Steel Tire Cord Strategic Insights: Analysis 2025 and Forecasts 2033

Key Insights

The global steel tire cord market is projected to reach a value of USD XXX million by 2033, exhibiting a CAGR of 3.2% during the forecast period (2025-2033). The market is primarily driven by the increasing demand for steel tire cords in the automotive industry, particularly in passenger cars, trucks, and off-road vehicles. The growing emphasis on fuel efficiency and reduced emissions is leading to the adoption of lightweight and high-performance tires, which require high-strength steel tire cords.

Major market trends include the rising popularity of ultra-high tensile steel tire cords, which offer superior strength and durability. Additionally, the increasing adoption of electric vehicles is driving the demand for steel tire cords with low rolling resistance, as these vehicles require tires that minimize energy loss. The market is also influenced by factors such as technological advancements, the expansion of the automotive industry in emerging economies, and government regulations promoting fuel efficiency and environmental sustainability. Key players in the market include Bekaert, Sumitomo Electric Industries, Ltd, Xingda International Holdings, Tokusen, and Formosa Taffeta Co., Ltd., among others.

Steel Tire Cord Trends

The global steel tire cord market is projected to reach USD 5.1 billion by 2025, exhibiting a CAGR of 4.5% during the forecast period. Rising demand for passenger cars coupled with increasing awareness regarding safety and fuel efficiency are major factors driving market growth.

Steel tire cords are highly tensile steel wires used in the reinforcement of radial tires. They impart strength, durability, and stability to tires, enhancing their performance and longevity. Technological advancements in steel cord manufacturing have led to the development of high-tensile and ultra-high-tensile cords, which offer improved strength-to-weight ratios and contribute to the overall performance of tires.

Driving Forces: What's Propelling the Steel Tire Cord

The growing adoption of steel tire cords is primarily attributed to their superior properties compared to other materials, such as nylon and polyester. Steel cords possess exceptional strength, dimensional stability, and heat resistance, making them ideal for use in high-performance tires.

Stringent government regulations pertaining to vehicle safety and fuel efficiency are also driving market demand. Steel tire cords help reduce rolling resistance, which in turn improves fuel efficiency and lowers carbon emissions. Additionally, the increasing popularity of electric vehicles is expected to further boost the demand for steel tire cords, as they are essential for supporting the weight and torque of electric vehicles.

Challenges and Restraints in Steel Tire Cord

Despite the positive outlook for the steel tire cord market, there are certain challenges and restraints that could hinder its growth. One of the key challenges is the high cost of production compared to other materials used in tire reinforcement. The manufacturing process of steel tire cords is complex and requires specialized equipment, which contributes to the higher cost of production.

Another challenge is the limited availability of high-quality raw materials, particularly steel. Stringent environmental regulations and the increasing cost of raw materials could pose challenges for manufacturers in maintaining a consistent supply of high-quality steel for tire cord production.

Key Region or Country & Segment to Dominate the Market

Asia-Pacific is projected to dominate the global steel tire cord market during the forecast period. The region is home to a large number of tire manufacturers and automotive OEMs, who are increasingly adopting steel tire cords to cater to the growing demand for high-performance and fuel-efficient tires. China, India, and South Korea are expected to be the key contributors to market growth in the region.

In terms of segments, the passenger car segment is likely to account for the largest share of the global steel tire cord market during the forecast period. The increasing production and sales of passenger cars, particularly in emerging markets, are driving the demand for steel tire cords. The high tensile and ultra-high-tensile cords are gaining traction in the passenger car segment, as they offer improved handling, stability, and fuel efficiency.

Growth Catalysts in Steel Tire Cord Industry

Technological advancements in the manufacturing of steel tire cords are expected to provide significant growth opportunities for market players. Continuous research and development efforts are focused on improving the strength-to-weight ratio, durability, and heat resistance of steel tire cords. These advancements are expected to enhance the performance of tires and contribute to the overall growth of the steel tire cord market.

The growing adoption of electric vehicles is another factor expected to drive market growth. Electric vehicles require tires that can support their weight and torque, and steel tire cords offer the necessary strength and stability. The increasing production and sales of electric vehicles are expected to create a high demand for steel tire cords in the coming years.

Leading Players in the Steel Tire Cord

• Bekaert
• Sumitomo Electric Industries, Ltd
• Xingda International Holdings
• Tokusen
• Formosa Taffeta Co., Ltd.
• Kolon Industries, Inc
• SRF Ltd
• Kordsa Global
• Saarstahl
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Significant Developments in Steel Tire Cord Sector

• In 2020, Bekaert launched a new generation of high-tensile steel tire cords called CarboMax. CarboMax cords offer enhanced strength and durability, reducing the weight of tires and improving fuel efficiency.
• In 2021, Sumitomo Electric Industries developed a new ultra-high-tensile steel tire cord with a strength of 3,700 MPa. The new cord is designed to further improve the performance and safety of tires.
• In 2022, Xingda International Holdings announced plans to invest in a new steel tire cord production line in China. The new line is expected to increase the company's production capacity by 50%.

Comprehensive Coverage Steel Tire Cord Report

This comprehensive report on the steel tire cord market provides a detailed analysis of market dynamics, key trends, drivers, restraints, and challenges. It also offers insights into market size, segmentation, and regional analysis. The report is a valuable resource for market participants, including manufacturers, suppliers, distributors, and end-users, as it provides a comprehensive understanding of the market landscape and helps them make informed decisions.

Steel Tire Cord Segmentation

• 1. Type
  • 1.1. Overview: Global Steel Tire Cord Consumption Value
  • 1.2. Normal Tensile Cord
  • 1.3. High Tensile Cord
  • 1.4. Ultra High Tensile Cord
• 2. Application
  • 2.1. Overview: Global Steel Tire Cord Consumption Value
  • 2.2. Passenger Car
  • 2.3. Truck
  • 2.4. Off Road Vehicle
  • 2.5. Others

Steel Tire Cord Segmentation By Geography

• 1. North America
  • 1.1. United States
  • 1.2. Canada
  • 1.3. Mexico
• 2. South America
  • 2.1. Brazil
  • 2.2. Argentina
  • 2.3. Rest of South America
• 3. Europe
  • 3.1. United Kingdom
  • 3.2. Germany
  • 3.3. France
  • 3.4. Italy
  • 3.5. Spain
  • 3.6. Russia
  • 3.7. Benelux
  • 3.8. Nordics
  • 3.9. Rest of Europe
• 4. Middle East & Africa
  • 4.1. Turkey
  • 4.2. Israel
  • 4.3. GCC
  • 4.4. North Africa
  • 4.5. South Africa
  • 4.6. Rest of Middle East & Africa
• 5. Asia Pacific
  • 5.1. China
  • 5.2. India
  • 5.3. Japan
  • 5.4. South Korea
  • 5.5. ASEAN
  • 5.6. Oceania
  • 5.7. Rest of Asia Pacific