Tire Bead Wire Market by Type (Regular Tensile Strength (1770-2200 MP), High Tensile Strength (Above 2200), and Others), Application (Passenger Vehicle Tire, Commercial Vehicle Tire, Motorcycle Tire, Bicycle Tire and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

Global Tire Bead Wire Market Analysis

The Global Tire Bead Wire Market Size was $ 1,162.2 million in 2021 and is predicted to grow with a CAGR of 8.3%, by generating a revenue of $ 2,521.6 million by 2031.

Global Tire Bead Wire Market Synopsis

The tire bead wire refers to steel wire that is produced of high-carbon steel, which is covered and coated with red copper or bronze. This wire possesses excellent linearity, greater flexibility, and strength. The market for tire bead wire is likely to showcase high growth in the coming years as it has supreme fatigue property that restricts tires to change their shapes majorly due to air pressure or external forces to prevent vibration while driving and delivering a seamless driving experience. It has been widely adopted across car tires, light truck tires, cargo truck tires, heavy truck tires, and plane tires.

Despite the advantages of tire bead wire, volatility in raw material prices is one of the major factors that is responsible to restrict the tire bead wire market growth. These bead wires are produced from bronze, brass, steel, and other materials that are perishable in nature. Moreover, these metals are highly traded on global and regional level, which creates a volatility in procuring and selling these metals. Apart from this, stringent regulatory norms and standards to conduct mining activities globally is one of the major factors limiting the tire bead wire market growth.

The most important growth driver for the tire bead wire market size is the rise in construction activities of roads and highways. Today, infrastructure development is scaling up at a faster pace owing to surge in investment of government and infrastructure development directives to boost the economy and create sustainable infrastructure. This is further creating lucrative business opportunities for logistics and transportation business to deliver goods in timely manner. Owing to this, light commercial and heavy commercial vehicles sales is scaling up exponentially. The rise in sales of vehicles is further supplementing the global tire bead wire market size.

According to regional tire bead wire market analysis, the Asia-Pacific tire bead wire market accounted for $ 596.7 million in 2021 and is predicted to grow with a CAGR of 7.5% in the projected timeframe.

Tire Bead Wire Overview

Tire bead wire refers to the copper/bronze coated wire utilized for the reinforcement of virtually all types of pneumatic tires. This includes trucks, buses, cars, and motorcycles. The major functioning of the tire bead wire is to act as reinforcement component and to get a proper grip of the tire on the rim. The type of tire and structure of bead rings used determine the size of bead wire.

COVID-19 Impact on Global Tire Bead Wire Market

The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world came to a standstill. This ultimately lowered the demand for tire bead wire due to lack of investment from major market players in tire bead wire to ramp up production capacities. In addition, the automotive sector faced the highest impact in terms of sales and acquisition of new projects due to which the tire bead wire market was significant hit during the pandemic. Owing to COVID-19, lockdown and social distancing norms were imposed by governments, which negatively impacted the production of automobiles as well as the tire bead wire market. Similarly, in the automotive sector, autonomous driving vehicles and electric vehicles have gained popularity. However, decline in demand in the automotive sectors as well as closure of automotive assembly and manufacturing units have hampered the market size during the pandemic. Apart from this, fluctuations in raw materials & components prices, volatility in currency exchanges rates, and disruption in supply chain analysis slowed down the global tire bead wire market.

Rising Sales of Electric Vehicles Globally to Drive the Market Growth

The rise in sales of electric vehicles across the globe is a major factor responsible for the global tire bead wire market growth. Today, regions mainly North America, Europe, and Asia-Pacific are emphasizing on creating sustainable environment by reducing carbon and other hazardous emission emitted by fuel-based vehicles. In such scenario, electric vehicles are gaining traction and the adoption is growing exponentially to reduce carbon emission and promote clean green environment. This is further creating a potential demand in the bead wire market to manufacture wheels that are sustainable in nature and to meet the EV sales. Owing to this, the consumption of tire bead wire is expected to grow in the coming years.

To know more about global tire bead wire market drivers, get in touch with our analysts here.

Volatility in Raw Material Prices to Restrain the Tire Bead Wire Market Growth

The global tire bead wire market is restricted due to volatility in raw material prices. The bead wire is made up of metals such as bronze, brass, steel, and other metals that are perishable in nature and are traded on a large scale globally. In addition to this, strict government norms to conduct mining activities as per the environment norms to reduce pollution and carbon emissions significantly create a shortage in supply/demand, which further creates a restricting factor to the tire bead wire market growth.

Adoption of Various Marketing Strategies to Expand Regional Presence Creating Excellent Opportunities

Today, the major manufacturers are looking forward to accelerating their businesses by entering into different countries. To achieve the same, major OEMs aggressively adopted various expansion strategies mainly mergers & acquisitions, new product launch, amalgamations, and joint ventures to create a brand image of the company and cater to the unattended market. To achieve this,  the manufacturers joined forces with small & medium size and regional as well as local players operating across different regions. These collaborations are expected to fuel production capacities and push sales, creating high opportunities to sustain in the global environment and strengthen their business as well as product segment.

To know more about global tire bead wire market opportunities, get in touch with our analysts here.

Global Tire Bead Wire Market, by Type

By type, the market has been divided into regular tensile strength (1770-2200 MP), high tensile strength (Above 2200), and others. Among these, the regular tensile strength segment accounted for the highest market share in 2021.

Global Tire Bead Wire Market Share, by Type, 2021

Source: Research Dive Analysis

The regular tensile strength (1770-2200 MP) segment accounted for a dominant market share in 2021. Regular tensile strength is the maximum stress that a rubber tire can take before breaking down. The higher the number, the stronger the wire. Furthermore, this segment withstood abilities and high temperature capabilities. Owing to same, this segment held a major share in 2021.

Global Tire Bead Wire Market, by Application

By application, the market has been divided into passenger vehicle tire, commercial vehicle tire, motorcycle tire, bicycle tire, and others. Among these, the passenger vehicle tire segment accounted for the highest revenue share in 2021.

Global Tire Bead Wire Market Size, by Application, 2021

Source: Research Dive Analysis

The passenger vehicle segment accounted for a dominant market share in 2021. Passenger cars are penetrating rapidly owing to rise in disposable income of consumers, rapid technological innovation in passenger vehicles, and surge in automotive industry. Furthermore, there has been a significant shift in sales of passenger vehicles owing to stringent regulatory norms and standards to promote electric vehicle passenger cars to reduce carbon emissions significantly.

Global Tire Bead Wire Market, Regional Insights

The tire bead wire market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Global Tire Bead Wire Market Size & Forecast, by Region, 2021-2031 ($ Million)

Source: Research Dive Analysis

The Market for Tire Bead Wire in Asia-Pacific is Expected to be the Most Dominant

The demand for tire bead wire in Asia-Pacific is driven by presence of major manufacturers operating in this region. Furthermore, countries mainly China, Japan, and India are creating a potential opportunity by acquiring small regional and local players operating in this market to meet the automotive demand and sustain in the global environment. Moreover, these countries have significant potential to procure raw materials and utilize in the making of tire bead wire, further responsible for fueling the market growth.

Competitive Scenario in the Global Tire Bead Wire Market

Investment, agreement, and product launch are common strategies followed by major market players. For instance, in June 2021, the Bekaert Lipetsk planned for a plant expansion by adding a product line of bead wire. This is expected to expand the production capabilities of the company.

Source: Research Dive Analysis

Some of the leading tire bead wire market players are Bekaert, Kiswire, Rajratan, Shandong Daye, Camesa Wire Rope, PRTI, Shandong Daye Co., Ltd., Zhangjiagang City Shazhou Steel Wire Cable Co.,Ltd, HBT Rubber Industrial Co. Ltd, SNTAI INDUSTRIAL GROUP LTD, and WireCo World Group.