Steel Cord Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

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

Please Note: It will take 5-6 business days to complete the report upon order confirmation.


1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Regions
4.2. Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
4.3. Latest Technological Advancement
4.4. Insights on Regulatory Scenario
4.5. Porters Five Forces Analysis
5. Qualitative Insights on Impact of COVID-19 on Global Steel Cord Market
5.1. Supply Chain Analysis & Challenges due to Covid-19
5.2. Steps taken by Government / Companies to Overcome this Impact
5.3. Potential Challenges and Opportunities due to COVID-19 Outbreak
6. Global Steel Cord Market Analysis, Insights and Forecast, 2017-2030
6.1. Key Findings / Summary
6.2. By Product (Value and Volume)
6.2.1. Brass Coated
6.2.2. Zinc Coated
6.2.3. Others
6.3. By Type (Value and Volume)
6.3.1. Normal Tensile
6.3.2. High Tensile
6.3.3. Super Tensile
6.3.4. Ultra Tensile
6.3.5. Others
6.4. By Application (Value and Volume)
6.4.1. Tires
6.4.2. Conveyer Belts
6.4.3. Others
6.5. By Region (Value and Volume)
6.5.1. North America
6.5.2. Europe
6.5.3. Asia Pacific
6.5.4. Latin America
6.5.5. Middle East & Africa
7. North America Steel Cord Market Analysis, Insights and Forecast, 2017-2030
7.1. Key Findings / Summary
7.2. By Product (Value and Volume)
7.2.1. Brass Coated
7.2.2. Zinc Coated
7.2.3. Others
7.3. By Type (Value and Volume)
7.3.1. Normal Tensile
7.3.2. High Tensile
7.3.3. Super Tensile
7.3.4. Ultra Tensile
7.3.5. Others
7.4. By Application (Value and Volume)
7.4.1. Tires
7.4.2. Conveyer Belts
7.4.3. Others
7.5. By Country (Value and Volume)
7.5.1. U.S
7.5.1.1. By Application (Value and Volume)
7.5.1.1.1. Tires
7.5.1.1.2. Conveyer Belts
7.5.1.1.3. Others
7.5.2. Canada
7.5.2.1. By Application (Value and Volume)
7.5.2.1.1. Tires
7.5.2.1.2. Conveyer Belts
7.5.2.1.3. Others
8. Europe Steel Cord Market Analysis, Insights and Forecast, 2017-2030
8.1. Key Findings / Summary
8.2. By Product (Value and Volume)
8.2.1. Brass Coated
8.2.2. Zinc Coated
8.2.3. Others
8.3. By Type (Value and Volume)
8.3.1. Normal Tensile
8.3.2. High Tensile
8.3.3. Super Tensile
8.3.4. Ultra Tensile
8.3.5. Others
8.4. By Application (Value and Volume)
8.4.1. Tires
8.4.2. Conveyer Belts
8.4.3. Others
8.5. By Country (Value and Volume)
8.5.1. Germany
8.5.1.1. By Application (Value and Volume)
8.5.1.1.1. Tires
8.5.1.1.2. Conveyer Belts
8.5.1.1.3. Others
8.5.2. U.K.
8.5.2.1. By Application (Value and Volume)
8.5.2.1.1. Tires
8.5.2.1.2. Conveyer Belts
8.5.2.1.3. Others
8.5.3. France
8.5.3.1. By Application (Value and Volume)
8.5.3.1.1. Tires
8.5.3.1.2. Conveyer Belts
8.5.3.1.3. Others
8.5.4. Italy
8.5.4.1. By Application (Value and Volume)
8.5.4.1.1. Tires
8.5.4.1.2. Conveyer Belts
8.5.4.1.3. Others
8.5.5. Rest of Europe
8.5.5.1. By Application (Value and Volume)
8.5.5.1.1. Tires
8.5.5.1.2. Conveyer Belts
8.5.5.1.3. Others
9. Asia-Pacific Steel Cord Market Analysis, Insights and Forecast, 2017-2030
9.1. Key Findings / Summary
9.2. By Product (Value and Volume)
9.2.1. Brass Coated
9.2.2. Zinc Coated
9.2.3. Others
9.3. By Type (Value and Volume)
9.3.1. Normal Tensile
9.3.2. High Tensile
9.3.3. Super Tensile
9.3.4. Ultra Tensile
9.3.5. Others
9.4. By Application (Value and Volume)
9.4.1. Tires
9.4.2. Conveyer Belts
9.4.3. Others
9.5. By Country (Value and Volume)
9.5.1. China
9.5.1.1. By Application (Value and Volume)
9.5.1.1.1. Tires
9.5.1.1.2. Conveyer Belts
9.5.1.1.3. Others
9.5.2. India
9.5.2.1. By Application (Value and Volume)
9.5.2.1.1. Tires
9.5.2.1.2. Conveyer Belts
9.5.2.1.3. Others
9.5.3. Japan
9.5.3.1. By Application (Value and Volume)
9.5.3.1.1. Tires
9.5.3.1.2. Conveyer Belts
9.5.3.1.3. Others
9.5.4. South Korea
9.5.4.1. By Application (Value and Volume)
9.5.4.1.1. Tires
9.5.4.1.2. Conveyer Belts
9.5.4.1.3. Others
9.5.5. Rest of Asia Pacific
9.5.5.1. By Application (Value and Volume)
9.5.5.1.1. Tires
9.5.5.1.2. Conveyer Belts
9.5.5.1.3. Others
10. Latin America Steel Cord Market Analysis, Insights and Forecast, 2017-2030
10.1. Key Findings / Summary
10.2. By Product (Value and Volume)
10.2.1. Brass Coated
10.2.2. Zinc Coated
10.2.3. Others
10.3. By Type (Value and Volume)
10.3.1. Normal Tensile
10.3.2. High Tensile
10.3.3. Super Tensile
10.3.4. Ultra Tensile
10.3.5. Others
10.4. By Application (Value and Volume)
10.4.1. Tires
10.4.2. Conveyer Belts
10.4.3. Others
10.5. By Country (Value and Volume)
10.5.1. Brazil
10.5.1.1. By Application (Value and Volume)
10.5.1.1.1. Tires
10.5.1.1.2. Conveyer Belts
10.5.1.1.3. Others
10.5.2. Mexico
10.5.2.1. By Application (Value and Volume)
10.5.2.1.1. Tires
10.5.2.1.2. Conveyer Belts
10.5.2.1.3. Others
10.5.3. Rest of Latin America
10.5.3.1. By Application (Value and Volume)
10.5.3.1.1. Tires
10.5.3.1.2. Conveyer Belts
10.5.3.1.3. Others
11. Middle East & Africa Steel Cord Market Analysis, Insights and Forecast, 2017-2030
11.1. Key Findings / Summary
11.2. By Product (Value and Volume)
11.2.1. Brass Coated
11.2.2. Zinc Coated
11.2.3. Others
11.3. By Type (Value and Volume)
11.3.1. Normal Tensile
11.3.2. High Tensile
11.3.3. Super Tensile
11.3.4. Ultra Tensile
11.3.5. Others
11.4. By Application (Value and Volume)
11.4.1. Tires
11.4.2. Conveyer Belts
11.4.3. Others
11.5. By Country (Value and Volume)
11.5.1. GCC
11.5.1.1. By Application (Value and Volume)
11.5.1.1.1. Tires
11.5.1.1.2. Conveyer Belts
11.5.1.1.3. Others
11.5.2. South Africa
11.5.2.1. By Application (Value and Volume)
11.5.2.1.1. Tires
11.5.2.1.2. Conveyer Belts
11.5.2.1.3. Others
11.5.3. Rest of Middle East & Africa
11.5.3.1. By Application (Value and Volume)
11.5.3.1.1. Tires
11.5.3.1.2. Conveyer Belts
11.5.3.1.3. Others
12. Competitive Landscape
12.1. Company Profiles
12.1.1. Sumitomo Electric Industries, Ltd.
12.1.1.1. Overview
12.1.1.2. Description
12.1.1.3. Product Portfolio
12.1.1.4. Financials (Data as available in public domain and/or on paid databases)
12.1.1.5. Recent Developments
12.1.2. ArcelorMittal
12.1.2.1. Overview
12.1.2.2. Description
12.1.2.3. Product Portfolio
12.1.2.4. Financials (Data as available in public domain and/or on paid databases)
12.1.2.5. Recent Developments
12.1.3. HYOSUNG ADVANCED MATERIALS.
12.1.3.1. Overview
12.1.3.2. Description
12.1.3.3. Product Portfolio
12.1.3.4. Financials (Data as available in public domain and/or on paid databases)
12.1.3.5. Recent Developments
12.1.4. Henan Hengxing Sciecnce & Technology Co., Ltd.
12.1.4.1. Overview
12.1.4.2. Description
12.1.4.3. Product Portfolio
12.1.4.4. Financials (Data as available in public domain and/or on paid databases)
12.1.4.5. Recent Developments
12.1.5. Bekaert
12.1.5.1. Overview
12.1.5.2. Description
12.1.5.3. Product Portfolio
12.1.5.4. Financials (Data as available in public domain and/or on paid databases)
12.1.5.5. Recent Developments
12.1.6. TOKUSEN KOGYO Co.,ltd
12.1.6.1. Overview
12.1.6.2. Description
12.1.6.3. Product Portfolio
12.1.6.4. Financials (Data as available in public domain and/or on paid databases)
12.1.6.5. Recent Developments
12.1.7. Forech
12.1.7.1. Overview
12.1.7.2. Description
12.1.7.3. Product Portfolio
12.1.7.4. Financials (Data as available in public domain and/or on paid databases)
12.1.7.5. Recent Developments
12.1.8. ContiTech Deutschland GmbH
12.1.8.1. Overview
12.1.8.2. Description
12.1.8.3. Product Portfolio
12.1.8.4. Financials (Data as available in public domain and/or on paid databases)
12.1.8.5. Recent Developments
12.1.9. Bridgestone (SHENYANG) Steelcord Co., Ltd
12.1.9.1. Overview
12.1.9.2. Description
12.1.9.3. Product Portfolio
12.1.9.4. Financials (Data as available in public domain and/or on paid databases)
12.1.9.5. Recent Developments
12.1.10. HL Group Ltd.
12.1.10.1. Overview
12.1.10.2. Description
12.1.10.3. Product Portfolio
12.1.10.4. Financials (Data as available in public domain and/or on paid databases)
12.1.10.5. Recent Developments
13. Strategic Recommendations

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook
Cookie Settings