Steel Cord Market is Expected to be Driven by Rising Demand From Automotive Industry by 2023 | Million Insights

Steel Cord Market is Expected to be Driven by Rising Demand From Automotive Industry by 2023 | Million Insights

PR Newswire

FELTON, California, November 21, 2018

FELTON, California, November 21, 2018 /PRNewswire/ --

The Global Steel Cord Market is anticipated to grow at a CAGR of 4.2% in the forthcoming period. Steel cord possesses excellent strength and flexibility and is used in various verticals for numerous applications. For instance, it is used as a reinforcing material for conveyor belts and automotive tires.

As a strand of fine wires of steel, called "filaments", the steel cord is significantly used for automobile tires. Advantages such high thermal resistance and enhanced traveling performance advantage the significance of steel cord for automotive industry. The market for steel cords is highly influenced by the number of market entrants in the automobile industry. Since it also deals with mileage performance and the reveals the need for lighter tires, steel cords find a suitable use in the automobile sector.

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The market is driven by rise in demand from automotive industry and emergence of new trends in the tire industry. Technological enhancement in tire industry also witnesses a positive traction. Other technologies such as flat run tires, eco tires, and nitrogen tires are anticipated in significant market development. Product segmentation for steel cord market includes zinc coated, and brass coated cords. Application segment for steel cord market comprises heavy equipment tires, cargo truck tires, conveyor belts, rubber framework and light truck tires.

Geographical segmentation for market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are likely to account for a significant market share owing to change in consumer lifestyle and rise in disposable income. Increase in R&D activities and entry of new market entrants are likely to propel the regional market growth. European regions are likely to gain a steady yet stable market growth owing to moderate demand for steel cords in the automotive industry.

The key players profiled in the steel cord market report include Michelin, Tokyo Rope Mfg Co Ltd, Sodetal, Bridgestone, XINGDA, Junma, Tesc, Jesc, Goodyear, DuPont, Bekaert, Kordsa Global, Hyosung, Tenheng and HengXing.

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