Industry Background:
Steel cord, a fine strand of several thin wires reinforcing the casting, is made of superior, high carbon steel with the surface plated with brass. Key manufacturers are focusing on the development of advanced steel cords to lead a market transformation towards a more fuel-efficient, safe and low-noise tire, beyond the standards already achieved. In addition to this, increasing investment in research and development will pave the way for competition to run on tire performance and price as well as experience innovative design.This growth is primarily driven by Increasing Demand from the Automotive Industry Due to Growing Safety Concerns and Surging Demand for Light Weight Tires, Long Lasting and Easy to Maintain Cost by Consumers to Enhance the Rolling Resistance of Tires.
Globally, a noticeable market trend is evident Customers Inclination Towards Comfortable Driving Experience
. Major Vendors, such as Bekaert (Belgium), DuPont (United States), Jiangsu Xingda Steel Cord (China), ArcelorMittal (United Kingdom), Hyosung (South Korea), Bridgestone (Japan), Tata (India), Shougang Century (Hong Kong), Tokusen (United States), Usha Martin (India), Tokyo Rope MFG (Japan) and OJSC Byelorussian Steel Works (Belarus) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In April 2017, Bekaert and ArcelorMittal have extended their agreement of partnership. ArcelorMittal has extended its shareholdings in its owned subsidiary in Sumaré (Brazil) into the BMB (Belgo Mineira Bekaert Artefatos de Arame Ltda) partnership. Under this agreement, company is going to extends shareholding upto (55.5%) of the steel cord entity in Sumaré and Bekaert.
In August 2020, Bridgestone Launches MasterCore OTR Tyres. This tyre is engineered with ultra-high durability. it is based upon the combination of company's new type of steel cord. this cord is embeded with advanced materials, structure and process engineering.
Market Drivers
- Increasing Demand from the Automotive Industry Due to Growing Safety Concerns
- Surging Demand for Light Weight Tires, Long Lasting and Easy to Maintain Cost by Consumers to Enhance the Rolling Resistance of Tires
Market Trend
- Customers Inclination Towards Comfortable Driving Experience
- Advent of Advanced Technology and Development in Tire Innovation in Design and Processes
Restraints
- Price Fluctuation of Raw Materials
Opportunities
The Growth of Automotive Industry in Asian Pacific Countries Such as India, and China
Challenges
Low Adoption Rate of Steel Cord Tires in both Developing and Underdeveloped Nations
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Steel Cord Study Sheds Light on
— The Steel Cord Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Steel Cord industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
— Where Steel Cord industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
— How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.