Tire Beads Segment Is Fastest Growing Segment Fueling The Growth Of The Global Bead Wire Market

 
Bead Wire Market

The global Bead Wire Market is estimated to be valued at US$ 1.24 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Bead wire is a high-tensile strength steel or brass wire which is wrapped around the tire bead to ensure that the bead remains securely anchored within the wheel rim. Bead wire performs a critical function of holding the bead securely in place to retain air pressure. The growing automotive industry is primarily driving the demand for bead wires in tire manufacturing.

Market key trends:
Use of high-strength steel in bead wire production: Steel wires with ultra-high strength levels are being increasingly used in bead wire manufacturing to enable production of stronger and puncture resistant tires. High-strength steel wires can withstand extreme impact and support high tire pressures. They also allow reduction in bead wire weight and raw material consumption. This ongoing replacement of regular steel with high-strength steel is a major trend in the bead wire market.


Segment Analysis
The global bead wire market is segmented by product type, vehicle type and end use. By product type, the steel bead wire segment dominates the market due to its high strength & durability. Steel bead wires are ideal for heavy vehicles with high load capacities which is fueling the segment growth.

Key Takeaways
The Global Bead Wire Market Demand is expected to witness high growth, exhibiting a CAGR of 3.7% over the forecast period from 2023 to 2030, due to increasing automobile production across the globe.

Regional analysis - Asia Pacific region dominated the global bead wire market in 2023 and is expected to remain the fastest growing market during the forecast period. This is attributed to the presence of emerging economies such as China and India with rapidly growing automobile industries.

Key players - Key players operating in the bead wire market are Bekaert, Kiswire, Rajratan Global Wire, Shandong Daye, Snton Steel, ArcelorMittal, Hyosung, Tokusen Kogyo, Heico Wire Group, TATA Steel. The market players are involved in new product development and production capacity expansion activities to strengthen their foothold in the global market.

Read More:

https://www.marketwebjournal.com/bead-wire-market-trends-size-and-share-analysis/

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