The Steel Cord Market Size was estimated at 4.09 (USD Billion) in 2022.The Steel Cord Industry is expected to grow from 4.23(USD Billion) in 2023 to 5.7 (USD Billion) by 2032. The Steel Cord Market CAGR (growth rate) is expected to be around 3.38% during the forecast period (2024 - 2032).
Key Steel Cord Market Trends Highlighted
Significant growth is being recorded in the Steel Cord Market owing to the expansion of the end use industry automotive, in which steel corded radial tires (SBR) are in great demand. This is mainly due to the increasing trend of electric and hybrid vehicles, which need specialized tires. On top of this, there is a growing adoption of safety and environmental compliance regulations, further boosting the usage of SBR tires; hence, there is a growing demand for steel cords.
The industry is also shifting towards a higher number of wires per strand to meet the increasing loads and speed requirements of modern vehicles. Product manufacturers are also heading towards more R&D for innovative steel cord products with higher achievements like fatigue resistance, corrosion resistance, and low hysteresis, among others.
Another notable trend is the development of tire recycling and remanufacturing technology. These technologies are increasingly being adopted due to the rising environmental awareness and the need for sustainable development, making way for the new use of steel cords embedded in worn-out tires. Lastly, the expansion of the automotive industry in developing economies, particularly in Asia and Latin America, is likely to positively impact the market growth of steel cords in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Cord Market Drivers
Increasing Demand for Tire Reinforcement
Steel cords are primarily used in the reinforcement of tires, providing strength, durability, and stability to the tire structure. The growing automotive industry and the increasing popularity of radial tires, which require steel cords for their construction, are major drivers of the Steel Cord Market. As the demand for vehicles rises, the need for tires and, subsequently, steel cords is expected to surge. Furthermore, the increasing production of high-performance tires for sports cars, racing vehicles, and heavy-duty trucks further contributes to market growth, as these tires require specialized steel cords with exceptional strength and durability.The increasing demand for tire reinforcement is a significant factor driving the growth of the Steel Cord Market.
Growing Infrastructure Development
Steel cords are also used in various infrastructure applications, including bridges, buildings, and industrial structures. The increasing urbanization and infrastructure development worldwide present significant opportunities for the steel cord market. Steel cords offer a high strength-to-weight ratio, corrosion resistance, and durability, making them an ideal choice for use in infrastructure projects. The growing demand for steel cords in the construction industry is expected to contribute to the overall market growth.
Advancements in Steel Cord Manufacturing Technology
Technological advancements in steel cord manufacturing have led to improved production efficiency and enhanced product quality. The development of new alloys and coatings has resulted in steel cords with higher strength, flexibility, and corrosion resistance. These advancements enable manufacturers to meet the evolving demands of the automotive and infrastructure industries, driving the growth of the Steel Cord Market.
Steel Cord Market Segment Insights
Steel Cord Market Application Insights
The market is segmented by application into tires and non-tire applications. Tires accounted for the largest share of the Steel Cord Market in 2023, and this trend is expected to continue over the forecast period. The growth of the tire segment is driven by the increasing demand for automobiles, particularly in emerging markets. Steel cords are used in tires to reinforce the structure and improve durability, making them essential for the safety and performance of vehicles. Non-Tire Applications Non-tire applications include a wide range of industrial and consumer products, such as conveyor belts, hoses, and ropes.The non-tire segment is expected to grow at a faster rate than the tire segment over the forecast period due to the increasing use of steel cords in these applications. Steel cords provide strength, durability, and flexibility, making them ideal for use in a variety of industrial settings. Overall, the Steel Cord Market is expected to grow at a steady pace over the forecast period, driven by the increasing demand for steel cords in both tire and non-tire applications. The market is expected to be influenced by factors such as the growing automotive industry, the increasing use of steel cords in industrial applications, and the development of new technologies.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Cord Market Steel Type Insights
The Steel Type segment of the Steel Cord Market is bifurcated into High Carbon Steel and Low Carbon Steel. High Carbon Steel held the largest market share in 2023, owing to its superior strength and durability. It is commonly used in the production of radial tires for passenger vehicles, as it offers excellent resistance to wear and tear. Low Carbon Steel, on the other hand, is gaining traction in the market due to its cost-effectiveness and improved weldability. Its increasing adoption in the production of bias tires for commercial vehicles is expected to drive segment growth in the coming years.The Steel Cord Market for High Carbon Steel is projected to reach a valuation of USD 2.35 billion by 2024, while the Low Carbon Steel segment is estimated to reach USD 2.12 billion by the same year.
Steel Cord Market Construction Insights
The construction segment held a significant share of the Steel Cord Market revenue in 2023 and is projected to maintain its dominance throughout the forecast period. The increasing demand for steel cords in the construction industry can be attributed to their high strength, durability, and ability to withstand harsh environmental conditions. Steel cords are primarily used in the reinforcement of concrete structures, such as bridges, buildings, and roads, as they enhance the tensile strength and prevent cracking. Additionally, the growing emphasis on sustainable construction practices is driving the demand for steel cords, as they are recyclable and offer a longer lifespan compared to traditional materials.The market for steel cords in the construction segment is further segmented into single steel cords, multi steel cords, and hybrid steel cords, each with its own unique properties and applications.
Steel Cord Market Coating Insights
The Steel Cord Market is segmented into Coating, which includes Brass-Plated Steel Cords, Uncoated Steel Cords, and Other Coatings. The Brass-Plated Steel Cords segment is expected to hold the largest market share in 2024, owing to its superior corrosion resistance and electrical conductivity, making it suitable for use in harsh environments and electrical applications. Uncoated Steel Cords are expected to witness a steady growth rate due to their lower cost compared to Brass-Plated Steel Cords and their suitability for general-purpose applications.Other Coatings, such as zinc-plated and epoxy-coated steel cords, are expected to gain traction in the market due to their unique properties and ability to meet specific application requirements. The increasing demand for steel cords in the automotive and construction industries is driving the growth of the Coating segment, with a projected market revenue of USD 1.23 billion by 2024.
Steel Cord Market Regional Insights
The Steel Cord Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional market, accounting for over 35% of the global revenue in 2023. The region has a well-established automotive industry, which is a major consumer of steel cord. Europe is the second-largest regional market, with a share of over 25% of the global revenue in 2023. The region is home to several major steel cord manufacturers, such as Bekaert and Bridon. APAC is the fastest-growing regional market, with a CAGR of over 5% from 2024 to 2032.The growth in the region is driven by the increasing demand for steel cord from the automotive and construction industries. South America and MEA are relatively smaller regional markets, but they are expected to witness steady growth in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Cord Market Key Players and Competitive Insights
Major players in the Steel Cord Market industry are continuously indulging in research and development activities to provide advanced products to consumers, which is expected to drive the Steel Cord Market development. Strategic partnerships, mergers, and acquisitions have become prominent strategies adopted by the Leading Steel Cord Market players to gain a competitive advantage and expand their market presence. The Steel Cord Market Competitive Landscape is highly fragmented, with the presence of several regional and international players.Bekaert, a leading company in the Steel Cord Market, offers an extensive range of steel cords engineered for use in various heavy-duty applications. The organization focuses on providing specialized solutions and value-added services, including technical assistance, to cater to the specific needs of its customers. Bekaert's global presence and commitment to innovation have contributed to its position as a prominent supplier to key industries such as tires, automotive, and construction.Another prominent player in the Steel Cord Market is Bridgestone, which is renowned for its steel cord products for tire reinforcement. The company invests heavily in research and development to optimize the performance of its cords, resulting in improved tire durability, safety, and fuel efficiency. Bridgestone's commitment to sustainability has led to the development of eco-friendly steel cords, contributing to the company's leadership position in the tire industry.
Key Companies in the Steel Cord Market Include
Steel Cord Market Industry Developments
The Steel Cord Market is projected to grow from USD 4.23 billion in 2023 to USD 5.7 billion by 2032, exhibiting a CAGR of 3.38% during the forecast period. This growth is attributed to the increasing demand for steel cord in the automotive industry, particularly in the production of radial tires for passenger cars and light commercial vehicles. The Asia-Pacific region is expected to dominate the market due to the presence of major automotive manufacturers and the growing demand for vehicles in the region. Key industry participants include Bekaert, Bridgestone, and Kobe Steel. Recent developments in the market include the launch of new steel cord products with improved strength and durability, as well as the adoption of advanced manufacturing technologies to enhance production efficiency.
Steel Cord Market Segmentation Insights
Steel Cord Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 4.09(USD Billion) |
| Market Size 2023 | 4.23(USD Billion) |
| Market Size 2032 | 5.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.38% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Bekaert, Bridgestone, Michelin, Yokohama Rubber Company, Teijin, Goodyear Tire and Rubber Company, Pirelli, Continental, Trelleborg, Hexcel, Asahi Kasei, Toray Industries, Kolon Industries, Hyosung, Sumitomo Electric Industries |
| Segments Covered | Application, Steel Type, Construction, Coating, Regional |
| Key Market Opportunities | ·      Growing automotive industry ·      Increasing demand for radial tires ·      Rising infrastructure investments ·      Technological advancements ·      Expanding applications in construction and mining |
| Key Market Dynamics | Surging urbanization, growing auto industry, rising infrastructure spending, increasing demand from emerging economies, technological advancements |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Steel Cord Market is expected to reach 4.23 Billion USD in 2023.
The Steel Cord Market is expected to grow at a CAGR of 3.38% from 2024 to 2032.
North America is expected to account for the largest market share in the Steel Cord Market in 2023.
Steel Cord is primarily used in the manufacturing of radial tires for passenger cars, light trucks, and heavy-duty trucks.
Key competitors in the Steel Cord Market include Bekaert, Bridgestone, Kobe Steel, and Sumitomo Metal Industries.
Major growth drivers for the Steel Cord Market include the increasing demand for radial tires and the growing automotive industry.
Challenges faced by the Steel Cord Market include rising raw material costs and intense competition.
The Steel Cord Market is expected to reach 5.7 Billion USD by 2032.
Asia-Pacific is expected to have the highest growth rate in the Steel Cord Market from 2024 to 2032.
Key trends shaping the Steel Cord Market include the increasing adoption of electric vehicles and the growing demand for high-performance tires.
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