What are the factors driving the Steel Cords Market trends by 2024?

With rising demand from the automotive industry and growing safety concerns, the global steel cords market is witnessing robust growth. Newer and developing technologies in the automotive industry are on the lookout for attention from the industry leaders. Their aim is to offer comfortable driving and experience of safety to their customers. The growth of steel cords market is directly proportional to the growth of tire industry.

The global automotive tire industry was valued over 200 billion in 2016 and is expected to grow at a decent CAGR in the forecast period, led by rapidly increasing demand in Asia Pacific. The automotive tire industry is growing at a considerable pace for the past few years in terms of revenue as well as volume due to the rise in demand for OEM as well as replacement tires. These factors drive the global steel cords market strongly.

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Global Steel Cords Market size is set to witness exceptional growth owing to its excellent strength and resilience properties. The product is used in various industrial applications such as reinforcement of materials for tires and conveyer belts.

Due to improving technology and development in tire innovation, the steel cords market is likely to observe high growth. Also, with current research and development activities, the industry will experience innovative designs and processes. This would enhance the tire performance, minimize the rolling friction and ensure a firm grip on the ground. Upcoming technologies like nitrogen tires, eco tires and flat run tires will further drive the global steel cords market demand.

The Steel Cords Market Report Consists of,
1. Methodology and Scope
2. Executive Summary
3. Steel Cords Industry Insights
3.1 Industry segmentation
3.2. Industry size, forecast and growth expectations, 2019 - 2025
3.3. Industry ecosystem analysis
3.4. Raw material insights
3.5. Technology insights
3.6. Regulatory framework
3.7. Industry dynamics
3.8. Key growth opportunities
3.9. Porter's analysis
3.10. Company market share, 2019
3.11. PESTEL analysis
3.14. Regional price trends
4. Steel Cords Product Insights
5. Steel Cords Application Insights
6. Steel Cords Regional Insights
7. Competitor Profiles

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On the basis of product, the steel cords market can be segmented as brass coated and zinc coated cords. Brass alloy is most commonly used for coatings as it acts as a reinforcement material. The advantage in using zinc is that increase in the thickness of zinc coating leads to increase in corrosion resistance. On the other note, it decreases fatigue resistance which is one of the drawback. Also, zinc coating creates a lot of zinc particles and zinc dust during the downstream working of the coated filaments such as twisting into cords & strands and cold drawing.

Based on the application, the steel cords market can be bifurcated into aircraft tires, heavy equipment tires, cargo truck tires, light truck tires, car tires, conveyer belts and other rubber framework materials. The product use in tires permits high resistance, durability, higher rubber penetration and adhesion. With improved adhesion, it offers long tire life with reducing tire weight and rolling resistance at an economical cost. It provides customers with tires that are long-lasting, easy to maintain, safe, and stronger than fiber materials such as nylon and polyester.

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Primary players operating in the global steel cords market include Kordsa Global, Hyosung, DuPont, Bekaert, San Wu Rubber Mfg. Co. Ltd., Usha Martin, NRC., Desh Wire Products Private Limited, TOKUSEN KOGYO Co., Somi Conveyer Beltings Ltd., Forech, Apollo Conveyor Pvt. Ltd., OPiIT UM, Tyrepress and Xingda International Holdings to name some.

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