Los Angeles, January 29, 2020 -Steel Cord market is anticipated to witness growth due to high demand for conveyor belts and light weight radial tires in the automotive industry. A new report published by QY Research is based on the market titled, “Global Steel Cord Market Report, History Forecast 2014-2025,” details future growth prospects and major strategies adopted by the key players operating in the market.
According to this report, the global Steel Cord market is likely to attain a value of US$ 7.5 Bn by the end of 2025 from an initial value of US$ 5.7 Bn in 2018, exhibiting a moderate CAGR of 4.0% from 2019 to 2025.
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Global Steel Cord Market – Key Takeaways
Steel Cord has a high demand in the automotive industry due to its largescale application as reinforced material for conveyor belts and tires
Heavy-duty application of Steel Cord in tunneling, mining, power plant, stone quarries, ports, and steel plants is likely to enhance the growth of the market
Increasing application of conveyor belts to unload bulk freights is likely to propel its demand in transportation and cargo services
Steel cord concrete mixes are increasingly being used in the building and construction sector due to its strength and durable characteristics
Increasing Usage of Steel Cord in Light Wight Radial Tires to Boost the Growth of the High Tensile (HT) Segment
The product segment is classified into High Tensile (HT), Normal Tensile (NT), Ultra Tensile (UT), and Super Tensile (ST). Growing usage of Steel cord in manufacturing lightweight radial tires is expected to fuel the growth of the High Tensile (HT) segment. The end-users segment is divided into Freight Car Use, Passenger Car Use, and Other.
A Flourishing Automobile Sector to Drive the Growth of the Asia-Pacific Market
Rising demand for automobiles in the Asia-Pacific and major tire manufacturers expanding their presence in China and India is likely to amplify the demand for Steel Cord, resulting in the growth of the market. Construction and infrastructure development projects are likely to promote the use of steel cord concrete mixes thereby, fostering the growth of the market.
Facility Expansion – A Major Strategy of the Market Players
The market players are keen to strengthen their position in the market by engaging in various strategies such as investing in R&D to improve and to develop new products, expansion of production facilities, mergers & acquisitions, collaborations, and partnership.
For instance, in 2019, Jiangsu Xingda Steel Cord announced the start of production at its first overseas plant in Thailand.
Some of the key players operating in the market are Tokusen, Jiangsu Xingda Steel Cord, Bekaert, Hyosung, ArcelorMittal, Bridgestone, Shandong SNTON Steel Cord, Shougang Century, Sumitomo Electric Industries, Tokyo Rope MFG, BMZ, Hubei Fuxing New Material, Henan Hengxing, Sodetal, and Junma Tyre Cord.
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