the regular tensile strength (1770-2200 MP) segment contributed to the major share in 2021. By region, LAMEA would showcase the fastest CAGR by 2031.

Portland, OR, March 30, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global tire bead wire market generated $1.2 billion in 2021, and is estimated to reach $2.5 billion by 2031, witnessing a CAGR of 8.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

Request Sample Reporthttps://www.alliedmarketresearch.com/request-sample/47878

Report coverage & details:

Report Coverage Details
Forecast Period 2022–2031
Base Year 2021
Market Size in 2021 $1.2 Billion
Market Size in 2031 $2.5 Billion
CAGR 8.3%
No. of Pages in Report 280
Segments Covered Type, Application, and Region

 

 

Drivers 

 

Rapid industrialization and urbanization

 

Increase in customer interest in sports vehicles, racing automobiles, and bikes

Opportunities Rise in disposable income and surge in demand for electric cars

Restraints Volatile raw material prices

Covid-19 Scenario:

  • The COVID-19 outbreak had a negative impact on various industries worldwide, including the automotive sector. The resulting decline in automotive sales led to a significant decrease in the demand for tire bead wire, a critical component in automobile production.
  • China, the largest global producer and exporter of the raw materials required for making tire bead wire, was severely affected by the pandemic, leading to a reduction in its export capacity and causing a production slowdown. The tire bead wire industry experienced several challenges, including material supply chain disruptions, labor shortages, and transportation regulation enforcement, which hindered its growth during the pandemic.
  • However, as the global situation started improving, there was a gradual increase in demand for tire bead wire manufacturing.

The report offers a detailed segmentation of the global tire bead wire market based on type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped into to achieve growth in the coming years.

Procure Complete Research Report Nowhttps://www.alliedmarketresearch.com/tire-bead-wire-market/purchase-options

By type, the regular tensile strength (1770-2200 MP) segment held the largest share in 2021, garnering around half of the global tire bead wire market revenue, and is projected to maintain its dominance by 2031. However, the others segment would display the fastest CAGR of 9.3% during the forecast period. The high tensile strength (Above 2200) segment is also analyzed through the report.

By application, the passenger vehicle tire segment contributed to more than one-third of the global tire bead wire market revenue and is projected to rule the roost by 2031. The bicycle tire segment, on the other hand, would display the fastest CAGR of 8.9% throughout the forecast period. The other segments assessed through the report take in commercial vehicle tire, motorcycle tire, and others.

By region, Asia-Pacific held the major share in 2021, garnering more than half of the global tire bead wire market revenue, and is projected to rule the roost by 2031. However, the LAMEA region would also showcase the fastest CAGR of 9.4% throughout the forecast period. The other provinces studied through the report include North America, and Europe.

Interested to Procure the Research Report? Inquire Before Buying https://www.alliedmarketresearch.com/purchase-enquiry/47878

The key market players analyzed in the global tire bead wire market report include Rajratan Global Wire Ltd, Shandong Daye, SNTAI INDUSTRIAL GROUP LTD, HBT RUBBER INDUSTRIAL CO., LTD, bekaert, shanghai metal corporation, Jiangsu Xingda Steel Tyre Cord Co., Ltd, AARTI STEELS LIMITED, Kiswire inc., Tianjin Bladder Technology Co., Ltd. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Similar Reports We Have on Tire Industry:

Automotive Tire Mounted Sensor Market Research Report 2023-2035

Tire Pressure Monitoring System Market Research Report 2023-2035

Tire Reinforcement Material Market Research Report 2023-2035

Forestry Equipment Tire Market Research Report 2023-2035

CONTACT: About Us Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1(855)550-5975 [email protected] Web: https://www.alliedmarketresearch.com/reports-store/automotive-and-transportation Follow Our Blog: www.theinnovativereport.com

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Mango Bunch takes no editorial responsibility for the same.