Steel Cord for Tire Reinforcement Market Report by Product Type (Normal Tensile (NT),High Tensile (HT),Super Tensile (ST)), End Use (Passenger Car Tires,Commercial Vehicle Tires), and Region 2024 - 2031
The "Steel Cord for Tire Reinforcement Market" is focused on controlling cost, and improving efficiency. Moreover, the reports offer both the demand and supply aspects of the market. The Steel Cord for Tire Reinforcement market is expected to grow annually by 5.6% (CAGR 2024 - 2031).
This entire report is of 184 pages.
Steel Cord for Tire Reinforcement Introduction and its Market Analysis
The Steel Cord for Tire Reinforcement market research report highlights the increasing demand for steel cord in the tire manufacturing industry due to its superior strength and durability. Major players such as Bekaert, Jiangsu Xingda Steel Cord, and Hyosung are focusing on expanding their market presence through strategic partnerships and product innovations. Factors driving revenue growth include the growing automotive industry, increasing demand for high-performance tires, and technological advancements in tire manufacturing. The report also provides a detailed analysis of key market players' strategies, market trends, and opportunities for industry growth. Recommendations include investing in research and development to develop innovative products and expanding market presence through strategic collaborations.
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Steel cord is a crucial component in tire reinforcement, providing strength and durability to passenger car and commercial vehicle tires. The market for steel cord is segmented by tensile strength, with Normal Tensile (NT), High Tensile (HT), and Super Tensile (ST) variations available. The choice of steel cord type is dependent on the specific application requirements of the tire.
Regulatory and legal factors play a significant role in the steel cord market, with stringent quality and safety standards in place to ensure the reliability of tires. Manufacturers must adhere to industry guidelines and certifications to meet the demands of the market and maintain consumer trust. Compliance with these regulations is essential for market competitiveness and sustainability. Overall, the steel cord market for tire reinforcement is a dynamic and evolving sector, driven by technological advancements and regulatory developments.
Top Featured Companies Dominating the Global Steel Cord for Tire Reinforcement Market
The global Steel Cord for Tire Reinforcement market is highly competitive, with key players including Bekaert, Jiangsu Xingda Steel Cord, Hyosung, Shandong SNTON Steel Cord, Bridgestone, TESC, Tokusen, Tokyo Rope MFG, Hubei Fuxing New Material, BMZ, Junma Tyre Cord, Sumitomo Electric Industries, Sodetal, Kiswire Inc, Byelorussian Metallurgical Company, Hubei Jiatong, Sunnywell, Michelin, and JESC.
These companies manufacture high-quality steel cords that are widely used in tire reinforcement applications. They provide innovative solutions to enhance tire performance, durability, and safety. Steel cords are essential components in radial tires as they provide strength and stability, enabling tires to withstand high speeds, heavy loads, and tough road conditions.
These companies play a significant role in driving the growth of the Steel Cord for Tire Reinforcement market through their continuous research and development efforts, investment in advanced manufacturing technologies, and strategic partnerships with tire manufacturers. They also focus on expanding their product range, improving quality standards, and optimizing production processes to meet the increasing demand for steel cords in the automotive industry.
In terms of sales revenue, Bekaert reported a revenue of $ billion in 2020, Hyosung generated $2.3 billion, and Michelin had a revenue of $28.1 billion in the same year. These companies continue to dominate the market and contribute to the overall growth of the Steel Cord for Tire Reinforcement industry by providing superior products and services to meet the evolving needs of the tire manufacturing sector.
- Bekaert
- Jiangsu Xingda Steel Cord
- Hyosung
- Shandong SNTON Steel Cord
- Bridgestone
- TESC
- Tokusen
- Tokyo Rope MFG
- Hubei Fuxing New Material
- BMZ
- Junma Tyre Cord
- Sumitomo Electric Industries
- Sodetal
- Kiswire Inc
- Byelorussian Metallurgical Company
- Hubei Jiatong
- Sunnywell
- Michelin
- JESC
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Steel Cord for Tire Reinforcement Market Analysis, by Type:
- Normal Tensile (NT)
- High Tensile (HT)
- Super Tensile (ST)
Steel cord for tire reinforcement comes in various types such as Normal Tensile (NT), High Tensile (HT), and Super Tensile (ST). Normal Tensile cords offer basic strength, High Tensile cords provide improved strength and fatigue resistance, while Super Tensile cords offer the highest level of strength and durability. These different types of steel cords help cater to the diverse needs of the tire industry, providing manufacturers with options to enhance the performance and longevity of their tires. This variety helps in boosting the demand for steel cord for tire reinforcement, as it allows companies to customize their products according to specific requirements and applications.
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Steel Cord for Tire Reinforcement Market Analysis, by Application:
- Passenger Car Tires
- Commercial Vehicle Tires
Steel cord is widely used in tire reinforcement for passenger car and commercial vehicle tires due to its high tensile strength and excellent resistance to fatigue and corrosion. In passenger car tires, steel cord is used in the belts to provide stability and strength, while in commercial vehicle tires, it is used in the carcass to withstand heavy loads. The fastest growing application segment in terms of revenue is commercial vehicle tires, as the demand for durable and reliable tires for trucks and buses continues to rise globally. Steel cord reinforcement plays a crucial role in ensuring the safety and performance of these tires.
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Steel Cord for Tire Reinforcement Industry Growth Analysis, by Geography:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The growth of Steel Cord for Tire Reinforcement market is expected to be steady in North America, with the United States and Canada leading the way. In Europe, countries like Germany, France, ., and Italy are expected to continue dominating the market. In the Asia-Pacific region, China and Japan are expected to maintain their stronghold, with South Korea, India, and Australia also showing strong growth potential. Latin America, specifically Mexico and Brazil, are expected to see significant market share gains. In the Middle East & Africa, Turkey, Saudi Arabia, and UAE are expected to drive growth. Overall, Asia-Pacific is anticipated to dominate the market with a market share of around 40%, followed by North America with around 25% market share. Europe and Latin America are expected to hold around 20% and 10% market share respectively, while the Middle East & Africa are likely to account for 5% of the market share.
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