Tyre Bead Market Size
| 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 |
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 Market Trends
This section covers the major market trends shaping the Tire Bead Wire Market according to our research experts:
Automotive Tire Segment Dominates Market
- Bead Wire is an important reinforcing material for car tires. Bead wire protects tires from changing their shape due to air pressure and binds the tire to the rim to avoid vibration while driving. During the forecast period, the automotive market is expected to grow rapidly.
- Various factors are driving the expansion, including an increase in people's interest in sports such as car and bike racing. Increased sales of passenger and commercial automobiles, particularly in emerging countries around the world are expected to drive tire consumption in the future.
- According to OICA, over 56 million new passenger vehicles and 26 million commercial vehicles were manufactured in the year 2021, registering a cumulative growth of over 3% over the previous year's production.
- For direct OEM sales, the tire industry relates to the automobile industry. Original Equipment Manufacturer (OEM) demand is directly related to automobile production and sales. Vehicle penetration is expected to rise in the coming years as per capita income rises.
- The tire bead wire market is expected to expand as infrastructure (roads) activities increase in both developed and emerging economies, thereby increasing demand for automobiles (especially medium and heavy commercial vehicles for the movement of goods). In addition, demand for improved and advanced tire varieties is expected to drive global tire sales.
- This scenario is expected to boost the market demand for tire bead wire globally during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia- Pacific region dominated the worldwide market in 2021, with a significant market share in terms of revenue, and is projected to maintain its dominance during the forecast period of 2022- 2027.
- Growing demand for tire bead wire from the automotive sector in countries like China, India, and Japan is the primary factor driving the growth of the target industry in Asia-Pacific.
- In terms of demand and supply, China has the world's largest automobile market. According to OICA, China produced 26.08 million units in 2021, a 3% increase over the 25.23 million units produced in 2020, which stimulates the market for tire bead wire. Moreover, as per the National Bureau of Statistics of China, tire production in China in 2020 was valued at USD 807.47 million units.
- The tire industry in India was one of the largest in the world. According to ATMA(India), in 2021 the total tire production in India stood at around 169 million units. This was a decrease of 4% over the preceding year. This volume is comprised of tires made for trucks, buses, two and three-wheeler vehicles, passenger cars, and light commercial vehicles, among others.
- In India, Rajratan is one of the leading manufacturers of tire bead wire. Based in Pithampur near Indore, Madhya Pradesh, its manufacturing facility in India has a production capacity of 72,000 TPA. It also owns another unit in Thailand, with a production capacity of 40,000 TPA.
- Therefore, with all such developments and the growth of the tire industry, the demand for tire bead wire is likely to increase at a robust rate in the region during the forecast period.
Tyre Bead Industry Overview
The Tire Bead Wire market is partially consolidated in nature. Some of the major players in the market include Rajratan Global Wire Limited, Bekaert, HBT Rubber Industrial Co. Ltd, SNTAI INDUSTRIAL GROUP LTD, and WireCo World Group among others (not in any particular order).
Tyre Bead Market Leaders
-
Rajratan Global Wire Limited
-
Bekaert
-
HBT Rubber Industrial Co. Ltd
-
SNTAI INDUSTRIAL GROUP LTD
-
WireCo World Group
*Disclaimer: Major Players sorted in no particular order
Tyre Bead Market News
- In Dec 2021, Rajratan Global Wire Limited announced to set up a new manufacturing facility for tyre bead wire in Tamil. The company has signed an MoU with the state government.
- In June 2021, Bekaert Lipetsk (Russia) announced a plant expansion, including a new production line (bead wire) and an increase in tyre cord manufacturing capacity. The plant extension is scheduled to begin production in the first half of 2022.
Tyre Bead Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand From Aviation Industry
4.1.2 Increasing Vehicle Production
4.2 Restraints
4.2.1 Volatile Raw Material Prices
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Grades
5.1.1 High Tensile Strength
5.1.2 Regular Tensile Strength
5.2 Type
5.2.1 Radial tires
5.2.2 Bias tires
5.3 Application
5.3.1 Automotive tires
5.3.2 Motorcycle tires
5.3.3 Truck tires
5.3.4 Others
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Italy
5.4.3.4 France
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Aarti Steels Limited
6.4.2 Bekaert
6.4.3 HBT RUBBER INDUSTRIAL CO., LTD
6.4.4 Jiangsu Xingda Steel Tyre Cord Co.Ltd
6.4.5 Kiswire
6.4.6 Rajratan
6.4.7 Shandong Daye
6.4.8 Shanghai Metal Corporation
6.4.9 SNTAI INDUSTRIAL GROUP LTD
6.4.10 Tianjin Bladder Technology Co.,Ltd.
6.4.11 WireCo World Group
6.4.12 Zhangjiagang City Shengda Steel Wire Rope Co.,Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand of Green Vehicles
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 |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Tyre Bead Market Research 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.
Which is the fastest growing region in Tire Bead Wire Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Tire Bead Wire Market?
In 2024, the Asia-Pacific accounts for the largest market share in Tire Bead Wire Market.
What years does this Tire Bead Wire Market cover?
The report covers the Tire Bead Wire Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Tire Bead Wire Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Tire Bead Industry Report
Statistics for the 2024 Tire Bead market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Tire Bead analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
