Global Steel Cord Market Growth 2025-2031
Description
The global Steel Cord market size is predicted to grow from US$ 5697 million in 2025 to US$ 7929 million in 2031; it is expected to grow at a CAGR of 5.7% from 2025 to 2031.
Steel cord is the fine steel wire strand or rope for special purposes, which are made of superior high-carbon steel and whose surface is plated with brass. Steel cord is a Freight Car Use mainly reinforcing the casting and at the same time keeping the tire flexible enough to resist shocks and to improve comfort of tires.
Global Steel Cord key manufacturers include Bekaert, Jiangsu Xingda Steel Cord, ArcelorMittal, Hyosung, Shandong SNTON Steel Cord, Bridgestone, Shougang Century, Tokusen, Tokyo Rope MFG and Hubei Fuxing New Material, etc. Global top 3 players hold a share over 50 percent in 2024.
Market Drivers:
Increasing Demand in the Automotive Industry: Steel cords are widely used in the manufacturing of tires, particularly for high-performance and heavy-duty vehicles. As the global automotive industry expands, especially in emerging markets, the demand for steel cords in tires is rising. The shift toward electric vehicles (EVs) and advancements in automotive technology also drive the need for stronger, more durable tire components.
Technological Advancements: Innovations in steel cord manufacturing processes, such as improvements in tensile strength, durability, and corrosion resistance, are boosting market growth. The introduction of advanced technologies like automation and improved raw material processing has led to cost-effective production and better-quality products.
Expanding Tire Market: The global tire market's growth, driven by rising vehicle production and the demand for replacement tires, significantly boosts the steel cord market. The increasing preference for high-performance and durable tires also contributes to the growth, as steel cords are crucial for tire reinforcement.
Market Challenges:
Fluctuating Raw Material Prices: Steel is the primary raw material used in the production of steel cords. Price fluctuations and supply chain disruptions in the steel industry can affect production costs, making it challenging for manufacturers to maintain competitive pricing. The cost variability can impact the profitability and growth of businesses in the steel cord market.
Technological Barriers to Entry: The high cost of setting up steel cord manufacturing facilities and the advanced technologies required for production can act as barriers to entry for new players. Established manufacturers with access to the latest technologies, better supply chain networks, and economies of scale dominate the market, making it challenging for newcomers to compete.
Dependency on Automotive and Tire Industry Trends: The steel cord market is closely tied to the performance of the automotive and tire industries. Any downturn in these sectors, such as a decrease in vehicle production or lower tire replacement demand, can significantly affect the steel cord market. Economic slowdowns, especially in key automotive markets, pose risks to market growth.
LP Information, Inc. (LPI) ' newest research report, the “Steel Cord Industry Forecast” looks at past sales and reviews total world Steel Cord sales in 2024, providing a comprehensive analysis by region and market sector of projected Steel Cord sales for 2025 through 2031. With Steel Cord sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Steel Cord industry.
This Insight Report provides a comprehensive analysis of the global Steel Cord landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Steel Cord portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Steel Cord market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Steel Cord and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Steel Cord.
This report presents a comprehensive overview, market shares, and growth opportunities of Steel Cord market by product type, application, key manufacturers and key regions and countries.
Segmentation by Type:
Normal Tensile (NT)
High Tensile (HT)
Super Tensile (ST)
Ultra Tensile (UT)
Segmentation by Application:
Passenger Cars
Commercial Vehicles
Engineering Vehicles
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
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
DAYE SHARES
Zenith Steel Group
KISWIRE LTD
LEI DA Group
Key Questions Addressed in this Report
What is the 10-year outlook for the global Steel Cord market?
What factors are driving Steel Cord market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Steel Cord market opportunities vary by end market size?
How does Steel Cord break out by Type, by Application?
Please note: The report will take approximately 2 business days to prepare and deliver.
Steel cord is the fine steel wire strand or rope for special purposes, which are made of superior high-carbon steel and whose surface is plated with brass. Steel cord is a Freight Car Use mainly reinforcing the casting and at the same time keeping the tire flexible enough to resist shocks and to improve comfort of tires.
Global Steel Cord key manufacturers include Bekaert, Jiangsu Xingda Steel Cord, ArcelorMittal, Hyosung, Shandong SNTON Steel Cord, Bridgestone, Shougang Century, Tokusen, Tokyo Rope MFG and Hubei Fuxing New Material, etc. Global top 3 players hold a share over 50 percent in 2024.
Market Drivers:
Increasing Demand in the Automotive Industry: Steel cords are widely used in the manufacturing of tires, particularly for high-performance and heavy-duty vehicles. As the global automotive industry expands, especially in emerging markets, the demand for steel cords in tires is rising. The shift toward electric vehicles (EVs) and advancements in automotive technology also drive the need for stronger, more durable tire components.
Technological Advancements: Innovations in steel cord manufacturing processes, such as improvements in tensile strength, durability, and corrosion resistance, are boosting market growth. The introduction of advanced technologies like automation and improved raw material processing has led to cost-effective production and better-quality products.
Expanding Tire Market: The global tire market's growth, driven by rising vehicle production and the demand for replacement tires, significantly boosts the steel cord market. The increasing preference for high-performance and durable tires also contributes to the growth, as steel cords are crucial for tire reinforcement.
Market Challenges:
Fluctuating Raw Material Prices: Steel is the primary raw material used in the production of steel cords. Price fluctuations and supply chain disruptions in the steel industry can affect production costs, making it challenging for manufacturers to maintain competitive pricing. The cost variability can impact the profitability and growth of businesses in the steel cord market.
Technological Barriers to Entry: The high cost of setting up steel cord manufacturing facilities and the advanced technologies required for production can act as barriers to entry for new players. Established manufacturers with access to the latest technologies, better supply chain networks, and economies of scale dominate the market, making it challenging for newcomers to compete.
Dependency on Automotive and Tire Industry Trends: The steel cord market is closely tied to the performance of the automotive and tire industries. Any downturn in these sectors, such as a decrease in vehicle production or lower tire replacement demand, can significantly affect the steel cord market. Economic slowdowns, especially in key automotive markets, pose risks to market growth.
LP Information, Inc. (LPI) ' newest research report, the “Steel Cord Industry Forecast” looks at past sales and reviews total world Steel Cord sales in 2024, providing a comprehensive analysis by region and market sector of projected Steel Cord sales for 2025 through 2031. With Steel Cord sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Steel Cord industry.
This Insight Report provides a comprehensive analysis of the global Steel Cord landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Steel Cord portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Steel Cord market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Steel Cord and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Steel Cord.
This report presents a comprehensive overview, market shares, and growth opportunities of Steel Cord market by product type, application, key manufacturers and key regions and countries.
Segmentation by Type:
Normal Tensile (NT)
High Tensile (HT)
Super Tensile (ST)
Ultra Tensile (UT)
Segmentation by Application:
Passenger Cars
Commercial Vehicles
Engineering Vehicles
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
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
DAYE SHARES
Zenith Steel Group
KISWIRE LTD
LEI DA Group
Key Questions Addressed in this Report
What is the 10-year outlook for the global Steel Cord market?
What factors are driving Steel Cord market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Steel Cord market opportunities vary by end market size?
How does Steel Cord break out by Type, by Application?
Please note: The report will take approximately 2 business days to prepare and deliver.
Table of Contents
132 Pages
- *This is a tentative TOC and the final deliverable is subject to change.*
- 1 Scope of the Report
- 2 Executive Summary
- 3 Global by Company
- 4 World Historic Review for Steel Cord by Geographic Region
- 5 Americas
- 6 APAC
- 7 Europe
- 8 Middle East & Africa
- 9 Market Drivers, Challenges and Trends
- 10 Manufacturing Cost Structure Analysis
- 11 Marketing, Distributors and Customer
- 12 World Forecast Review for Steel Cord by Geographic Region
- 13 Key Players Analysis
- 14 Research Findings and Conclusion
Pricing
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