Steel Tire Cord Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Steel Tire Cord Market is Segmented by Type (Brass Coated, Zinc-Coated, Copper Coated, and other types), Application (Passenger Vehicle Tires, Commercial Vehicle Tires, Two-Wheeler Tires, Aircraft Tires, and Industrial Tires), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The report offers market size and forecasts for steel tire cord in volume (kilo tons) for all the above segments.

Market Snapshot

Steel Tire Cord Market - Market Summary
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: 3.03 %

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Market Overview

The Global Steel Tire Cord Market is projected to register a CAGR of around 3.03% during the forecast period (2022-2027).

The market was negatively impacted by COVID-19 in 2020. The COVID-19 pandemic is affecting the steel tire cord market because of lockdowns and restrictions on economic activity. 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 is forecast by worldsteel to fall by 6.4%, with partial recovery in 2021 of 3.8% growth. There is also disruption in the supply chain and change in priority to the health sector, sectors like automobile and manufacturing are on temporary hold. In the automobile industry steel tire cord is mainly used in tires as reinforcement component. They effectively reduce the tire weight and fuel consumption as well as the production cost of tires. They are mainly applied in car tires, light truck tires, cargo truck tires, heavy equipment tires and plane tires, and other rubber framework materials.

  • Over the short term, rising production of automobiles and rising demand for sustainable tires are some of the driving factors which are stimulating the market demand.
  • Availability of various substitutes for steel tire cord and fluctuation in raw material pricing is hindering the market's growth.
  • Increasing R&D activities for coating technologies of steel tire cord across the globe is likely to create opportunities for the market in the coming years.
  • Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Scope of the Report

Steel tire cord is made of high-carbon steel surface with brass or a special purpose of fine steel wire or rope. It 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 cord can be a medium, high, and super-strength, along with open, close, extensible, and shock-resistant properties.

The steel tire cord market is segmented by type, application, and geography. By Type, the market is segmented into brass coated, zinc coated, copper-coated, and other types. 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 (kilo tons).

Brass Coated
Zinc Coated
Copper Coated
Other types
Passenger Vehicle Tires
Commercial Vehicle Tires
Two Wheeler Tires
Aircraft Tires
Industrial Tires
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand from Tire Industry

  • Steel tire cords are the fastest-growing cords in the tire industry. They are used in reinforcing tires for enabling strength and resistance from expansion during the rotation of the tire, and also to withstand deformations caused by any obstacles or bumps in the road.
  • The global automotive tire manufacturing market was sized at about USD 112 billion in 2019 and it is projected that the market will grow to some USD 154 billion in 2027.
  • An increase in the research and development activities in the automotive industry is growing for the introduction of new designs of tires and their manufacturing processes to enhance the performance of tires. In 2021, the number of new energy vehicles in China was about 8 million, and the penetration rate of new vehicles reaches 12.7%. Therefore, domestic and foreign tire enterprises are actively planning to launch new tire products with characteristics one after another to help the development of the new energy vehicle industry.
  • Superior properties of steel tire cord such as good adhesion build-up mechanism enhance its usage in tire sector.
  • Owing to all these factors, the market steel tire cord is likely to grow globally during the forecast period.
Steel Tire Cord Market - Segmentation

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China and India are among the fastest emerging economies in the world.
  • According to data from the General Administration of Customs of China, China’s auto tire export was 5.54 million tons worth USD 12.82 billion from January to November of 2021, which was an increase of 13.9% and 22.4 %, respectively compared to the previous year.
  • In 2020, the China Rubber Industry Association (CRIA) released the "Guiding Outline for the "14th Five-Year" Development Plan. As per the plan, the tire production is expected to reach 704 million units per year by 2025, including 527 million passenger radial tires, 148 million truck/bus radial tires, 29 million bias truck tires, 20,000 extra-large industrial tires, 12 million agricultural tires, and 54,000 aircraft tires.
  • India presently has the world's fifth-largest passenger car market, the world's largest motorcycle market, and the world's third-largest commercial vehicle market. On Indian highways, there are more than 250 million scooters/motorcycles, 40 million cars, and 10 million commercial vehicles. The OEM demand in the Indian tire market is one-third of replacement due to very high vehicles in operation, also known as PARC.
  • In 2021, the total tire production in India stood at around 169 million units and it is expected to increase four times by 2026.
  • Due to all such factors, the market for steel tire cord in the region is expected to have a steady growth during the forecast period.
Steel Tire Cord Market - Regional Trend

Competitive Landscape

The steel tire cord market is highly consolidated in nature. Some of the major players in the market include Bridgestone (SHENYANG) Steelcord Co., Ltd., Sumitomo Electric Industries, Ltd., Bekaert, Jiangsu Xingda Steel Tyre Cord Co., Ltd., Hyosung Corporation, and among others (not in any particular order).

Recent Development

  • In September 2021, Bekaert S.A. is investing USD 23 million in its tire cord production plant in Lipetsk, Russia to meet increasing demand in the region.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Automotive Production

      2. 4.1.2 Rising Demand for Sustainable Tires

    2. 4.2 Restraints

      1. 4.2.1 Availability of Various Substitutes

      2. 4.2.2 Fluctuating Raw Material Prices

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Type

      1. 5.1.1 Brass Coated

      2. 5.1.2 Zinc Coated

      3. 5.1.3 Copper Coated

      4. 5.1.4 Other types

    2. 5.2 Application

      1. 5.2.1 Passenger Vehicle Tires

      2. 5.2.2 Commercial Vehicle Tires

      3. 5.2.3 Two Wheeler Tires

      4. 5.2.4 Aircraft Tires

      5. 5.2.5 Industrial Tires

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Bekaert

      2. 6.4.2 Bridgestone (SHENYANG) Steelcord Co., Ltd.

      3. 6.4.3 Henen Hengxing Technology Co., Ltd.

      4. 6.4.4 Hyosung Corporation

      5. 6.4.5 Jiangsu Xingda Steel Tyre Cord Co., Ltd.

      6. 6.4.6 Saarstahl

      7. 6.4.7 Shandong Hualian Group Co., Ltd.

      8. 6.4.8 Sumitomo Electric Industries, Ltd

      9. 6.4.9 Tokusen Kogyo Co., Ltd.

      10. 6.4.10 HL Group Ltd.

      11. 6.4.11 Tokyo Rope Mfg. Co., Ltd.

    5. *List Not Exhaustive

    1. 7.1 Rising R&D for Coating Technologies of Steel Tire Cord

**Subject to Availability

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Frequently Asked Questions

The Steel Tire Cord Market market is studied from 2017 - 2027.

The Steel Tire Cord Market is growing at a CAGR of 3.03% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Bridgestone (SHENYANG) Steelcord Co., Ltd., Sumitomo Electric Industries, Ltd., Bekaert, Jiangsu Xingda Steel Tyre Cord Co., Ltd., Hyosung Corporation are the major companies operating in Steel Tire Cord Market.

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