According to Custom Market Insights (CMI), The Global (Bead Wire) Tyre Bead Wire Market size was estimated at USD 1100.16 million in 2021 and is expected to hit around USD 1398.17 million by 2030, poised to grow at a compound annual growth rate (CAGR) of 8.53 % from 2022 to 2030.
The Bead wire edge of a tire that sits on the wheel is referred to as a tire bead (tire bead wire) and is made up of steel wire composed of high-carbon steel whose surface is plated with red copper and bronze. It acquires superior qualities such as strength, flexibility, fatigue property, high adhesion capacity, and great linearity. It has been extensively used in automotive, vehicle manufacturing, motorcycle tires, bicycle tires, and others.
Browse the full “(Bead Wire) Tyre Bead Wire Market Size, Trends and Insights By Type (Regular Tensile Strength (1770-2200MP), High Tensile Strength (Above 2200MP), Others), By Application (Passenger Vehicle Tire, Commercial Vehicle Tires, Motorcycle Tire, Bicycle Tire, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/tyre-bead-wire-market/
Market Dynamics
Drivers
Furthermore, proliferating growth of the automotive sector has witnessed significant growth in the beading wire (tire bead wire) market. The growing adoption of automotive displays, human-machine interfaces, and automated systems are being embedded in luxurious cars by several key manufacturer players, including TATA Motors, Mahindra, Hyundai, Tesla, Ford, Audi, and others. The bead wire (tire bead wire) is majorly employed for longer durability, self-healing, hardness, and other applications. These bead wore tires possess various properties such as thermal insulation, high mechanical strength, resistance to corrosion, and others. Thus, the growth of the automotive sector will drive the demand for bead wire (tire bead wire) in the upcoming years.
Restraints
However, the lack of skilled labor restricts the global (bead wire) tire bead wire market during the forecast period. Furthermore, the logistics and supply chain interface, government norms, and regulations on export and import activities are restraining factors for the beading wire (tire bead wire) market. In addition, tires may get overheated for prolonged use, and more chances of accidental incidents with bald bead wire tires, making it difficult to drive in snow. On the other hand, manufacturers are switching to an alternative substitute for bead wire (tire bead wire) due to high production costs and rising prices of raw materials.
Opportunities
Bead wire (tire bead wire) is gaining popularity in the automotive sector due to its good mechanical and high strength property where it acts as a reinforcing material that helps in protecting the tiers from changing their shape due to air pressure and binds the tire to the rim to avoid vibration while driving. The automotive and car manufacturing industry is growing rapidly, giving way to the market’s growth. For instance, according to an article published by India Brand Equity Foundation in July 2022, the Indian passenger car market was valued at US$ 32.70 billion in 2021, and it is expected to reach a value of US$ 54.84 billion by 2027 while registering a CAGR of over 9% during 2022-27. These factors are anticipated to enhance the demand for the beading (tire bead wire) market during the forecast period.
Challenges
Over the forecast period, bead wire (tire bead wire) is new to the market, and gaining an edge over the competition may be challenging. Furthermore, high production costs and the requirement for advanced machinery will slow down the market, and it may act as one of the challenging factors in the beading wire (tire bead wire) market.
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Report Highlights
Based on Type, the segment includes regular tensile strength (1770-2200mp), high tensile strength (above 2200mp), and others.
The regular tensile strength (1770-2200mp) dominated the market in 2021 and is expected to grow over the forecast period. Regular tensile strength (1770-2200mp) bead tires are extensively used in the automobile industry to manufacture rubber-based tires. In addition to this, the growth of this segment is driven by the high mechanical strength, protection against corrosion and helps in increasing the shelf life of tires, possess greater adhesion, and prevents rust, due to which the demand for regular tensile strength beads tires has witnessed significant growth during the forecast period.
Based on the Application, the segment includes the passenger vehicle tire, commercial vehicle tires, motorcycle tires, bicycle tires, and others. It is expected that the global passenger vehicle tire industry segment to hold a dominant position during 2022 -2031.
The bead wire (tire bead wire) market is boosting the overall growth of passenger vehicle tires in the automotive industry. This is attributed to the fact that increasing the global population, rising transportation activity, and growing passenger vehicle sales are boosting market growth. In addition,
growing consumer demand for luxurious and exotic cars has escalated the beading wire (tire bead wire), which helps in effectively reducing the tire’s weight and fuel consumption as well as the production cost of tires due to which it has been most preferred bead tires in the manufacturing of passenger vehicles. This is projected to enhance the market growth during the forecast period.
Regional Snapshots.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the dominant region in the Bead wire (tire bead wire) market. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China, Japan, India, and others significantly contribute to the beading (tire bead wire) market in the region.
Key factors for the growth in transportation activity, increase in the disposable income among people, growing demand for vehicles, and growing consumer preference for the automobile industry in both developed and developing nation such as China, India, South Korea, and others has surged the demand for bead wire (tire bead wire) market.
In response to this, several manufacturers have increased their production capacities for the bead wire tire industry due to growing market sales. For instance, according to an article published in Economics Times in January 2022, ICRA maintains a volume demand growth estimate for the tire industry at 13-15% in FY22. These factors together may enhance the overall demand for the tire bead wire market, thus, offering the most remunerative opportunities for the future.
Key Players
- Bekaert
- TATA Steel
- Camesa Wire
- PRTI
- KLEIN TOOLS
- Gustav Wolf
- Kiswire
- Belgo Bekaert Aramis
- WireCo World Group
- Heico Wire Group.
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