| Study Period | 2019 - 2030 |
| Market Volume (2025) | 5.19 Million tons |
| Market Volume (2030) | 6.32 Million tons |
| CAGR | 4.02 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Steel Tire Cord Market Analysis
The Steel Tire Cord Market size is estimated at 5.19 Million tons in 2025, and is expected to reach 6.32 Million tons by 2030, at a CAGR of 4.02% during the forecast period (2025-2030).
The market was negatively impacted by COVID-19. During the pandemic, many factories responsible for material production, mainly steel, for the automobile industry were shut down. As a result of COVID-19, steel consumption in 2020 fell, with a partial recovery in 2021. There was also disruption in the supply chain and a change in priority to the health sector; sectors like automobile and manufacturing were on temporary hold. However, as global automotive production resumed, the demand for steel tire cords surged, especially for passenger and commercial vehicle tires.
- The increasing production of automobiles and rising demand for sustainable tires are some driving factors stimulating the market demand.
- Various substitutes for steel tire cords and fluctuations in raw material pricing hinder the market's growth.
- Growing electric vehicle investments and increasing R&D activities for coating technologies of steel tire cords across the globe will likely create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market during the forecast period.
Steel Tire Cord Market Trends
Passenger Vehicle Tires Segment to Dominate the Market
- In passenger vehicle tires, the threads are reinforced with steel wire and other products such as ropes and strands to withstand the affecting forces.
- In radial tires, the most common type used in passenger vehicles, the steel cords are primarily used in the belt layers beneath the tire tread and help reinforce the tire's structure. The steel cords form the belt layers, which run radially from bead to bead.
- Steel cords are crucial in the tire's belt system, between the tread and the carcass. These belts are made of steel cords laid down in layers, usually in opposite directions, to give the tire its shape and strength. This helps prevent the tire from deforming under the vehicle’s weight and high-speed driving conditions.
- Recently, companies have invested in increasing their tire production capacities due to the growing demand for various passenger vehicle tires. Some of the notable investments in recent times include:
- In March 2024, Bridgestone announced the investment of EUR 207 million (~USD 223.38 million) in its Burgos passenger tire manufacturing site in Spain. The plant is set to increase its HRD (High Rim Diameter/High Rim Diameter) tire production capacity by 75% to more than 7 million premium tires.
- In June 2024, global tire manufacturers such as Michelin, Bridgestone, and Goodyear announced that they are preparing to invest around INR 30,000 million (~USD 359.96 million) in India’s tire manufacturing as part of the Make in India incentive initiated by the government of India.
- Such investments are expected to increase passenger tire manufacturing, resulting in a surge in demand for steel tire cords.
Understand The Key Trends Shaping This Market
Download PDF
Asia-Pacific Region to Dominate the Market
- China's tire production for 2024 hit around 1.187 billion units, marking a nearly 9.2% increase from the previous year, as per the National Bureau of Statistics of China. This growth is largely attributed to aggressive capacity expansions and refined manufacturing processes by China's tire manufacturers.
- With a surge in demand for passenger automotive tires, leading manufacturers are investing heavily in new production plants and capacity enhancements. Key investments include:
- In November 2024, Michelin secured approval for a CNY 292 million (~USD 40 million) upgrade at its Shenyang factory in Liaoning Province. This upgrade, set to boost annual production by 830,000 high-performance passenger car tires, emphasizes energy efficiency and sustainability. Furthermore, Michelin is set to elevate its Shanghai plant's capacity from 8.5 million to 9.5 million tires by 2026.
- In September 2024, Continental's Hefei plant in Anhui Province achieved a production milestone by manufacturing its 100 millionth passenger car tire. This milestone underscores the company's robust growth and long-term commitment to the Chinese market.
- In 2023, India produced approximately 58 million units of tires for passenger cars, including jeeps, marking a 7% increase from the previous year, as reported by the Automotive Tyre Manufacturers Association (ATMA), India. The overall tire industry in India saw a production of around 217.4 million units, reflecting a 6% growth from the prior year.
- Several tire manufacturers in India have recently announced significant investments to expand their passenger vehicle tire production capacities. These expansions are set to boost the demand for steel tire cords in the country in the coming years. For instance,
- In November 2024, Bridgestone India Private Ltd. (BSID), a subsidiary of Bridgestone Corporation, unveiled a strategic investment of about USD 85 million. This investment targets the company's plants in Pune and Indore, with the goal of enhancing premium passenger car tire production. The expansion is slated to kick off in early 2025. By 2029, the Pune plant is set to boost its annual production capacity by roughly 1.1 million tires, while the Indore plant will sharpen its focus on premium tire production capabilities.
- In September 2024, Michelin announced its entry into the premium passenger car tire segment in India. The company plans to invest INR 5,640 million (~USD 65.93 million) to expand its Gummidipoondi plant near Chennai, its sole manufacturing site in the country. This move underscores Michelin's dedication to growing its footprint in India and capitalizing on the surging demand for premium tires, with production set to begin in the third quarter of 2025.
- Thus, the aforementioned factors are likely to augment the demand for steel tire cords during the forecast period.
Get Analysis on Important Geographic Markets
Download PDF
Steel Tire Cord Industry Overview
The steel tire cord market is consolidated in nature. Some of the major players in the market (not in any particular order) include Bekaert, Jiangsu Xingda Steel Tyre Cord Co., Ltd., HS Hyosung Advanced Materials, Bridgestone (SHENYANG) Steelcord Co., Ltd., and Sumitomo Electric Industries, Ltd., among others.
Steel Tire Cord Market Leaders
-
Sumitomo Electric Industries, Ltd.
-
Bekaert
-
Jiangsu Xingda Steel Tyre Cord Co., Ltd.
-
Bridgestone (SHENYANG) Steelcord Co., Ltd.
-
HS Hyosung Advanced Materials
- *Disclaimer: Major Players sorted in no particular order
Need More Details on Market Players and Competitors?
Download PDF
Steel Tire Cord Market News
- January 2025: Tokusen Kogyo Co., Ltd. has decided to shutter its Conway, Arkansas facility, resulting in the layoff of around 250 employees. The American subsidiary, Tokusen USA, specializes in producing metal wire for a diverse range of applications, including tires, medical devices, and semiconductors.
- August 2024: Bridgestone Corporation announced the investment of JPY 25 billion (USD 0.16 billion) to upgrade equipment at the Kitakyushu Plant as part of strategic investments based on its Mid-Term Business Plan (2024-2026). Through this investment, Bridgestone will further enhance off-the-road tires, new unique technologies, including steel cord manufactured in-house, and mining solutions business. This upgrade will be completed by the end of 2027.
Steel Tire Cord Industry Segmentation
The steel tire cord is a combination of numerous thin wires that help tires absorb shock while improving passengers' comfort. It is made of a high-carbon steel surface with brass or a special purpose of fine steel wire or rope. Steel tire cord reduces a tire’s weight and rolling resistance, helping to create sustainable tires. It also offers longer tire life and improved adhesion at a lower cost. Steel tire cords can be medium, high, or super-strength and exhibit open, close, extensible, or shock-resistant properties.
The steel tire cord market is segmented by material type, application, and geography. By material type, the market is segmented into brass coated, zinc coated, copper-coated, and other types (bronze coated steel tire cords, nickel coated steel tire cords and polymer coated steel tire cords). By application, the market is segmented into passenger vehicle tires, commercial vehicle tires, two-wheeler tires, aircraft tires, and industrial tires. The report also covers the market size and forecasts for the steel tire cord market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).
| Type | Brass Coated | ||
| Zinc Coated | |||
| Copper Coated | |||
| Other types | |||
| Application | Passenger Vehicle Tires | ||
| Commercial Vehicle Tires | |||
| Two Wheeler Tires | |||
| Aircraft Tires | |||
| Industrial Tires | |||
| Geography | Asia-Pacific | China | |
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| North America | United States | ||
| Canada | |||
| Mexico | |||
| Europe | Germany | ||
| United Kingdom | |||
| Italy | |||
| France | |||
| Rest of Europe | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| Middle-East and Africa | Saudi Arabia | ||
| South Africa | |||
| Rest of Middle-East and Africa | |||
Need A Different Region or Segment?
Customize Now
Steel Tire Cord Market Research Faqs
How big is the Steel Tire Cord Market?
The Steel Tire Cord Market size is expected to reach 5.19 million tons in 2025 and grow at a CAGR of 4.02% to reach 6.32 million tons by 2030.
What is the current Steel Tire Cord Market size?
In 2025, the Steel Tire Cord Market size is expected to reach 5.19 million tons.
Who are the key players in Steel Tire Cord Market?
Sumitomo Electric Industries, Ltd., Bekaert, Jiangsu Xingda Steel Tyre Cord Co., Ltd., Bridgestone (SHENYANG) Steelcord Co., Ltd. and HS Hyosung Advanced Materials are the major companies operating in the Steel Tire Cord Market.
Which is the fastest growing region in Steel Tire Cord Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Steel Tire Cord Market?
In 2025, the Asia-Pacific accounts for the largest market share in Steel Tire Cord Market.
What years does this Steel Tire Cord Market cover, and what was the market size in 2024?
In 2024, the Steel Tire Cord Market size was estimated at 4.98 million tons. The report covers the Steel Tire Cord Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Steel Tire Cord Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Our Best Selling Reports
Steel Tire Cord Industry Report
Statistics for the 2025 Steel Tire Cord market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Steel Tire Cord analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
