Market Size of Steel Tire Cord Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.03 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Steel Tire Cord Market Analysis
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 World Steel 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 a reinforcement component. They effectively reduce the tire weight, fuel consumption, and production cost of tires. They are mainly applied in car tires, light truck tires, cargo truck tires, heavy equipment tires, plane tires, and other rubber framework materials.
Over the short term, rising production of automobiles and rising demand for sustainable tires are some driving factors stimulating the market demand.
Various substitutes for steel tire cords and fluctuation in raw material pricing hinder the market's growth.
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 and is also likely to witness the highest CAGR during the forecast period.
