Bead wire is a wire that is woven internally in pneumatic tires or inner tubes to help anchor the bead of the tire. It allows the tire bead to seat properly on the wheel rim during inflation and use. Major application of bead wire includes radial and bias tires used in passenger cars, commercial vehicles, two-wheelers, mining vehicles, and agriculture vehicles. The global bead wire market is gaining traction owing to rising demand for high-performance tires from automotive industry.
The global Bead Wire Market is estimated to be valued at US$ 1.43 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Demand for Tires from Automotive Industry
per projections, there would be more than 2 billion vehicles on road by 2040. This growing vehicle parc is generating substantial demand for tires where bead wire plays a pivotal role. In addition, rising consumer inclination towards high-performance tires from premium brands is propelling tire manufacturers to adopt advanced bead wire technology.
Furthermore, rapid urbanization along with improving economic conditions in developing nations is fueling passenger vehicle sales. As tires are essential component for vehicles, tire replacement market is expected to grow in coming years. This, in turn, is creating opportunities for bead wire market over the forecast period.
Segment Analysis
The global bead wire market can be segmented into two categories based on bead type: single strand and multi strand. The multi strand bead wire segment currently dominates the market, accounting for around 65% share. Multi strand bead wire provides higher strength and can withstand higher tensile loads compared to single strand bead wires. This makes multi strand bead wire more suitable for reinforced tires which see high stresses. Within multi strand bead wire, the 3-wire strand variant enjoys the largest demand.
PEST Analysis
Political: Wastage regulations around scrap tire recycling are becoming more stringent in regions like Europe and North America, driving higher adoption of bead wire in reinforced tires for longer lifespan.
Economic: Growth in vehicle fleet,especially commercial vehicles is boosting replacement tire market which uses bead wire. This is positively impacting the bead wire market.
Social: Rising focus on sustainability and reducing virgin rubber usage is leading tire manufacturers to incorporate more bead wire into retreaded tires for commercial vehicles.
Technological: Advancements in high strength steel alloys are allowing production of thinner gauge bead wires providing weight savings in tires without compromising strength.
Key Takeaways
The Global Bead Wire Market Size is expected to witness high growth over the forecast period owing to rising vehicle parc and focus on retreaded tires. The global Bead Wire Market is estimated to be valued at US$ 1.43 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
North America currently dominates the market led by the US due to presence of leading tire manufacturers. Asia Pacific region is expected to witness fastest growth due to rising vehicle sales in China and India.
Key players operating in the bead wire market are Nestlé; PepsiCo; The Coca-Cola Company; DANONE; Primo Water Corporation; FIJI Water Company LLC; Gerolsteiner Brunnen GmbH & Co. KG; VOSS WATER; Nongfu Spring. Key players are focused on increasing multi strand bead wire capacity and production of high strength thinner gauge bead wires.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it