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With a projected CAGR of 5.74 percent from 2023 to 2030, the worldwide steel cord market, which was valued at USD 5.81 billion in 2020, would increase to USD 10.08 billion by 2030. High tensile strength steel is used to reinforce tyres using steel cords, which give tyres their strength and resistance to expansion during rotation and turning. It is also utilised to withstand deformations brought on by potholes or other roadblocks.
The steel rope is made up of a collection of separate wires that have been twisted together to create a robust, long-lasting object. Although it has several uses, tyres and conveyor belts are where it is most frequently found. Steel wire has the potential to withstand corrosion since it can be formed of carbon or stainless steel. Due to the rising need for radial tyres, particularly in the automobile industry, the steel cord market is predicted to rise steadily over the next years. Tyres are reinforced with steel strands to give them strength and resistance to expansion during rotation and turning. It is also utilised to withstand deformations brought on by potholes or other roadblocks.
Steel cables are used to stiffen tyres, and this trend is predicted to continue as tyre producers create more environmentally friendly products. These products reduce the tire's total weight and rolling resistance, increasing adhesion and extending tyre life at a reasonable price. Due to the emphasis on lowering fuel consumption, several auto manufacturers are using super-tensile and ultra-tensile strength goods in their most recent models. Over the next few years, it is projected that expanding infrastructure projects and constructions, particularly in China, India, and the United States, will accelerate the expansion of the steel cord market. The Infrastructure for Rebuilding America (INFRA) discretionary grant programme, run by the US Department of Transportation, is proposing to provide funds totaling USD 856 million in 2019 to upgrade the nation's bridges, highways, ports, and railways. Over the ensuing years, this is probably going to encourage the use of recycled steel cords.
Report Coverage
Global Steel Cord research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Steel Cord report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Steel Cord competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Steel Cord market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Steel Cord market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Steel Cord market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Bekaert, Jiangsu Xingda Steel Cord, ArcelorMittal, Hyosung, Shandong SNTON Steel Cord, Bridgestone, Shougang Century, Tokusen, Tokyo Rope MFG, Hubei Fuxing New Material, BMZ, Henan Hengxing, Junma Tyre Cord, Sumitomo Electric Industries, Sodetal
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Steel Cord market based on the below-mentioned segments:
Global Steel Cord Market, By Type
Global Steel Cord market, By Application
Global Steel Cord market, Regional Analysis
The steel rope is made up of a collection of separate wires that have been twisted together to create a robust, long-lasting object. Although it has several uses, tyres and conveyor belts are where it is most frequently found. Steel wire has the potential to withstand corrosion since it can be formed of carbon or stainless steel. Due to the rising need for radial tyres, particularly in the automobile industry, the steel cord market is predicted to rise steadily over the next years. Tyres are reinforced with steel strands to give them strength and resistance to expansion during rotation and turning. It is also utilised to withstand deformations brought on by potholes or other roadblocks.
Steel cables are used to stiffen tyres, and this trend is predicted to continue as tyre producers create more environmentally friendly products. These products reduce the tire's total weight and rolling resistance, increasing adhesion and extending tyre life at a reasonable price. Due to the emphasis on lowering fuel consumption, several auto manufacturers are using super-tensile and ultra-tensile strength goods in their most recent models. Over the next few years, it is projected that expanding infrastructure projects and constructions, particularly in China, India, and the United States, will accelerate the expansion of the steel cord market. The Infrastructure for Rebuilding America (INFRA) discretionary grant programme, run by the US Department of Transportation, is proposing to provide funds totaling USD 856 million in 2019 to upgrade the nation's bridges, highways, ports, and railways. Over the ensuing years, this is probably going to encourage the use of recycled steel cords.
Report Coverage
Global Steel Cord research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Steel Cord report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Steel Cord competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Steel Cord market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Bekaert, Jiangsu Xingda Steel Cord, ArcelorMittal, Hyosung, Shandong SNTON Steel Cord, Bridgestone, Shougang Century, Tokusen, Tokyo Rope MFG, Hubei Fuxing New Material, BMZ, Henan Hengxing, Junma Tyre Cord, Sumitomo Electric Industries, Sodetal |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Steel Cord Market from 2021 to 2030.
- Market Forecast for Steel Cord Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Steel Cord competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Steel Cord
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Steel Cord market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Steel Cord market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Bekaert, Jiangsu Xingda Steel Cord, ArcelorMittal, Hyosung, Shandong SNTON Steel Cord, Bridgestone, Shougang Century, Tokusen, Tokyo Rope MFG, Hubei Fuxing New Material, BMZ, Henan Hengxing, Junma Tyre Cord, Sumitomo Electric Industries, Sodetal
Primary Target Market
- Market Players of Steel Cord
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Steel Cord market based on the below-mentioned segments:
Global Steel Cord Market, By Type
- Normal Tensile (NT)
- High Tensile (HT)
- Super Tensile (ST)
- Ultra Tensile (UT)
Global Steel Cord market, By Application
- Freight Car Use
- Passenger Car Use
- Other
Global Steel Cord market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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