Steel Cord Market 2030: Key Players and Competitive Landscape
The global steel cord market is poised for significant growth in the forthcoming years, primarily due to the escalating demand for radial tires, particularly from the automotive industry. Steel cords, essential for tire reinforcement, offer critical attributes including strength, resistance during tire rotation, and durability against road obstacles. This trend is complemented by ongoing research and development initiatives within the automotive sector, leading to the introduction of innovative design variations and manufacturing processes aimed at enhancing tire performance.
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As the global automobile production landscape stages a remarkable rebound post the challenges posed by the COVID-19 pandemic, the market is set to gain further momentum. Data compiled by the International Organization of Motor Vehicle Manufacturers (OICA) underscores this resurgence, revealing that global automotive car production reached an impressive 80,145,988 units in 2021, marking a noteworthy increase from the previous year's 77,711,725 units.
Prominent players in the tire manufacturing domain are dedicated to innovation to meet heightened safety and comfort standards. This dedication has resulted in the adoption of specialized materials for tire reinforcement, improved sidewall design, and the integration of pioneering advancements such as eco tires, flat run tires, and nitrogen tires. These factors have significantly driven the demand for steel cords. The growing popularity of electric vehicles, luxury and premium vehicles, and autonomous cars is set to further amplify the demand for tire cords. Notably, the electric vehicle market in the United States is poised for record-breaking sales, which will bolster the demand for steel cords.
With the demand for radial tires surging, especially across the automotive landscape encompassing cars, trucks, and off-road vehicles, the steel cord market is positioned for expansion. Industry participants are actively increasing manufacturing capacities to accommodate the growing radial tire demand. The significance of steel cords extends beyond tire production, as they play a pivotal role in conveyor belts across various sectors such as steel mills, mining, power plants, tunneling, stone quarries, and ports. These industries increasingly rely on conveyor belts fortified with steel cords for their robustness and efficiency in heavy-duty applications and bulk freight handling.
The Asia Pacific region emerges as a pivotal growth hub, boasting the highest share in the global steel cord market. This growth trajectory can be attributed to the escalating demand from infrastructure projects, a surge in automobile production, ongoing expansion of energy transfer
infrastructure, and robust industrial manufacturing growth. The presence of numerous tire manufacturers within the region, coupled with escalating electricity consumption, provides fertile ground for the flourishing of the steel cord market. As the demand for radial tires rises, particularly within the automotive domain, the Asia Pacific region is poised for sustained growth.
In Europe, the steel cords market is experiencing significant development, propelled by the adoption of eco-friendly tires in key countries such as Germany, Italy, Russia, and France. The introduction of a new tire labeling scheme by the European Union, emphasizing climate goals and safety benchmarks, further accelerates the adoption of steel cords for tire reinforcement. With significant automobile manufacturers like Volkswagen, Peugeot, and Renault, the demand for premium steel cords is projected to witness substantial growth.
Key players in the steel cord market are proactively introducing innovative products and forging strategic collaborations to harness growth opportunities. Notable instances include Continental AG's substantial investment in Brazil to expand steel cord conveyor belt manufacturing capacity and Jiangsu Xingda Steel Cord's initiation of overseas plant construction in Thailand, aimed at ensuring swift delivery of premium steel cable products to tire manufacturers.
Prominent participants in the global steel cord market landscape encompass Bekaert, ArcelorMittal, Hyosung, Tokusen Kogyo Co., Toyo Tire Corporation, Apollo Conveyor Pvt. Ltd, Sumitomo Electric Industries, Bridgestone, Henan Hengxing, and Jiangsu Xingda Steel Tires Cord.
Browse Steel Cord Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/steel-cord-market
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