The global Steel Tire Cord Market size was valued at USD 3.2 Billion in 2022 and is anticipated to reach USD 5.0 Billion by 2032 with a CAGR of 4.6% from 2023 to 2032.

The steel tire cord market is a crucial segment of the global tire industry. Steel tire cords are made of high-strength steel wires that are twisted and braided into a cord to provide superior strength and durability to tires. These cords are used in radial tires, which are commonly used in passenger cars, trucks, buses, and aircraft. The steel tire cord market is driven by the growth of the automotive industry and the increasing demand for high-performance tires. The market is also influenced by the growing trend of using lightweight and fuel-efficient vehicles, which requires high-quality tires that can withstand harsh conditions.

Steel Tire Cord Market Trends:

·         Growing Demand for Lightweight and Fuel-Efficient Vehicles: The increasing demand for lightweight and fuel-efficient vehicles is driving the demand for high-performance tires, which require high-quality steel tire cords.

·         Advancements in Tire Technology: The tire industry is constantly evolving with advancements in tire technology, which is driving the demand for high-quality steel tire cords that can provide superior performance and durability.

·         Increasing Demand for Radial Tires: The demand for radial tires is growing globally, which is driving the demand for high-quality steel tire cords.

Steel Tire Cord Market Dynamics:

·         Shift towards Environmentally-Friendly Tires: The tire industry is shifting towards environmentally-friendly tires, which require high-quality steel tire cords that can provide superior performance and durability.

·         Rising Demand from Developing Economies: The increasing demand for vehicles in developing economies is driving the demand for high-quality tires, which require high-quality steel tire cords.

·         Growing Investment in R&D Activities: The tire industry is investing heavily in research and development activities to develop new and innovative tire technologies, which is driving the demand for high-quality steel tire cords.

·         Increasing Demand for High-Performance Tires: The increasing demand for high-performance tires is driving the demand for high-quality steel tire cords that can provide superior strength and durability.

Growth Slowing Factors with Description:

·         Decline in Automobile Sales: The steel tire cord market is dependent on the growth of the automotive industry, and a decline in automobile sales can lead to a decrease in demand for steel tire cords.

·         Environmental Concerns: The tire industry is subject to increasing environmental concerns, which is driving the shift towards environmentally-friendly tires. This can impact the demand for steel tire cords.

·         Increase in the use of electric vehicles: The increasing use of electric vehicles, which require different types of tires compared to traditional internal combustion engine vehicles, can impact the demand for steel tire cords.

·         Availability of Substitute Products: The availability of substitute products, such as synthetic tire cords, can impact the demand for steel tire cords.

·         Trade Wars and Tariffs: Trade wars and tariffs can impact the global supply chain, affecting the availability of raw materials and finished products, which can impact the steel tire cord market.

·         Economic Downturns: Economic downturns can lead to a decrease in consumer spending on vehicles, which can impact the demand for steel tire cords.

·         Shorter Lifespan of Tires: The increasing use of low-cost tires with a shorter lifespan can impact the demand for high-quality steel tire cords that can provide superior strength and durability.

Steel Tire Cord Market Segmentation Overview:

The market for tire cord fabric can be segmented based on two primary factors: type and application.

Steel Tire Cord Market By Type:

·         Brass Coated

·         Zinc Coated

·         Copper Coated

·         Others

Steel Tire Cord Market By Application:

·         Passenger Vehicle Tires

·         Commercial Vehicle Tires

·         Two Wheeler Tires

·         Aircraft Tires

·         Industrial Tires

Market Regional Overview:

North America is expected to hold a significant share of the global steel tire cord market, driven by the growth of the automotive industry and the increasing demand for high-quality tires. Europe is also expected to be a significant market for steel tire cords, driven by the presence of several automobile manufacturers and the shift towards environmentally-friendly tires. The Asia Pacific region is expected to be the fastest-growing market for steel tire cords, driven by the increasing demand for vehicles in developing economies and the shift towards high-performance tires. Latin America and the Middle East and Africa regions are expected to witness steady growth in the steel tire cord market, driven by the growth of the automotive industry and the increasing demand for high-quality tires.

List of Steel Tire Cord Market Leading Companies:

Bekaert Corporation, Hyosung Corporation, Tokusen USA Inc., Kiswire Ltd., Jiangsu Xingda Steel Tyre Cord Co. Ltd., ArcelorMittal, Shandong Daye Co. Ltd., Nippon Steel Corporation, Hunan Xiangjiang New Material Co. Ltd., Henan Hengxing Science & Technology Co. Ltd., Voestalpine AG, Shanghai Baosteel Chemical Co. Ltd., Bridgestone Corporation, Michelin and Continental AG.

Steel Tire Cord Market Regions