Global Steel Cord Market Size, Share, Analysis Report - Forecast 2032

Steel Cord Market Insights

A latest report by Market Research Store estimates that the Global Steel Cord Market was valued at USD 6.8 Billion in 2023 and is expected to reach USD 10.5 Billion by 2032, with a CAGR of 5% during the forecast period 2024-2032. The report Steel Cord Market overview, growth factors, restraints, opportunities, segmentation, key developments, competitive landscape, consumer insights, and market growth forecast in terms of value or volume. These structured details offer an all-inclusive market overview, providing valuable insights for investment decisions, business decisions, strategic planning, and competitive analysis.

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Steel Cord Market: Overview

The growth of the steel cord market is fueled by rising global demand across various industries and applications. The report highlights lucrative opportunities, analyzing cost structures, key segments, emerging trends, regional dynamics, and advancements by leading players to provide comprehensive market insights. The steel cord market report offers a detailed industry analysis from 2024 to 2032, combining quantitative and qualitative insights. It examines key factors such as pricing, market penetration, GDP impact, industry dynamics, major players, consumer behavior, and socio-economic conditions. Structured into multiple sections, the report provides a comprehensive perspective on the market from all angles.

Key sections of the steel cord market report include market segments, outlook, competitive landscape, and company profiles. Market Segments offer in-depth details based on Product, Type, Application, and other relevant classifications to support strategic marketing initiatives. Market Outlook thoroughly analyzes market trends, growth drivers, restraints, opportunities, challenges, Porter’s Five Forces framework, macroeconomic factors, value chain analysis, and pricing trends shaping the market now and in the future. The Competitive Landscape and Company Profiles section highlights major players, their strategies, and market positioning to guide investment and business decisions. The report also identifies innovation trends, new business opportunities, and investment prospects for the forecast period.

Key Highlights:

• As per the analysis shared by our research analyst, the global steel cord market is estimated to grow annually at a CAGR of around 5% over the forecast period (2024-2032).
• In terms of revenue, the global steel cord market size was valued at around USD 6.8 Billion in 2023 and is projected to reach USD 10.5 Billion by 2032.
• The market is projected to grow at a significant rate due to increasing demand for high-performance tires in the automotive industry, growing infrastructure development, rising adoption in industrial belting applications, and advancements in steel cord manufacturing technology.
• Based on the Product, the Brass Coated segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• On the basis of Type, the Normal Tensile segment is anticipated to command the largest market share.
• In terms of Application, the Tires segment is projected to lead the global market.
• Based on region, Asia-Pacific is projected to dominate the global market during the forecast period.

Steel Cord Market: Report Scope

This report thoroughly analyzes the steel cord market, exploring its historical trends, current state, and future projections. The market estimates presented result from a robust research methodology, incorporating primary research, secondary sources, and expert opinions. These estimates are influenced by the prevailing market dynamics as well as key economic, social, and political factors. Furthermore, the report considers the impact of regulations, government expenditures, and advancements in research and development on the market. Both positive and negative shifts are evaluated to ensure a comprehensive and accurate market outlook.

Steel Cord Market: Dynamics

Key Growth Drivers

The steel cord market is primarily driven by the expanding automotive industry, especially the increasing production of passenger and commercial vehicles globally. The rising demand for radial tires, which utilize steel cords for reinforcement to enhance strength, durability, and stability, is a significant factor. Furthermore, the growing trend towards electric and hybrid vehicles, which often require specialized tires with steel cord reinforcement, is also boosting market growth. The increasing emphasis on safety and stringent environmental regulations that favor the use of steel-belted radial tires further contributes to the demand for steel cords. Additionally, infrastructure development worldwide is increasing the demand for heavy machinery and conveyor belts, both of which rely on steel cords for reinforcement.

Restraints

Fluctuations in the prices of raw materials, particularly steel, pose a significant restraint on the steel cord market. The volatility in steel prices can impact the production costs for steel cord manufacturers, making it challenging to maintain stable pricing and profitability. The availability of substitute materials, such as synthetic fibers and hybrid ropes, also presents a challenge. While steel cords offer superior strength and durability in many applications, the development and increasing adoption of alternative materials, especially in specific applications where weight reduction or other properties are prioritized, could limit the growth of the steel cord market.

Opportunities

The increasing investments in electric vehicles (EVs) and the growing research and development activities in coating technologies for steel tire cords present significant opportunities for market growth. EVs often require tires with specific performance characteristics, including low rolling resistance and high load-bearing capacity, which can be enhanced by advanced steel cord designs and coatings. The rising demand for sustainable tires, driven by environmental concerns, also creates opportunities for developing eco-friendly steel cord manufacturing processes and utilizing recycled steel. Furthermore, the expansion of the construction and mining sectors in developing economies necessitates robust and durable materials like steel cord reinforced conveyor belts and heavy equipment tires, offering substantial growth potential.

Challenges

The steel cord market faces challenges related to the high capital investment required for setting up manufacturing facilities and the complex production processes that demand specialized machinery and skilled labor. This can create barriers for new entrants and intensify competition among existing players. Maintaining a consistent and uninterrupted supply chain for raw materials and ensuring efficient production capacities post-disruptions, such as pandemics or geopolitical events, also pose significant challenges. Moreover, the market is highly competitive and price-sensitive, requiring manufacturers to continuously innovate in terms of product quality and cost-effectiveness to maintain their market position. Adhering to increasingly stringent environmental regulations related to steel production and waste management adds another layer of complexity and cost to the manufacturing process.

Steel Cord Market: Segmentation Insights

The global steel cord market is segmented based on Product, Type, Application, and Region. All the segments of the steel cord market have been analyzed based on present & future trends and the market is estimated from 2024 to 2032.

Based on Product, the global steel cord market is divided into Brass Coated, Zinc Coated, Others.

On the basis of Type, the global steel cord market is bifurcated into Normal Tensile, High Tensile, Super Tensile, Ultra Tensile, Others.

In terms of Application, the global steel cord market is categorized into Tires, Conveyor Belts, Others.

Steel Cord Market: Regional Insights

The Asia-Pacific (APAC) region dominates the global steel cord market, accounting for the largest share due to rapid industrialization, expanding automotive and construction sectors, and strong demand from tire manufacturing. Countries like China, India, and Japan are key contributors, with China leading as the world's largest producer and consumer of steel cords, driven by its massive automotive and infrastructure growth. According to recent industry reports, APAC held over 50% of the global steel cord market share in 2023, with projections indicating sustained growth due to increasing tire production and infrastructure investments.

North America and Europe follow, supported by advanced manufacturing and high demand for high-performance tires, but APAC's cost advantages and booming end-use industries solidify its dominance. The region's growth is further fueled by rising vehicle production and government initiatives promoting industrial and transportation infrastructure.

Steel Cord Market: Competitive Landscape

The steel cord market report offers a thorough analysis of both established and emerging players within the market. It includes a detailed list of key companies, categorized based on the types of products they offer and other relevant factors. The report also highlights the market entry year for each player, providing further context for the research analysis.

The "Global Steel Cord Market" study offers valuable insights, focusing on the global market landscape, with an emphasis on major industry players such as;

• 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)

The Global Steel Cord Market is Segmented as Follows:

By Product

• Brass Coated
• Zinc Coated
• Others

By Type

• Normal Tensile
• High Tensile
• Super Tensile
• Ultra Tensile
• Others

By Application

• Tires
• Conveyor Belts
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Market Evolution

This section evaluates the market position of the product or service by examining its development pathway and competitive dynamics. It provides a detailed overview of the product's growth stages, including the early (historical) phase, the mid-stage, and anticipated future advancements influenced by innovation and emerging technologies.

Porter’s Analysis

Porter’s Five Forces framework offers a strategic lens for assessing competitor behavior and the positioning of key players in the steel cord industry. This section explores the external factors shaping competitive dynamics and influencing market strategies in the years ahead. The analysis focuses on five critical forces:

• Competitive Rivalry
• Threat of New Entrants
• Threat of Substitutes
• Supplier Bargaining Power
• Buyer Bargaining Power

Value Chain & Market Attractiveness Analysis

The value chain analysis helps businesses optimize operations by mapping the product flow from suppliers to end consumers, identifying opportunities to streamline processes and gain a competitive edge. Segment-wise market attractiveness analysis evaluates key dimensions like product categories, demographics, and regions, assessing growth potential, market size, and profitability. This enables businesses to focus resources on high-potential segments for better ROI and long-term value.

PESTEL Analysis

PESTEL analysis is a powerful tool in market research reports that enhances market understanding by systematically examining the external macro-environmental factors influencing a business or industry. The acronym stands for Political, Economic, Social, Technological, Environmental, and Legal factors. By evaluating these dimensions, PESTEL analysis provides a comprehensive overview of the broader context within which a market operates, helping businesses identify potential opportunities and threats.

• Political factors assess government policies, stability, trade regulations, and political risks that could impact market operations.
• Economic factors examine variables like inflation, exchange rates, economic growth, and consumer spending power to determine market viability.
• Social factors explore cultural trends, demographics, and lifestyle changes that shape consumer behavior and preferences.
• Technological factors evaluate innovation, R&D, and technological advancements affecting product development and operational efficiencies.
• Environmental factors focus on sustainability, climate change impacts, and eco-friendly practices shaping market trends.
• Legal factors address compliance requirements, industry regulations, and intellectual property laws impacting market entry and operations.

Import-export Analysis & Pricing Analysis

An import-export analysis is vital for market research, revealing global trade dynamics, trends, and opportunities. It examines trade volumes, product categories, and regional competitiveness, offering insights into supply chains and market demand. This section also analyzes past and future pricing trends, helping businesses optimize strategies and enabling consumers to assess product value effectively.

Steel Cord Market: Company Profiles

The report identifies key players in the steel cord market through a competitive landscape and company profiles, evaluating their offerings, financial performance, strategies, and market positioning. It includes a SWOT analysis of the top 3-5 companies, assessing strengths, weaknesses, opportunities, and threats. The competitive landscape highlights rankings, recent activities (mergers, acquisitions, partnerships, product launches), and regional footprints using the Ace matrix. Customization is available to meet client-specific needs.

Regional & Industry Footprint

This section details the geographic reach, sales networks, and market penetration of companies profiled in the steel cord report, showcasing their operations and distribution across regions. It analyzes the alignment of companies with specific industry verticals, highlighting the industries they serve and the scope of their products and services within those sectors.

Ace Matrix

This section categorizes companies into four distinct groups—Active, Cutting Edge, Innovator, and Emerging—based on their product and business strategies. The evaluation of product strategy focuses on aspects such as the range and depth of offerings, commitment to innovation, product functionalities, and scalability. Key elements like global reach, sector coverage, strategic acquisitions, and long-term growth plans are considered for business strategy. This analysis provides a detailed view of companies' position within the market and highlights their potential for future growth and development.

Research Methodology

The qualitative and quantitative insights for the steel cord market are derived through a multi-faceted research approach, combining input from subject matter experts, primary research, and secondary data sources. Primary research includes gathering critical information via face-to-face or telephonic interviews, surveys, questionnaires, and feedback from industry professionals, key opinion leaders (KOLs), and customers. Regular interviews with industry experts are conducted to deepen the analysis and reinforce the existing data, ensuring a robust and well-rounded market understanding.

Secondary research for this report was carried out by the Market Research Store team, drawing on a variety of authoritative sources, such as:

• Official company websites, annual reports, financial statements, investor presentations, and SEC filings
• Internal and external proprietary databases, as well as relevant patent and regulatory databases
• Government publications, national statistical databases, and industry-specific market reports
• Media coverage, including news articles, press releases, and webcasts about market participants
• Paid industry databases for detailed market insights

Market Research Store conducted in-depth consultations with various key opinion leaders in the industry, including senior executives from top companies and regional leaders from end-user organizations. This effort aimed to gather critical insights on factors such as the market share of dominant brands in specific countries and regions, along with pricing strategies for products and services.

To determine total sales data, the research team conducted primary interviews across multiple countries with influential stakeholders, including:

• Distributors
• Marketing, Brand, and Product Managers
• Procurement and Production Managers
• Sales and Regional Sales Managers, Country Managers
• Technical Specialists
• C-Level Executives

These subject matter experts, with their extensive industry experience, helped validate and refine the findings. For secondary research, data was sourced from a wide range of materials, including online resources, company annual reports, industry publications, research papers, association reports, and government websites. These various sources provide a comprehensive and well-rounded perspective on the market.

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