Steel Cord Market Size Study:
According to the research report, the Steel Cord Market was valued at USD XX.XX Million in 2017 it is projected to reach USD XX.XX Million by the end of 2022, with increasing a CAGR at X.X% during the forecast period 2017-2022.
Steel Cord Market Overview:
Steel cords are stronger than fiber materials. They have excellent resistance to heat and fatigue and are without shrinkage. The steel cords are a tire reinforcement material with a maximum growth rate. Steel cables are also used in the manufacture of conveyor belts to provide properties such as resistance to rot and corrosion, low elongation, thermal stability and chemical resistance. With the use of steel cables, the conveyor belts meet the requirements of fire protection and electrostatic safety. Steel cord belts are designed for heavy duty and high capacity mining applications. The resulting combination of high strength and exceptional flexibility extends the life of the belts.
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Steel Cord Market Drivers and Restraints:
The tire industry has experienced considerable growth in the last decade, both in volume and sales, due to the increased demand for tires. It is also expected that this trend will continue in the near future. With the current research and development activities, the industry must face the introduction of new designs and processes that ensure a better performance of the tires. Efforts are focused not only on reducing rolling friction, but also on ensuring that the tire remains firmly on the ground. Traffic accidents also play an important role in the growth of the market. Leading tire manufacturers are looking for design solutions that meet the safety and comfort requirements of vehicles. Technologies such as flat tires, green tires and nitrogen tires are fueling the steel cord market, due to the demand for specialized materials to strengthen the tires and their sidewalls.
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Steel Cord Market Geographic Segmentation:
The steel cord industry in Asia is expected to witness high growth on account of growing tire industry. The tire industry in the U.S. and Europe is projected to register a growth rate below the global average, which is boosted by rubber requirements in China. Latin America and the Middle East are also anticipated to witness the increase in demand for steel cord, due to risen automotive production in the two regions.
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Steel Cord Market Major Key Players:
Key players in market include Goodyear, Dunlop, and Bridgestone. Manufacturers for tire reinforcement materials include Bekaert, DuPont, Hyosung, and Kordsa Global.
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