Steel Cord Market
Steel Cord Market Global Industry Assessment & Forecast
#
Pages:
175
2021
Nov - 2021
VMR-2021-0548
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
Research Methodology: Steel Cord Market - Global Market Assessment, 2021 - 2028
The whole research process involves 3 major activities: Secondary Research, Primary Research, and Data Triangulation. Secondary resources are utilized to gain insights on the market and later primary research is conducted to revalidate the information and conclusion derived from the secondary research. Moreover, the information procured from the secondary and primary resources is undergone through data triangulation methods to attain more accurate results on quantitative and qualitative analysis for specific market research studies. Moreover, region-wise product mapping analysis was used to gain some more insights on the competitive trend in the global Steel Cord market.
Secondary Research
Primary Research:
In the primary research process, the information gained/procured from the secondary data sources is validated after primary interviews with industry experts across the Steel Cord supply chain. The primary research is also conducted to identify key players in the market and to gather and validate already procured information pertaining to their market-specific financial information. Moreover, primary research is used to gain/validate information about:
- Steel Cord market size at regional and country level
- Strategic analysis of , , and
- Key industry players and their market share
- Understanding market developments, future growth prospects, and upcoming challenges
Data Triangulation and Market Size Estimations
After the complete market engineering process and arriving at the global market numbers, top-down and bottom-up approaches are used to estimate, validate and finalize the market size of the Steel Cord market. After the determination of the overall market size, the market is divided into various segments and sub-segments. Moreover, these same approaches mentioned above were used to derive and estimate market numbers for mentioned segments/sub-segments in the market. During the data triangulation process, the data was analyzed by employing various data models and statistical techniques to arrive at exact statistics and market size for each segment/sub-segment of the market. The data is analyzed and triangulated by considering all the key market impacting factors from both supply and demand side of Steel Cord market.
FAQ
Frequently Asked Question
What is the global demand for Steel Cord in terms of revenue?
-
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?
-
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?
-
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?
-
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?
-
Asia Pacific was the leading regional segment of the Steel Cord in 2020.
