Steel Cords Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1574
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.
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.
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.
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.
Steel cords are tire reinforcement materials with an excellent growth rate. The product is also used in the manufacture of conveyer belts owing to its properties such as chemical resistance, thermal stability, low elongation, and resistance to corrosion & rotting. Moreover, with the use of the product, conveyer belts are enabled to meet the electrostatic safety requirement and fire protection. Steel cord belts are also designed for high capacity applications and mining which are exposed to high belt tension.
The steel cords market in Asia Pacific is likely to witness growth owing to the growing tire industry. Changing life style and increasing disposable income of people in Asia is driving the demand for luxury goods like cars, which in turn is leading to the demand for tires. This fast increasing tires demand is driving the steel cords market in this region. The tire industry in the U.S. and Europe is likely to register a slower growth rate owing to the stagnation phase. Latin America and Middle East are also set to witness an increase in steel cords market demand.
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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