According to the report analysis, ‘Global Steel Tire Cord Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use’ states that in the worldwide market of steel tire cord there are several companies which presently performing more significantly for leading the fastest market growth and registering the great value of market share around the globe during the coming years while developing the applications of steel tire cord, increasing the applications and productivity of the steel tire cord, spreading the awareness related to the benefits of such, decreasing the price of such, and employing the young workforce includes Bekaert, Sumitomo Electric Industries, Ltd, Xingda International Holdings, Tokusen, Formosa Taffeta Co., Ltd., Kolon Industries, Inc, SRF Ltd, Kordsa Global, Saarstahl and several others.
In addition, the worldwide market of steel tire cord are presently implementing the policies of joint ventures, mergers and acquisitions, partnerships, amalgamation, collaborations and new product development for generating the effective percentage of revenue, obtaining the competitive edge and registering the great amount of share.
The steel cord is a fine strand of the numerous steel wires, which are made of greater, high-carbon steel along the surface plated with the brass. The usage of steel cords in the tires enables greater rubber penetration and the adhesion as well as great resistance and resilience that simplify a charming and safer ride. Moreover, with the present research and development activities, the industry is predicted to witness the introduction of the fresh designs and procedures, which would ensure the improved performance of the tires. Efforts are aimed not only on decreasing the rolling friction but also on guaranteeing that the tire controls a firm grip on the minced.
Incidences of the road accidents too play an essential role in the growth of the steel cords market. Leading tire manufacturers are looking for the design solutions to meet the protection and comfort demands of the vehicles. Based on the type, the market of steel tire cord globally is divided into different sectors such as Normal Tensile Cord, High Tensile Cord and Ultra High Tensile Cord. Whereas, based on the applications, the market of steel tire cord is divided into different segments such as passenger car, truck, off road vehicles and several others.
With the effective growth in the innovative technologies, the steel cord can be recycled from the tires and utilized in the concrete as it holds crack propagation and has better robustness. Furthermore, based on the geography, the market of steel tire cord is spread around the globe which majorly involves Asia Pacific region, Europe, North America, Middle East and Africa and South America. Owing to the effective increase in the passenger car, increase in the population, significant growth in the personal disposable income and positive augment in the automobile industries the Asia Pacific region register the significant value of market share. Not only has this, the North America region also dominates the growth of global steel tire cord across the globe. Therefore, in the coming years, it is anticipated that the market of steel tire cord will increase around the globe over the inflowing years more significantly.
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Ankur Gupta, Head Marketing & Communications