Global Steel Tire Cord Market is projected to grow at a CAGR of 7.2% forcasted for period from 2024 to 2031
The "Steel Tire Cord Market" is focused on controlling cost, and improving efficiency. Moreover, the reports offer both the demand and supply aspects of the market. The Steel Tire Cord market is expected to grow annually by 7.2% (CAGR 2024 - 2031).
This entire report is of 146 pages.
Steel Tire Cord Introduction and its Market Analysis
The Steel Tire Cord market research report analyzes the current market conditions of Steel Tire Cord, which is a crucial component used in tire manufacturing for reinforcement. The target market includes tire manufacturers in the automotive industry. Factors driving revenue growth of the Steel Tire Cord market include increasing demand for vehicles, growth in the automotive industry, and advancements in tire technology. Key players in the market include Bekaert, Sumitomo Electric Industries, Ltd, Xingda International Holdings, Tokusen, Formosa Taffeta Co., Ltd, Kolon Industries, Inc, SRF Ltd, Kordsa Global, and Saarstahl. The report's main findings highlight market trends, competitive landscape, and growth opportunities, with recommendations for market players to capitalize on emerging trends and optimize their strategies.
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Steel tire cord is a crucial component in the tire industry, offering superior durability and strength. The market is segmented into Normal Tensile Cord, High Tensile Cord, and Ultra High Tensile Cord, catering to various needs in terms of performance and load-bearing capacity. These cords find applications in passenger cars, trucks, off-road vehicles, and other sectors.
Regulatory and legal factors play a significant role in shaping the market conditions for steel tire cords. Compliance with safety standards and regulations set by government bodies is essential for manufacturers to ensure the quality and performance of their products. Additionally, legal factors such as intellectual property rights and trade regulations also impact the market dynamics.
Overall, the steel tire cord market is driven by technological advancements, increasing demand for high-performance tires, and a growing automotive industry. Manufacturers need to stay abreast of regulatory and legal developments to navigate the market effectively and capitalize on opportunities for growth and expansion.
Top Featured Companies Dominating the Global Steel Tire Cord Market
The steel tire cord market is highly competitive with key players such as Bekaert, Sumitomo Electric Industries, Ltd, Xingda International Holdings, Tokusen, Formosa Taffeta Co., Ltd, Kolon Industries, Inc, SRF Ltd, Kordsa Global, and Saarstahl leading the industry. These companies offer a wide range of steel tire cord products to cater to the diverse needs of the automotive industry.
Bekaert is known for its high-quality tire reinforcement solutions that improve tire performance and durability. Sumitomo Electric Industries, Ltd offers innovative steel tire cord products that enhance fuel efficiency and safety. Xingda International Holdings is a leading manufacturer of tire reinforcement materials that are widely used in passenger cars, trucks, and other vehicles.
Tokusen, Formosa Taffeta Co., Ltd, Kolon Industries, Inc, SRF Ltd, Kordsa Global, and Saarstahl are also prominent players in the steel tire cord market, providing a variety of solutions to meet the growing demand for high-performance tires.
These companies play a crucial role in driving the growth of the steel tire cord market by investing in research and development to develop advanced tire reinforcement materials. They also collaborate with automakers and tire manufacturers to provide customized solutions that meet specific requirements.
In terms of sales revenue, Bekaert reported a revenue of $ billion in 2020, while Sumitomo Electric Industries, Ltd generated a revenue of $10.5 billion in the same year. Xingda International Holdings reported a revenue of $2.7 billion, showcasing the significant market presence and growth of these key players in the global steel tire cord market.
- Bekaert
- Sumitomo Electric Industries, Ltd
- Xingda International Holdings
- Tokusen
- Formosa Taffeta Co., Ltd.
- Kolon Industries, Inc
- SRF Ltd
- Kordsa Global
- Saarstahl
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Steel Tire Cord Market Analysis, by Type:
- Normal Tensile Cord
- High Tensile Cord
- Ultra High Tensile Cord
Normal tensile cord, high tensile cord, and ultra high tensile cord are the three types of steel tire cord used in tire manufacturing. Normal tensile cord provides basic reinforcement, high tensile cord enhances tire strength, while ultra high tensile cord offers superior performance. These specialized cords improve tire durability, stability, and overall performance, leading to increased demand in the steel tire cord market. Manufacturers are increasingly incorporating these advanced cord types into tires to meet the growing demand for high-quality and long-lasting tires, thereby boosting the overall market for steel tire cord.
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Steel Tire Cord Market Analysis, by Application:
- Passenger Car
- Truck
- Off Road Vehicle
- Others
Steel tire cord is widely used in various applications such as passenger cars, trucks, off-road vehicles, and others. In passenger cars, it is used in the construction of radial tires to provide strength and durability. In trucks, it helps to enhance load-carrying capacity and overall tire performance. Off-road vehicles benefit from steel tire cord for improved traction and resistance to punctures. The fastest growing application segment in terms of revenue is expected to be the truck industry, as the demand for commercial vehicles continues to rise globally. Steel tire cord plays a crucial role in ensuring safety and performance in these vehicles.
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Steel Tire Cord 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 steel tire cord market is expected to witness significant growth in various regions. North America, specifically the United States and Canada, is expected to dominate the market due to the presence of key players and technological advancements. Europe, including Germany, France, and the ., is also expected to witness substantial growth. In the Asia-Pacific region, countries like China, Japan, South Korea, and India are anticipated to drive market growth. Latin America, Middle East & Africa are also projected to show promising growth. Overall, North America is expected to hold the largest market share, followed by Europe and Asia-Pacific.
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