(Bead Wire) Tyre Bead Wire Market Size, Trends and Insights By Type (Regular Tensile Strength (1770-2200MP), High Tensile Strength (Above 2200MP), Others), By Application (Passenger Vehicle Tire, Commercial Vehicle Tires, Motorcycle Tire, Bicycle Tire, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI19119

Published Date: October 2022

Pages: 220+

Category: Automotive

Report Snapshot

CAGR: 8.53 %
1100.16M
2021
1123.43M
2022
1398.17M
2030

Source: CMI

Study Period: 2022-2030
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Bekaert
  • TATA Steel
  • Camesa Wire
  • PRTI
  • Others

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Reports Description

According to Custom Market Insights (CMI), The Global Tyre Bead Wire Market size was estimated at USD 1100.16 million in 2021 and is expected to reach USD 1123.43 million in 2022 and is expected to hit around USD 1398.17 million by 2030, poised to grow at a compound annual growth rate (CAGR) of 8.53 % from 2022 to 2030.

The Bead wire edge of a tire that sits on the wheel is referred to as a tire bead (tire bead wire) and is made up of steel wire composed of high-carbon steel whose surface is plated with red copper and bronze. It acquires superior qualities such as strength, flexibility, fatigue property, high adhesion capacity, and great linearity. It has been extensively used in automotive, vehicle manufacturing, motorcycle tires, bicycle tires, and others.

The global Tyre Bead Wire Market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities; thereby increasing the production capacity of Bead wire (tire bead wire) thus, driving the market growth by catering to the need for bead wire (tire bead wire) in various end-use industries.

Growth Factors.

The growing use of bead wire (tire bead wire) in the automotive and transportation sectors will aid market growth.

The expansion of industrialization and urbanization drives the market growth, and an increase in consumer interest in sports cars, racing cars, and bikes have spurred the growth of the bead wire market. In response to this, increased sales of passenger vehicles and commercial automobiles in both developed and developing economies are expected to increase the potential market sales during the outlook market.

The beading wire (tire bead wire) market is driven by urbanization, an increase in disposable income, and growing demand for electric vehicles, which has surged the demand for the bead wire market. Bead wire (tire bead wire) is used extensively in manufacturing electric vehicles cars due to its high mechanical strength and flexibility.

Bead wire (tire bead wire) is gaining popularity in the automotive sector due to its good mechanical and high strength property where it acts as a reinforcing material that helps in protecting the tiers from changing their shape due to air pressure and binds the tire to the rim to avoid vibration while driving.

The automotive and car manufacturing industry is growing rapidly, which has given way to the market’s growth. For instance, according to an article published by India Brand Equity Foundation in July 2022, the Indian passenger car market was valued at US$ 32.70 billion in 2021, and it is expected to reach a value of US$ 54.84 billion by 2027 while registering a CAGR of over 9% during 2022-27. These factors are anticipated to enhance the demand for the beading (tire bead wire) market during the forecast period.

Tyre Bead Wire Market Segmentation.

Tyre Bead Wire Market, segmented by Type

Depending upon the Type, the beading wire (tire bead wire) market is segmented into regular tensile strength (1770-2200mp), high tensile strength (above 2200mp), and others.

The regular tensile strength (1770-2200mp) dominated the market in 2021 and is expected to grow over the forecast period. Regular tensile strength (1770-2200mp) bead tires are extensively used in the automobile industry to manufacture rubber-based tires. In addition to this, the growth of this segment is driven by the high mechanical strength, protection against corrosion and helps in increasing the shelf life of tires, possess greater adhesion, and prevents rust, due to which the demand for regular tensile strength beads tires has witnessed significant growth during the forecast period.

Furthermore, the high tensile strength (above 2200mp) bead wire (tire bead wire) segment is expected to show a significant growth rate during the forecast period. This is attributed to its wide range of applications in the growing sports car and racing bike industry is expected to enhance the overall demand for the market. This is expected to create new opportunities for the growth of the market.

Tyre Bead Wire Market, segment based on Application

Based on Application, the global Tyre Bead Wire Market is studied across the passenger vehicle tire, commercial vehicle tires, motorcycle tires, bicycle tires, and others. It is expected that the global passenger vehicle tire industry segment to hold a dominant position during 2022 -2031.

The Tyre Bead Wire Market is boosting the overall growth of passenger vehicle tires in the automotive industry. This is attributed to the fact that increasing the global population, rising transportation activity, and growing passenger vehicle sales are boosting market growth.

In addition, growing consumer demand for luxurious and exotic cars has escalated the beading wire (tire bead wire), which helps in effectively reducing the tire’s weight and fuel consumption as well as the production cost of tires due to which it has been most preferred bead tires in the manufacturing of passenger vehicles. This is projected to enhance the market growth during the forecast period.

Furthermore, the rising interest of youngster in sporting car, bikes, and bicycle have surged the demand for bead wire tires where it has good adhesion property and bead can able to keep the tire connected to the wheel, due to which the manufacturer most likely prefers the demand for bead wire-based tires for increasing their potentials sales of the market.

Report Scope

Feature of the Report Details
Market Size in 2021 USD 11100.16 Million
Projected Market Size in 2030 USD 1398.17 Million
CAGR Growth Rate 8.53% CAGR (2022-2030)
Base Year 2022
Forecast Period 2023-2032
Prominent Players Bekaert, TATA Steel, Camesa Wire, PRTI, KLEIN TOOLS, Gustav Wolf, Kiswire, Belgo Bekaert Arames, WireCo World Group, Heico Wire Group, and Others
Key Segment By Type, Application, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfill your requirements for research.

Regional Insights

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific is the dominant region in the Tyre Bead Wire Market. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China, Japan, India, and others significantly contribute to the beading (tire bead wire) market in the region.

Key factors for the growth in transportation activity, increase in the disposable income among people, growing demand for vehicles, and growing consumer preference for the automobile industry in both developed and developing nation such as China, India, South Korea, and others has surged the demand for Tyre Bead Wire Market.

In response to this, several manufacturers have increased their production capacities for the bead wire tire industry due to growing market sales. For instance, according to an article published in Economics Times in January 2022, ICRA maintains a volume demand growth estimate for the tire industry at 13-15% in FY22. These factors may enhance the demand for the tire bead wire market, thus, offering the most remunerative opportunities for the future.

In addition, countries such as Japan and Taiwan are constantly engaged in expanding their electrical & automation manufacturing output, where bead wire (tire bead wire) is widely employed as a protecting material in electric and fuel-based cars. For instance, according to a report published by Hennessy Funds, Japan accounts for around 30% market for supplying factory automation products in the world. These factors are escalating the demand for bead wire (tire bead wire) in Asia-Pacific.

North America and Europe show considerable growth during the forecast period. The U.S. and Canada account for a major share of the automotive, motorcycle, and bicycle sectors. There are several manufacturing industries in Germany, the U.K., and other countries in Europe where these companies have increased their production capacities for the beading wire (tire bead wire) used in various end-use industries, including automotive, transportation, electric vehicles, motorcycle, and among others.

Recent Development

  • In Dec 2021, Rajratan Global Wire Limited announced to set up of a new manufacturing facility for tire bead wire in Tamil. The company has signed an MoU with the state government.
  • In June 2021, Bekaert Lipetsk (Russia) announced a plant expansion, including a new production line (bead wire) and an increase in tire cord manufacturing capacity. The plant extension is scheduled to begin production in the first half of 2022.

Global (Bead Wire) Tyre Bead Wire Market 2023 – 2032 (By Million)

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Key Players 

  • Bekaert
  • TATA Steel
  • Camesa Wire
  • PRTI
  • KLEIN TOOLS
  • Gustav Wolf
  • Kiswire
  • Belgo Bekaert Arames
  • WireCo World Group
  • Heico Wire Group.

COVID-19 Analysis

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses to lives and the economy around the globe.

The Tyre Bead Wire Market has had little impact due to the wake of the COVID-19 pandemic, owing to the rise in cases of COVID-19, the implementation of emergency protocols and shutdown of various operations and facilities have been observed during 2020.

Due to the spread of the coronavirus pandemic, the manufacturer has faced challenges in terms of operation and supply chain due to government restrictions during the lockdown.

However, the beading wire (tire bead wire) market faced several difficulties with material supply chain disruptions, and labor shortages, in 2020. In addition, stringent government guidelines on transportation and strict imposition of lockdown have dampened the overall market growth.

Furthermore, to control the surge of novel coronavirus cases, there is a drastic shift of investments from other sectors toward the automotive sector. Also, several bead wire (tire bead wire) based product manufacturing companies have either shut down or shrank their operations due to the risk of infection among the workforce.

This has temporarily hampered the demand and supply chain of the beading wire tire bead wire market. In the first quarter of 2021, the market for bead wire (tire bead wire) has experienced significant growth due to an increase in the demand for bead wire (tire bead wire) chemicals in the automotive, motorcycle,  bicycle manufacturing industries and other end-use industry worldwide, compared to that in 2020.

Global (Bead Wire) Tyre Bead Wire Market 2023 – 2032 (By Type)

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Segments covered in the report

By Type

  • Regular Tensile Strength (1770-2200MP)
  • High Tensile Strength (Above 2200MP)
  • Others

By Application

  • Passenger Vehicle Tire
  • Commercial Vehicle Tires
  • Motorcycle Tire
  • Bicycle Tire
  • Others

On the basis of Geography

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

 

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Tyre Bead Wire Market, (2022 – 2030) (USD Million)
    • 2.2 Global Tyre Bead Wire Market : snapshot
  • Chapter 3. Global Tyre Bead Wire Market – Industry Analysis
    • 3.1 Tyre Bead Wire Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Use Of Bead Wire (Tire Bead Wire) In The Automotive And Transportation Sectors
      • 3.2.2 The Expansion Of Industrialization And Urbanization
      • 3.2.3 Increase In Consumer Interest In Sports Cars
      • 3.2.4 Racing Cars
      • 3.2.5 And Bikes
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Application
  • Chapter 4. Global Tyre Bead Wire Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Tyre Bead Wire Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Tyre Bead Wire Market – Type Analysis
    • 5.1 Global Tyre Bead Wire Market overview: By Type
      • 5.1.1 Global Tyre Bead Wire Market share, By Type, 2021 and 2030
    • 5.2 Regular Tensile Strength (1770-2200MP)
      • 5.2.1 Global Tyre Bead Wire Market by Regular Tensile Strength (1770-2200MP), 2022 – 2030 (USD Million)
    • 5.3 High Tensile Strength (Above 2200MP)
      • 5.3.1 Global Tyre Bead Wire Market by High Tensile Strength (Above 2200MP), 2022 – 2030 (USD Million)
  • Chapter 6. Global Tyre Bead Wire Market – Application Analysis
    • 6.1 Global Tyre Bead Wire Market overview: By Application
      • 6.1.1 Global Tyre Bead Wire Market share, By Application, 2021 and 2030
    • 6.2 Passenger Vehicle Tire
      • 6.2.1 Global Tyre Bead Wire Market by Passenger Vehicle Tire, 2022 – 2030 (USD Million)
    • 6.3 Commercial Vehicle Tires
      • 6.3.1 Global Tyre Bead Wire Market by Commercial Vehicle Tires, 2022 – 2030 (USD Million)
    • 6.4 Motorcycle Tire, Bicycle Tire
      • 6.4.1 Global Tyre Bead Wire Market by Motorcycle Tire, Bicycle Tire, 2022 – 2030 (USD Million)
  • Chapter 7. Tyre Bead Wire Market – Regional Analysis
    • 7.1 Global Tyre Bead Wire Market Regional Overview
    • 7.2 Global Tyre Bead Wire Market Share, by Region, 2021 & 2030 (USD Million)
    • 7.3. North America
      • 7.3.1 North America Tyre Bead Wire Market, 2022 – 2030 (USD Million)
        • 7.3.1.1 North America Tyre Bead Wire Market, by Country, 2022 – 2030 (USD Million)
    • 7.4 North America Tyre Bead Wire Market, by Type, 2022 – 2030
      • 7.4.1 North America Tyre Bead Wire Market, by Type, 2022 – 2030 (USD Million)
    • 7.5 North America Tyre Bead Wire Market, by Application, 2022 – 2030
      • 7.5.1 North America Tyre Bead Wire Market, by Application, 2022 – 2030 (USD Million)
    • 7.6. Europe
      • 7.6.1 Europe Tyre Bead Wire Market, 2022 – 2030 (USD Million)
        • 7.6.1.1 Europe Tyre Bead Wire Market, by Country, 2022 – 2030 (USD Million)
    • 7.7 Europe Tyre Bead Wire Market, by Type, 2022 – 2030
      • 7.7.1 Europe Tyre Bead Wire Market, by Type, 2022 – 2030 (USD Million)
    • 7.8 Europe Tyre Bead Wire Market, by Application, 2022 – 2030
      • 7.8.1 Europe Tyre Bead Wire Market, by Application, 2022 – 2030 (USD Million)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Tyre Bead Wire Market, 2022 – 2030 (USD Million)
        • 7.9.1.1 Asia Pacific Tyre Bead Wire Market, by Country, 2022 – 2030 (USD Million)
    • 7.10 Asia Pacific Tyre Bead Wire Market, by Type, 2022 – 2030
      • 7.10.1 Asia Pacific Tyre Bead Wire Market, by Type, 2022 – 2030 (USD Million)
    • 7.11 Asia Pacific Tyre Bead Wire Market, by Application, 2022 – 2030
      • 7.11.1 Asia Pacific Tyre Bead Wire Market, by Application, 2022 – 2030 (USD Million)
    • 7.12. Latin America
      • 7.12.1 Latin America Tyre Bead Wire Market, 2022 – 2030 (USD Million)
        • 7.12.1.1 Latin America Tyre Bead Wire Market, by Country, 2022 – 2030 (USD Million)
    • 7.13 Latin America Tyre Bead Wire Market, by Type, 2022 – 2030
      • 7.13.1 Latin America Tyre Bead Wire Market, by Type, 2022 – 2030 (USD Million)
    • 7.14 Latin America Tyre Bead Wire Market, by Application, 2022 – 2030
      • 7.14.1 Latin America Tyre Bead Wire Market, by Application, 2022 – 2030 (USD Million)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Tyre Bead Wire Market, 2022 – 2030 (USD Million)
        • 7.15.1.1 The Middle-East and Africa Tyre Bead Wire Market, by Country, 2022 – 2030 (USD Million)
    • 7.16 The Middle-East and Africa Tyre Bead Wire Market, by Type, 2022 – 2030
      • 7.16.1 The Middle-East and Africa Tyre Bead Wire Market, by Type, 2022 – 2030 (USD Million)
    • 7.17 The Middle-East and Africa Tyre Bead Wire Market, by Application, 2022 – 2030
      • 7.17.1 The Middle-East and Africa Tyre Bead Wire Market, by Application, 2022 – 2030 (USD Million)
  • Chapter 8. Company Profiles
    • 8.1 Bekaert
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 TATA Steel
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Camesa Wire
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 PRTI
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 KLEIN TOOLS
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Gustav Wolf
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 Kiswire
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Belgo Bekaert Arames
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 WireCo World Group
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Heico Wire Group
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments

List Of Figures

Figures No 1 to 19

List Of Tables

Tables No 1 to 52

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2028
  • Market revenue estimates and forecasts up to 2028, by technology
  • Market revenue estimates and forecasts up to 2028, by application
  • Market revenue estimates and forecasts up to 2028, by type
  • Market revenue estimates and forecasts up to 2028, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Key Players 

  • Bekaert
  • TATA Steel
  • Camesa Wire
  • PRTI
  • KLEIN TOOLS
  • Gustav Wolf
  • Kiswire
  • Belgo Bekaert Arames
  • WireCo World Group
  • Heico Wire Group.
  • Others

FAQs

“Asia-Pacific” region will lead the global Bead Wire (Tyre Bead Wire) market during the forecast period 2022 to 2030.

The key factors driving the market are Use Of Bead Wire (Tire Bead Wire) In The Automotive And Transportation Sectors, The Expansion Of Industrialization And Urbanization, Increase In Consumer Interest In Sports Cars, Racing Cars, And Bikes.

The key players operating in the Bead Wire (Tyre Bead Wire) market are Bekaert, TATA Steel, Camesa Wire, PRTI, KLEIN TOOLS, Gustav Wolf, Kiswire, Belgo Bekaert Arames, WireCo World Group, Heico Wire Group.

The global Bead Wire (Tyre Bead Wire) market is expanding growth with a CAGR of approximately 8.53% during the forecast period (2022 to 2030).

The global Bead Wire (Tyre Bead Wire) market size was valued at USD 11100.16 Million in 2021 and it is projected to reach around USD 1398.17 Million by 2030.

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