Steel Cord Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Steel Cord Market
The steel cord market size was valued at USD 5.03 billion in 2023, and the market is now projected to grow from USD 5.30 billion in 2024 to USD 7.75 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period of 2024-2032.
It can be stated that the policy shifts and the key sector for the steel cord market, automotive industry, have been influenced by the COVID-19 pandemic. Covid-19 global supply chain, decreased production, and restricted transportation contributed to the decline in raw material demand, mainly used in automobiles and tires where steel cords are essential. ZME instructed the manufacturing plants to shut down temporarily, which caused some delays and short products. But, there is an encouraging sign as economies slowly started opening up in 2021 and with increased vehicle production and demand for tires the market started to bounce back. COVID19 gave much light and understanding where the steel cord industry had shortcomings, and that is supply chain vulnerability and lack of diversification.
The market trends that can be identified in the steel cord industry include several of the following. Automotive is one of the major segments with increasing requirements for high-performance steel cords due to the EVs’ demand and progressive tire development. High-strength low-weight materials have recently become crucial for enabling better fuel economy for extended EV batteries. The sustainability of the product is also considered important and there are examples of using environmentally friendly technologies for creating the product and recycling of products. Also, the increased use of robotics and information technology in manufacturing systems is improving productivity and controlling expenses to address new tires and industrial needs. Thus, all the above mentioned factors are contributing towards the steel cord market growth.
The market for steel cord is mainly attributed by the automotive sector especially the production of high performance car tires. In light of the fact that vehicles, and particularly EVs call for longevity and light weight for efficiency before the actual power plant is fully charged or developed, steel cords are vital in tires. Similarly, the rising structures construction and industries also raise the usage of steel cords. Further, enhancement in the tire technology, initiating the demands for fuel efficient and environment friendly cars and raising concern towards safety and durability are some of the factors which is propelling the growth of this market to different sectors.
Comprehensive Analysis Steel Cord Market
The products, which make up the steel cord market, include brass coated steel cord and zinc coated steel cord, normal tensile type, high tensile type, super tensile type and ultra tensile type. For better adhesion to rubber, cords are coated with brass; and for better corrosion resistance, it is coated with zinc. It primarily typically applies to such uses as tires and conveyor belts in which workability and performance are decisive factors. Furthermore, the above-mentioned steel cords can be used in other industries as well due to their flexibility in case of reinforcement applications which have been made more reliable and durable for their suitability in challenging conditions.
The Asia-Pacific region holds the largest share in the steel cord market because of stable growth in the automotive and manufacturing industry in regions such as China, India, and Japan. The population of the region is rapidly growing and there is an increasing car manufacturing process in this area, so the sales of high-performance tires, which are produced using steel cord technology, are growing up. Also, the availability of primary tire manufacturers and usage of tires in industrial applications has boosted the growth of the market. The steel cord industry is expected to remain dominated by Asia-Pacific countries with the continuous increasing of the demand for electric vehicles and other sustainable practices.
Key players in this sector include Sumitomo Electric Industries, Ltd. (Japan), ArcelorMittal (Luxembourg), HYOSUNG ADVANCED MATERIALS (South Korea), Henan Hengxing Science & Technology Co., Ltd. (China), Bekaert (Belgium), TOKUSEN KOGYO Co., Ltd (Japan), Forech (India), ContiTech Deutschland GmbH (Germany), Bridgestone (SHENYANG) Steelcord Co., Ltd (Japan), HL Group Ltd. (Germany)
In the year 2024, the major advancement in the steel cord market is the environmental friendly Brass Coated Steel Cords. These new cords feature a special brass-plated sustainable process in their design that also maximizes performance. This innovation particularly increases adhesion in the field of tyre production, which is very paramount to durability and safety. Also, these cords are developed with efficiency in compliance with environmental standards and regulations that are good news for manufacturers seeking eco-friendly products. This advancement not only meets the increasing consumer consciousness of the consequences associated with the use of non-ecological products but also corresponds to the tendencies of development in the automobile industry providing more sustainable and efficient technologies.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 6.1% from 2023 to 2030
Unit Value (USD million)
Segmentation By Product Type, End-User, and Region
Segmentation By Product Type
Rolling Flat Dies
Thread Rolling Cylindrical Dies
Rotary Type Thread Rolling Dies
Rack Type Rolling Dies
Trimming Dies
Round Dies
Others (Drill Point Dies)
By End-User
Automotive
White Goods
Medical
Cutlery
Consumer Electronics
General Engineering
Others (Marine)
By Region
North America (By Product Type, End-User and Country)
U.S.
Canada
Europe (By Product Type, End-User and Country)
U.K.
Germany
France
Italy
Spain
Russia
BENELUX
Nordics
Rest of Europe
Asia Pacific (By Product Type, End-User and Country)
China
India
Japan
South Korea
ASEAN
Oceania
Rest of Asia Pacific
Middle East & Africa (By Product Type, End-User and Country)
Israel
Turkey
GCC
North Africa
South Africa
Rest of Middle East & Africa
South America (By Product Type, End-User and Country)
Brazil
Argentina
Rest of South America
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