Steel Cord Market
Steel Cord Market Global Industry Assessment & Forecast
Segments Covered
- By Product Types Normal Tensile (NT), High Tensile (HT), Others
- By Application Passenger Car Use, Freight Car Use, Others
Snapshot
Forecast Years: | 2021 - 2028 |
Historical Years: | 2016 - 2020 |
Revenue 2021: | 5.81 Billion |
Revenue 2028: | 9.08 Billion |
Revenue CAGR (2021 - 2028): | 5.74% |
Fastest Growing Region (2022 - 2028) | Asia Pacific |
Customization Offered
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The report
delivers an acute breakdown of the market based on various segments such as Product Types,
Application, and region. The report will cover market
estimations and forecast for each segment by region for the years 2016–2028. Several
growth factors and opportunities impacting various segments have been
incorporated in the report. On
the basis of Product Types, the market is divided into Normal Tensile (NT),High Tensile (HT), Others. High Tensile (HT)
held the largest share in 2020 and is projected to witness substantial growth
during the forecast period.
Based
on Application, the market is divided into Passenger Car Use, Freight Car Use, Others. Passenger Car Use
attributed to the highest market share and is expected to grow at a significant
CAGR from 2021 to 2028.
Global Steel Cord Market: Product Types Segment Analysis
-
- Normal Tensile (NT)
- High Tensile (HT)
- Others
Global Steel Cord Market: Application Segment Analysis
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- Passenger Car Use
- Freight Car Use
- Others
FAQ
Frequently Asked Question
What is the global demand for Steel Cord in terms of revenue?
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The global Steel Cord valued at 5.81 Billion in 2020 and is expected to reach 9.08 Billion in 2028 growing at a CAGR of 5.74%%.
Which are the prominent players in the market?
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The prominent players in the market are Bekaert, Hubei Fuxing New Material, Tokusen, BMZ, Shougang Century, Tokyo Rope MFG, ArcelorMittal, Junma Tyre Cord, Sodetal, Hyosung, Bridgestone, Sumitomo Electric Industries, Jiangsu Xingda Steel Cord, Henan Hengxing, Shandong SNTON Steel Cord..
At what CAGR is the market projected to grow within the forecast period?
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The market is project to grow at a CAGR of 5.74%% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
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The driving factors of the Steel Cord include
- The increasing demand from automotive industry is anticipated to augment the growth of the steel cord market during the forecast period. The automotive industry is one of the most demanding sectors in the global market, since it requires a systematic increase in productivity. The steel wires is used to control some of the basic functions in cars, such as the elevation of car-door windows and so on and are suitable for both mechanically and electrically operated rope systems in cars, motorcycles and bicycles.
- The increasing developments and technologies is another primary factor supporting the growth of the steel cords market in the years to come. The steel cord can be recycled from tires and used in concrete as it controls crack propagation and has better durability. Steel cord concrete mixes have better compressive strength characteristics. Furthermore, the forthcoming technology like nitrogen tires, eco tires and flat run tires is likely to drive the global steel cords market demand.
Which region accounted for the largest share in the market?
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Asia Pacific was the leading regional segment of the Steel Cord in 2020.