by Bead wire is a specialty steel wire used as reinforcement material in the tyre industry. It provides bead bundles strength and flexibility to ensure tyres do not slip-off the wheel rims. With growing vehicle populations and replacement demand for tyres, bead wire plays a crucial role in automotive manufacturing.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid urbanization and rising disposable income in developing regions have increased vehicle ownership over the years. As per projections, there would be over 2 billion vehicles plying on roads globally by 2040. This substantial vehicle parc expansion is estimated to propel the replacement demand for tyres. Since bead wire is an integral component in tyre manufacturing, its market is also expected to witness lucrative growth opportunities over the coming years. The demand from replacement tyre market is likely to keep rising aided by increase in average vehicle age.
SWOT Analysis
Strength: The bead wire market has high demand from the tire industry. Bead wire plays a vital role in binding tire beads to rims.
Weakness: Fluctuating prices of raw materials like steel can impact the profit margins of bead wire manufacturers.
Opportunity: Rapid growth of the automotive industry worldwide presents an opportunity for bead wire market expansion. Increasing vehicle production will fuel demand for tires which use bead wire.
Threats: Strict environmental regulations can increase production costs for bead wire manufacturers. Substitutes like rayon cord wire also pose competition.
Key Takeaways
The Global Bead Wire Market Size is expected to witness high growth. The market size is projected to reach US$ 1.43 Mn in 2024 and then grow steadily at a CAGR of 5.9% during the forecast period of 2024 to 2031.
Regional analysis comprises Asia Pacific accounts for the largest share of the global bead wire market currently. Countries like China, Japan and India have strong automotive manufacturing industries which drive bead wire consumption. North America and Europe are other major regions for the bead wire market due to large vehicle parc and replacement tire demand.
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. These companies are focusing on capacity expansions and new product launches to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
