Fior Markets launched a study titled “Bead WireMarket by Diameter (0.78~1.60 mm, 1.65~1.83 mm, Above 1.83 mm), Application (Passenger Vehicles, LCV, MCV, HCV, Others), Regions”,and Global Forecast 2018-2025.
The global bead wire market is expected to grow from USD XX.XX Million in 2017 to USD XX.XX Million by 2025, at a CAGR of X.XX% during the forecast period from 2018-2025. Rise in global automobiles sales are generating a burgeoning demand for the automobile tires, thus fuelling the growth of the global bead wire market.
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The 0.78~1.60 mm segment led the market with a 72.61% share of market revenue in 2017
Diameter is divided into 0.78~1.60 mm, 1.65~1.83 mm and above 1.83 mm. Due to their widespread use in the production of the passenger cars as well as bicycle and two-wheeler tires, the 0.78~1.60 mm segment emerged as the dominating segment in the global bead wire market with a 72.61% share of market revenue in 2017.
The passenger carssegment led the market with a 62.48% share of market revenue in 2017
Application is segmented into passenger vehicles, LCV, MCV, HCV, airplane, and others. On the basis of factors such as increasing global demand for the passenger vehicles as well as growing use of radial tires and emergence of tubeless tires, the passenger cars segment emerged as the largest application segment with a 62.48% share of market revenue in 2017.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Owing to the presence of large tire manufacturing industry, the ready availability of raw materials, as well as flourishing demand for the automobiles and commercial vehicles in the region, the Asia Pacific region emerged as the leader in the global demand for the bead wires in 2017. However, Europe region is projected to grow at a robust pace over the forecast period, on account of its well-established automobile and aircraft manufacturing industry.
Even though the factors such as growing demand for the automobiles, longer life as well as better maneuverability and durability of the radial tires as well as high load distortion resistance & rim slippage resistance properties of bead wires are driving the global bead wire market, the low lateral stiffness and high rolling resistance offered by the bead wired tires are anticipated to hamper the market growth.
Major players in the global bead wire market are Bekaert, Kiswire, Rajratan Global Wire Limited, Heico Wire Group, TATA Steel, WireCoWorldGroup, Shandong Daye, Xingda, Snton, Xinglun, GUIZHOU Wire Rope, King Industrial, Bedmutha Industries, ArcelorMittal, BMZ, Sumitomo Electric Industries, Aarti Steels, Chuangda, Hyosung, Kiswire among others.
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