Steel Cord Market Size Reveals the Best Marketing Channels In Global Industry
Executive Summary
The global Steel Cord Market is expected to grow at a CAGR of % during the forecasted period. Steel cords are used in various applications in industries such as automotive, construction, and aerospace due to their high strength and durability. The market research reports show that the increasing demand for radial tires in the automotive sector is a key driver for the growth of the steel cord market.
Market trends in the steel cord industry include technological advancements in manufacturing processes, increasing investments in research and development, and the growing focus on sustainability and environmental concerns. These trends are expected to drive market growth and create opportunities for key players in the industry.
Geographically, the steel cord market is spread across North America, Asia Pacific, Europe, the USA, and China. The increasing demand for steel cords in the automotive and construction industries in these regions is driving market growth. North America and Europe are key regions for the steel cord market due to the presence of major automotive manufacturers and infrastructure development projects.
In Asia Pacific, countries such as China and India are witnessing significant growth in the steel cord market due to the rapid industrialization and infrastructure development. China, in particular, is a major producer and consumer of steel cords, with a growing demand from various end-user industries.
Overall, the steel cord market is poised for growth during the forecasted period, driven by increasing demand from various industries and regions. Key players in the market are focusing on product innovation, strategic partnerships, and expansion in emerging markets to capitalize on the growth opportunities in the industry.
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Market Segmentation:
This Steel Cord Market is further classified into Overview, Deployment, Application, and Region.
In terms of Components, Steel Cord Market is segmented into:
- Bekaert
- Jiangsu Xingda Steel Cord
- ArcelorMittal
- Hyosung
- Shandong SNTON Steel Cord
- Bridgestone
- Shougang Century
- Tokusen
- Tokyo Rope MFG
- Hubei Fuxing New Material
- BMZ
- Henan Hengxing
- Junma Tyre Cord
- Sumitomo Electric Industries
- Sodetal
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The Steel Cord Market Analysis by types is segmented into:
- Normal Tensile (NT)
- High Tensile (HT)
- Super Tensile (ST)
- Ultra Tensile (UT)
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The Steel Cord Market Industry Research by Application is segmented into:
- Freight Car Use
- Passenger Car Use
- Others
In terms of Region, the Steel Cord Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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Key Drivers and Barriers in the Steel Cord Market
Key drivers in the steel cord market include the increasing demand from sectors such as automotive, construction, and aerospace, as well as the growing focus on lightweight and high-strength materials. Barriers in the market include the volatility in raw material prices, strict regulatory requirements, and the threat of substitution by alternative materials such as synthetic fibers. Challenges faced in the steel cord market include intense competition among key players, the impact of trade tensions and tariffs on the global market, and the need for continuous innovation and technological advancements to meet evolving customer demands.
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Competitive Landscape
Bridgestone is one of the leading players in the steel cord market, with a strong global presence and a history dating back to 1931. The company has shown consistent market growth over the years, capitalizing on the increasing demand for steel cords in various applications such as tire reinforcement, conveyor belts, and industrial hoses. Bridgestone's sales revenue in the steel cord market reached USD billion in 2020.
Hyosung is another key player in the steel cord market, known for its high-quality products and innovative solutions. The company has been in operation since 1953 and has established a strong foothold in the market. Hyosung has witnessed significant market growth in recent years, driven by the expansion of its product portfolio and strategic partnerships. In 2020, Hyosung recorded sales revenue of USD 3.2 billion in the steel cord segment.
Bekaert is a global leader in advanced steel cord solutions, with a history dating back to 1880. The company has a strong market presence in key regions such as Europe, Asia Pacific, and North America. Bekaert has achieved impressive market growth over the years, driven by its focus on innovation and customer-centric approach. In 2020, Bekaert reported sales revenue of USD 5.1 billion in the steel cord market.
Overall, the competitive landscape of the steel cord market is characterized by strong players such as Bridgestone, Hyosung, and Bekaert, who have demonstrated consistent growth and market leadership. These companies continue to invest in research and development, technological advancements, and expansion strategies to further strengthen their positions in the global market.
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