Steel Tire Cord Market

Global Steel Tire Cord Market Size 

The global steel tire cord market size was calculated to be USD 8.73 billion in 2025 and is anticipated to be worth USD 15.78 billion by 2034, growing from USD 9.32 billion in 2026 at a CAGR of 6.80% during the forecast period.

MARKET DRIVERS

The rapid expansion of the global automotive industry is one of the major factors prompting the demand of the market. As more vehicles are being manufactured around the world, the market demand for steel tire cords is increasing. This growth is propelled by increasing vehicle ownership, urbanization, and the need for durable and high-performance tires to meet safety and regulatory standards. As a result, Steel tire cord plays an important role in ensuring the durability and safety of tires, making them an essential component in the automotive sector and driving the market growth. 

The steel tire cord market benefits from the growing rate of tire replacements. Whether it's due to wear and tear or seasonal changes, more consumers are replacing their tires. This increased tire replacement activity fuels demand for steel tire cords, as manufacturers need a constant supply to meet consumer needs. Steel tire cord is a crucial component in creating durable and resilient tires, which aligns with the consumer's preference for long-lasting and high-quality products. This trend further strengthens the market's position and growth in the automotive and tire manufacturing sectors. 

Infrastructure and Construction Projects are the driving factors of the Steel Tire Cord Market. 

The steel tire cord market is growing due to its use in various construction and infrastructure projects, such as bridges and conveyor belts. With ongoing infrastructure development worldwide, the market demand for steel tire cords has increased. Also, It plays a vital role in reinforcing concrete structures and ensuring the strength and stability of these projects. As a result, This diversification of applications strengthens the steel tire cord market, as it becomes essential in various industries outside of automotive, aligning with the broader growth in global infrastructure and construction activities. 

MARKET RESTRAINTS

The steel tire cord market faces significant restraints due to the fluctuating costs of its primary raw material, steel wire rods. These variations in steel prices can have a significant impact on the manufacturing expenses for steel tire cords. When steel prices rise, it can lead to higher production expenses, potentially impacting the final cost of steel-reinforced tires for consumers. This cost volatility poses challenges to both manufacturers and consumers, potentially affecting the stability of the market.  

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Steel Tire Cord Market By Tire

By Tire, Radial tires are dominating the market and are estimated to showcase the highest CAGR during the forecast period. These tires are renowned for their innovative construction, featuring steel cords that run perpendicular to the direction of travel. This design offers numerous benefits, such as increased fuel efficiency, superior traction, enhanced steering control, and extended tread life. Radial tires find widespread use in passenger cars, trucks, and commercial vehicles thanks to their exceptional performance attributes. Their dominance is a result of their wide adoption, particularly in the passenger car and truck segments. 

Bias tires had a substantial share and are expected to grow at a moderate CAGR during the forecast period. These tires employ a distinct construction method with cords set at an angle to the direction of travel. Known for their durability and resistance to damage, bias tires excel in specific off-road and heavy-duty applications. Nevertheless, they typically come with lower speed ratings and exhibit reduced fuel efficiency when compared to radial tires.  

Global Steel Tire Cord Market By Material

By Material, the Steel cord segment holds the largest market share with a CAGR of 6.2% during the forecast period. They offer the necessary structural integrity to withstand the stresses encountered during tire usage. Steel cords are preferred for their capacity to elevate tire performance, extend lifespan, and bolster safety. Their market dominance arises from their unparalleled tensile strength, heat resistance, and robustness, establishing them as a vital constituent in the production of top-tier and high-performance tires. 

The nylon segment is estimated to showcase a notable CAGR during the forecast period. These cords are prized for their durability and their capacity to maintain tire shape under varying loads and conditions. Although not as robust as steel, nylon cords excel in fatigue resistance. This property is crucial for passenger vehicle tires, which regularly undergo flexing and deformation, ensuring their reliability and longevity on the road.

Global Steel Tire Cord Market By End-User

By End-User, the Heavy commercial vehicles (HCVs) segment, such as trucks and buses, hold the highest CAGR of 7% and a revenue of 2.8 billion in 2022. Steel tire cords play a crucial role in reinforcing HCV tires, providing the strength needed to support heavy payloads, improve tire lifespan, and ensure stability on the road. The constant transportation of goods and passengers worldwide sustains the consistent demand for HCV tires, establishing this sector as a noteworthy driving force in the Steel Tire Cord Market. 

The light commercial vehicles (LCVs) segment is predicted to witness a healthy CAGR during the forecast period. These versatile vehicles serve a multitude of roles, from transporting goods to carrying passengers. Steel tire cords integrated into LCV tires are essential to guarantee load-bearing capability, overall performance, and safety. With the growing requirement for efficient urban logistics and transportation services, the demand for LCV tires continues to rise, solidifying steel tire cords as the dominant choice for this segment. 

REGIONAL ANALYSIS

Asia-Pacific region is dominating the market share of 35%, primarily due to its prominent automotive industry and strong economic growth.

Countries like China and India feature large automotive markets, resulting in substantial demand for passenger cars and commercial vehicles. The region's cost-effective manufacturing and the presence of an extensive production base, especially in China, have established it as a tire production hub. This advantageous position enables Asian steel tire cord manufacturers to cater to global demand effectively.  

Following Asia Pacific, North America is leading with the dominant share of the market.  

Steel tire cords are vital in this industry to guarantee tire safety and durability. Additionally, the demand for steel cords is reinforced by the region's extensive fleet of commercial vehicles and trucks used for logistics and transportation. This combination of factors positions North America as a significant contributor to the market. 

Europe is expected to grow the fastest during the forecast period with a CAGR of 6.6% due to its robust automotive industry focused on manufacturing high-quality vehicles.

Steel tire cords are essential to meet stringent safety and performance standards imposed by European automakers. Additionally, the region's dedication to sustainability and environmental regulations has stimulated the development of eco-friendly and energy-efficient tires, further increasing the demand for steel cords. 

The Middle East and Africa region show notable growth in the Steel Tire Cord Market.

This region has seen increased automotive sales and production due to urbanization, economic growth, and infrastructure development. The construction and mining sectors, which require off-road vehicles with steel-reinforced tires, contribute to the demand for steel tire cords. As these industries continue to grow, the region's importance in the steel cord segment is on the rise. 

Latin America is expected to grow with a healthy CAGR during the forecast period.

It continues to be an essential component of the global market, particularly in the context of its automotive industry's growth and the use of steel-reinforced tires.

KEY PLAYERS IN THE GLOBAL STEEL TIRE CORD MARKET

Bekaert, Hyosung Corporation, Jiangsu Xingda Steel Cord Co., Ltd., Tokyo Rope MFG. Co., Ltd., Kolon Industries, Inc., Hubei Fuxing New Material Technology Co., Ltd., Bridgestone Corporation, Shandong SNTON Steel Cord Co., Ltd., Bharat Wire Ropes Ltd., ArcelorMittal are some of the notable companies in the global Steel Tire Cord Market.

RECENT HAPPENINGS IN THE MARKET

• In 2023, Hyosung Corporation focused on sustainability by developing eco-friendly steel cords and engaging in initiatives to reduce the environmental impact of tire production. 
• In 2023, Bekaert continued to innovate by introducing advanced steel cord technologies, focusing on improving tire performance and durability. 
• In 2023, Tokusen Kogyo expanded its product range by introducing high-strength steel tire cords to cater to the growing demand for lightweight and fuel-efficient tires. 
• In 2023, Kiswire enhanced its tire cord quality standards and production processes to meet the changing requirements of tire manufacturers. 

DETAILED SEGMENTATION OF THE GLOBAL STEEL TIRE CORD MARKET INCLUDED IN THIS REPORT

This research report on the global steel tire cord market has been segmented and sub-segmented based on type, material, end-user, and region.

By Tire

• Radial Tire 
• Biased Tire  

By Material

• Steel Cord 
• Nylon 
• Polyester 
• Rayon 
• Aramid 
• Others  

By End-User

• Aerospace 

• Passenger Car 
• LCV  
• HCV 
• Off-road Vehicles and Two-wheelers  

By Region

•  North America 
• Europe 
• Asia-pacific 
• Middle East and Africa 
• Latin America