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A steel cord is formed by twisting multiple strands of steel wires together to form a cord structure. The steel is either coated with brass or zinc material. The product is available in various categories such as normal tensile, high tensile, super tensile, and ultra-tensile. Furthermore, the steel cord is resistant to puncture and wear. It also provides strong safety, low noise, good absorption, high flexibility, and durable properties. As a reinforcement material, the product is used in a various different product. The steel cord finds its application in a wide range of applications which include passenger cars, trucks, and off-road tires, and conveyor belts.
The increasing steel cord demand from the automotive industry will propel market growth. The product is used as a reinforced material and aids to reduce a tire’s weight and rolling resistance, thereby create sustainable tires. Also, it improved adhesion at a lower cost and provide a longer tire life. The product is ideal for several commercial and passenger vehicles. The rapid growth in the automotive industry coupled with increasing research & development activities in automotive tires will fuel the product consumption. Hence, this will fuel market growth during the forecast period.
However, fluctuations in the raw material prices hamper the overall demand for steel cord. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
The rising demand for steel cord from the automotive industry will drive the market growth.
Key Market Restraint -
Fluctuation in the prices to hamper the market growth
Based on product, the steel cord market is segmented into brass coated, zinc coated, and others. Based on type, the steel cord market is segmented into normal tensile, high tensile, super tensile, ultra-tensile, and others. Based on application, the steel cord market is segmented into tires, conveyor belts, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the steel cord market include Sumitomo Electric Industries, Ltd., Bekaert Tata Wiron, ArcelorMittal Rongcheng Steel Cord Co. Ltd., Jiangsu Xingda Steel Tyre Cord Co., Ltd., Hyosung, Henan Hengxing Science & Technology Co., Ltd. Bekaert, ContiTech ΙΜΑΣ Α.Ε., TOKUSEN KOGYO Co.,ltd., Forech India Private Limited, Henan Hengxing Sciecnce & Technology Co., Ltd., Rajdeep Metals, and Saarstahl.
Asia Pacific is anticipated to witness sustainable growth in the steel cord market. The growth is attributed to the rising product demand in automotive tires. The rapid growth in the automotive industry will fuel the steel cord market growth in Europe. In North America, the growth is due to the increasing use of the product in the conveyor belts application. The Middle East & Africa is anticipated to witness significant growth, owing to the rising adoption of brass coated steel cord in the automotive equipment.
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