Increased substitution of conventional wires with bead wires in tire manufacturing has boosted the bead wire market.
Bead wire is a specialized steel wire used for strengthening rubber and providing reinforcement in tires. It helps improve the durability, strength and stability of tires. Growing automotive industry has increased the demand for high quality tires which is driving the global bead wire market.
The global bead wire market is estimated to be valued at US$ 1.43 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Earlier conventional steel wires were primarily used for reinforcing tires. However, bead wires provide better flexibility and strength as compared to conventional wires. Their higher tensile strength allows use of less material in tire manufacturing without compromising durability. This has resulted in reduced production costs and higher resource efficiency for tire manufacturers. Growing popularity of bead wires among tire makers is a major trend catalyzing the market growth.
Segment Analysis
The global Bead Wire market can be segmented on the basis of material, type and application. Under material, the steel bead wire segment accounts for the dominant share owing to its high tensile strength and corrosion resistance. The steel bead wire segment is expected to maintain its dominant position over the forecast period.
In terms of type, the 0.78-1.35 mm radial bead wire segment dominates as it provides the required strength to tire beads and prevents it from pulling out under inflation and load. Based on application, the passenger cars segment accounts for the largest share as these vehicles require optimum tire performance for ensuring safety of passengers.
Key Takeaways
The Global Bead Wire Market Size is estimated to be valued at US$ 1.43 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific dominates the global Bead Wire market and is expected to maintain its leading position over the forecast period. This can be attributed to growing vehicle production and sales in countries such as China and India.
Key players: Key players operating in the Bead Wire market are Nestlé, PepsiCo, The Coca-Cola Company, DANONE, Primo Water Corporation, FIJI Water Company LLC, Gerolsteiner Brunnen GmbH & Co. KG, VOSS WATER, Nongfu Spring, National Beverage Corp., Keurig Dr Pepper Inc. Nestlé leads the market owing to its wide product portfolio and global distribution network.
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