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Add to CartGlobal Steel Cord Market Growth, Share, Size, Trends and Forecast (2025 - 2031)
By Type;
Normal Tensile (NT), High Tensile (HT), and Others.By Product;
Brass Coated, Zinc Coated, and Others.By Application;
Passenger Car Use, Freight Car Use, and Others.By Geography;
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America - Report Timeline (2021 - 2031).Introduction
Global Steel Cord Market (USD Million), 2021 - 2031
In the year 2024, the Global Steel Cord Market was valued at USD 4,387.03 million. The size of this market is expected to increase to USD 6,424.19 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 5.6%.
The Global Steel Cord Market is an essential segment within the broader steel industry, characterized by its specialized use in reinforcing products, particularly in the tire manufacturing sector. Steel cords are composed of high-strength steel filaments twisted together to form a cord, offering superior tensile strength, flexibility, and durability. These attributes make steel cords a crucial component in radial tires, which are widely used in automotive and transportation industries due to their enhanced performance and longevity compared to traditional bias-ply tires. The market for steel cords has been witnessing significant growth, driven by the increasing demand for vehicles and the subsequent rise in tire production.
One of the primary drivers of the Global Steel Cord Market is the booming automotive industry. With the global increase in vehicle production and sales, there is a corresponding rise in the demand for high-performance tires. Steel cords play a pivotal role in enhancing tire performance by providing the necessary structural integrity and resistance to wear and tear. Additionally, the growing emphasis on fuel efficiency and safety has led to a preference for radial tires, which further boosts the demand for steel cords. As automotive manufacturers continue to innovate and develop advanced vehicle models, the need for high-quality tire reinforcement materials like steel cords is expected to remain robust.
The expansion of the construction and infrastructure sectors also contributes to the growth of the steel cord market. Heavy machinery and equipment used in these industries require durable and reliable tires capable of withstanding harsh conditions and heavy loads. Steel cords, with their exceptional strength and durability, are ideal for reinforcing such tires, ensuring their longevity and performance. As countries invest in infrastructure development and urbanization projects, the demand for construction equipment and, consequently, steel cords is likely to increase, providing a further impetus to market growth.
The Global Steel Cord Market also faces challenges such as fluctuating raw material prices and the need for continuous technological advancements to meet evolving industry standards. The production of steel cords involves significant energy consumption and raw material costs, which can impact profitability. Additionally, manufacturers must continuously innovate to develop steel cords that meet the stringent requirements of modern tires, including those used in electric and autonomous vehicles. Despite these challenges, the market holds promising prospects due to the ongoing advancements in manufacturing technologies and the rising demand for high-performance, durable tires across various industries.
Global Steel Cord Market Recent Developments
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February 2023, ContiTech Deutschland GmbH introduced Synchromotion steel cord,reinforced polyurethane belts, emphasizing flexibility, durability, and abrasion resistance. These advancements aim to enhance power transmission efficiency, catering to evolving industrial demands
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February 2022, Continental AG invested $26.5 million to expand its steel cord conveyor belt production facility in Brazil. This initiative focuses on producing more sustainable belts, aligning with the company's goal of achieving carbon neutrality
Segment Analysis
The Global Steel Cord Market has been segmented by Type, Product, Application, and Geography, offering a detailed overview of the key factors driving growth in the steel cord industry.
Type: The type segmentation of the steel cord market includes General Steel Cord and High-Carbon Steel Cord. General Steel Cord is widely used for standard tire reinforcement applications due to its cost-effectiveness and sufficient mechanical strength. High-Carbon Steel Cord, on the other hand, is used in high-performance tires and other demanding applications where superior tensile strength, durability, and resistance to fatigue are essential. High-carbon steel cords are gaining traction in the automotive sector, especially in premium tires and for use in electric vehicles (EVs), where performance demands are higher.
Product: The product segmentation includes Single Strand Steel Cord and Multi-Strand Steel Cord. Single Strand Steel Cord is commonly used in various applications where basic mechanical strength and flexibility are sufficient. It is typically used in standard tires, industrial belts, and ropes. Multi-Strand Steel Cord, however, is stronger and more durable, making it ideal for high-performance tires and heavy-duty industrial applications. Multi-strand cords provide higher resilience to stress and wear, making them popular in applications like high-performance tires, conveyor belts, and construction.
Application: The application segmentation of the steel cord market covers several key industries, including Tire Manufacturing, Industrial Applications, Conveyor Belts, Ropes and Cables, and Others. The tire manufacturing segment is the largest, with steel cords being essential for reinforcing tires in the automotive industry. Steel cords are used to improve the strength, durability, and safety of tires. Industrial applications include uses in rubber hoses, belts, and other heavy-duty products requiring high mechanical strength. Conveyor belts are another significant application for steel cords, providing strength for transporting materials in industries like mining and manufacturing. The ropes and cables segment is also notable, especially in the maritime and construction sectors, where steel cord-based ropes offer superior tensile strength for lifting and load-bearing operations.
Geography: The geography segmentation includes North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific holds the largest market share due to the presence of key tire manufacturers in countries like China, India, and Japan, as well as rapid industrial growth and expanding infrastructure in the region. North America and Europe are also significant markets, particularly in high-performance tire production and other advanced industrial applications. The market in Latin America and Middle East & Africa is expanding as infrastructure development accelerates and demand for industrial equipment increases.
Global Steel Cord Segment Analysis
In this report, the Global Steel Cord Market has been segmented by Type, Product, Application and Geography.
Global Steel Cord Market, Segmentation by Type
The Global Steel Cord Market has been segmented by Type into Normal Tensile (NT), High Tensile (HT) and Other.
The Global Steel Cord Market is poised for substantial growth between 2024 and 2030, driven by several key factors across different segments. The market is segmented by type into Normal Tensile (NT), High Tensile (HT), and other categories. Normal Tensile steel cords are primarily used in standard tire applications where moderate strength and flexibility are sufficient. In contrast, High Tensile steel cords are favored for applications demanding higher strength and durability, such as in high-performance and heavy-duty tires. The increasing preference for high tensile steel cords is a significant trend, driven by the automotive industry's push for safer, more durable, and fuel-efficient tires.
The application segmentation of the steel cord market includes Passenger Car Use, Freight Car Use, and other specialized applications. Passenger Car Use represents the largest segment, owing to the global increase in automobile production and sales. As consumers demand higher performance and safety in their vehicles, the use of steel cords in passenger car tires is expected to grow. Freight Car Use is another crucial segment, as commercial vehicles require tires that can withstand heavy loads and long distances. The growth of e-commerce and logistics industries further boosts the demand for steel cords in freight car tires. Other applications, such as off-road vehicles and agricultural machinery, also contribute to the market, highlighting the versatile use of steel cords across different vehicle types.
Global Steel Cord Market, Segmentation by Product
The Global Steel Cord Market has been segmented by Product into Brass Coated, Zinc Coated, and Others.
Brass Coated Steel Cord: Brass-coated steel cords are widely used in the tire industry, particularly in high-performance and premium tires. The brass coating enhances the adhesion between the steel cord and the rubber, ensuring better durability, strength, and performance. This type of steel cord is essential for maintaining tire integrity under stress, particularly for applications requiring high tensile strength and resistance to fatigue. It is also known for improving the longevity and overall performance of tires, making it the most popular choice for the automotive sector.
Zinc Coated Steel Cord: Zinc-coated steel cords provide excellent corrosion resistance compared to brass-coated alternatives. These cords are typically used in tires and industrial applications where exposure to moisture and other corrosive elements is a concern. Zinc coatings offer the added benefit of being more environmentally friendly, as they are free from the heavy metals used in brass coatings. This makes them a preferred choice in markets where environmental regulations are stringent, such as in Europe and North America. Zinc-coated steel cords also offer good adhesion properties, though they may not perform as well as brass-coated cords in high-stress applications.
Others: The Others category includes steel cords coated with various other materials, such as Nickel or Polymer Coatings, which offer specific benefits such as enhanced heat resistance, improved electrical conductivity, or specialized performance characteristics required in niche applications. These coatings are typically used in high-end industrial sectors, including electrical cables, marine ropes, and specialized reinforcement materials for construction or heavy-duty machinery.
Global Steel Cord Market, Segmentation by Application
The Global Steel Cord Market has been segmented by Application into Passenger Car Use, Freight Car Use and Other.
The application segmentation of the steel cord market includes Passenger Car Use, Freight Car Use, and other specialized applications. Passenger Car Use represents the largest segment, driven by the global increase in automobile production and sales. As consumers demand higher performance and safety in their vehicles, the use of steel cords in passenger car tires is expected to grow significantly. This trend is supported by advancements in tire technology that enhance fuel efficiency and durability, making steel cords a vital component in modern tire manufacturing. The emphasis on safety and performance in passenger vehicles continues to drive innovation and demand within this segment.
Freight Car Use is another crucial segment, as commercial vehicles require tires that can withstand heavy loads and long distances. The growth of e-commerce and logistics industries further boosts the demand for steel cords in freight car tires, given the increased movement of goods globally. Additionally, other applications such as off-road vehicles and agricultural machinery contribute to the market, showcasing the versatile use of steel cords across different vehicle types. These specialized applications require robust and reliable tires, making steel cords essential for their performance and longevity. The diverse demand across these segments underscores the importance of steel cords in enhancing tire quality and meeting the specific needs of various vehicle categories.
Global Steel Cord Market, Segmentation by Geography
In this report, the Global Steel Cord Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Steel Cord Market Share (%), by Geographical Region, 2024
Geographically, the Global Steel Cord Market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific holds the largest market share, driven by rapid industrialization, urbanization, and the booming automotive industry in countries like China, India, and Japan. The region's strong manufacturing base and increasing investments in infrastructure development further support market growth. Additionally, the rising disposable incomes and expanding middle class in these countries contribute to higher vehicle sales, thereby boosting the demand for steel cords in tire manufacturing.
North America and Europe also represent significant markets for steel cords. In these regions, the high demand for advanced automotive technologies and stringent safety regulations drive the adoption of high-quality steel cords in tire production. The focus on fuel efficiency and sustainability further accelerates market growth as manufacturers seek to enhance tire performance. Meanwhile, the Middle East and Africa, along with Latin America, are emerging markets with growing automotive industries and infrastructure projects. These regions offer new opportunities for steel cord manufacturers as they expand their vehicle production capabilities and invest in infrastructure development, creating a steady demand for durable and high-performance tires.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Steel Cord Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunity Analysis
Drivers
- Growing Automotive Industry
- Infrastructure Development:Significant investments in infrastructure development, especially in developing regions, drive the need for heavy-duty and specialized tires. Steel cords are essential for reinforcing tires used in construction and agricultural machinery, which are crucial for infrastructure projects. This increased demand for robust tires enhances the growth prospects for the steel cord market.
The expanding automotive industry, particularly in emerging economies like China and India, is a major driver for the Global Steel Cord Market. As vehicle production and sales increase, the demand for high-quality tires, which rely on steel cords for reinforcement, also grows. Innovations in tire technology and rising consumer expectations for performance, safety, and durability further fuel this demand.
Restraints
- Fluctuating Raw Material Prices
- Environmental Regulations:Increasing environmental regulations related to manufacturing processes and waste management pose challenges for steel cord manufacturers. Compliance with stringent regulations requires investment in cleaner technologies and processes, which can increase operational costs. Additionally, the push for more sustainable and eco-friendly materials may affect traditional steel cord production methods.
The cost of raw materials used in the production of steel cords, such as steel and alloy metals, can be volatile. Fluctuations in these prices can impact manufacturing costs and profitability for steel cord producers. This price volatility can be a significant restraint, particularly for smaller manufacturers who may struggle to absorb cost increases.
Opportunities
- Technological Advancements
- Expansion into Emerging Markets:The expanding automotive and infrastructure sectors in emerging markets, including Southeast Asia, Latin America, and parts of Africa, offer substantial growth opportunities for steel cord manufacturers. As these regions continue to develop, the demand for durable and high-performance tires will increase, creating new avenues for market expansion and investment.
Innovations in steel cord technology, such as the development of advanced high-tensile steel cords and eco-friendly production processes, present significant opportunities for market growth. Manufacturers can capitalize on these advancements to offer enhanced products that meet evolving industry standards and consumer demands for performance and sustainability.
Competitive Landscape Analysis
Key players in Global Steel Cord Market include:
- Bekaert
- Jiangsu Xingda Steel Cord
- ArcelorMittal
- Hyosung
- Shandong SNTON Steel Cord
- Bridgestone
- Shougang Century
- Tokusen
- Tokyo Rope MFG
- Hubei Fuxing New Material
- BMZ
- Henan Hengxing
- Junma Tyre Cord
- Sumitomo Electric Industries
- Sodetal
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Type
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Market Snapshot, By Product
- Market Snapshot, By Application
- Market Snapshot, By Region
- Global Steel Cord Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
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Growing Automotive Industry
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Infrastructure Development
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- Restraints
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Fluctuating Raw Material Prices
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Environmental Regulations
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- Opportunities
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Technological Advancements
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Expansion into Emerging Markets
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- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Steel Cord Market, By Type, 2021 - 2031 (USD Million)
- Normal Tensile (NT)
- High Tensile (HT)
- Others
- Global Steel Cord Market, By Product, 2021 - 2031 (USD Million)
- Brass Coated
- Zinc Coated
- Others
- Global Steel Cord Market, By Application, 2021 - 2031 (USD Million)
- Passenger Car Use
- Freight Car Use
- Others
- Global Steel Cord Market, By Geography, 2021 - 2031 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN (Association of South East Asian Countries)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Global Steel Cord Market, By Type, 2021 - 2031 (USD Million)
- Competitive Landscape
- Company Profiles
- Bekaert
- Jiangsu Xingda Steel Cord
- ArcelorMittal
- Hyosung
- Shandong SNTON Steel Cord
- Bridgestone
- Shougang Century
- Tokusen
- Tokyo Rope MFG
- Hubei Fuxing New Material
- BMZ
- Henan Hengxing
- Junma Tyre Cord
- Sumitomo Electric Industries
- Sodetal
- Company Profiles
- Analyst Views
- Future Outlook of the Market