Steel Cord Market
Report ID: SQMIG15O2053
Report ID: SQMIG15O2053
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Report ID:
SQMIG15O2053 |
Region:
Global |
Published Date: June, 2026
Pages:
157
|Tables:
119
|Figures:
77
Global Steel Cord Market size was valued at USD 6.0 Billion in 2024 and is poised to grow from USD 6.33 Billion in 2025 to USD 9.71 Billion by 2033, growing at a CAGR of 5.5% during the forecast period (2026-2033).
Steel cord is used as the tensile backbone of radial tires and provides safety and rolling resistance for the tire. Steel cord is made from high-tensile wire strands that have been embedded into rubber to provide a component for creating belts that should control deformation under load. The market for steel cord is important because tires are one of the most important parts of a vehicle that provide safety for a driver; and as the number of vehicles continues to grow globally, it creates additional demand for replacement tires. The growth of radial tire technology replaced bias tire technology, which increased the demand for steel cord for radial tires; as automotive production moved to Asia, it also increased demand for steel cord in the Asian markets, such as the original equipment manufacturer (OEM) market; and the growth of commercial vehicle fleets increased demand for replacements. There are several recent developments, such as corrosion resistant coatings and new high-strength alloys, which continue to change the specifications of steel cords.
Global steel cord is a derivative market dictated by multiple factors that can be divided into three major components; these components include the effects of material costs on technology and end use shifts, which create both constraints and opportunities for steel cord manufacturers. When the price of steel rises, manufacturers will experience downward pressure on their profit margins, leading to stimulus for greater investment in higher strength and thinner cord to help maintain performance and reduced weight; and manufacturers who produce tires will redesign cord belt systems within tires to improve fuel economy as well. The rapidly increasing adoption of electric vehicles is resulting in instantaneously higher torque, which is causing OEM manufacturers to specify higher strength cords in their tires; as such manufacturers are increasing the amount of premium and corrosion-resistant cords they produce to meet the future demand of the tire market. In mining and bulk material handling, longer service life requirements drive collaborative development between cord suppliers and belt assemblers for reinforcement.
How is AI Improving Quality Control In The Steel Cord Market?
AI technology enhances quality assurance for steel cord producers through the use of machine vision systems, inline non-destructive testing and data analytics, highlighting surface anomalies and internal wire defects earlier in the production process. Elements of this improvement involve continuous inline inspections, multisensor fusion of multiple inspection means and feedback to process control, utilizing inspection results in conjunction with process controls to create corrective actions. With the market's transition from sample inspections to comprehensive traceable inspections, field failure rates will fall and customer confidence will rise. Examples of current practices are the use of line-scan cameras at finishing lines and X-ray and magnetic flux leakage scanning for assessing internal structural integrity and predictive maintenance to sustain consistent production flow.
In May of 2026, OxMaint will introduce an AI vision and multisensor-based conveyor belt monitoring system that will automatically identify internal steel cord manufacturing defects prior to their failure point and create automated plant notifications and work orders. This innovation will contribute to the overall efficiency of the steel cord market by reducing the amount of steel cord returning to suppliers due to defects, increasing steel cord production rates and allowing for quality decisions to be made rapidly throughout the entire supply chain.
Market snapshot - (2026-2033)
Global Market Size
USD 6.0 Billion
Largest Segment
High Tensile
Fastest Growth
Ultra Tensile
Growth Rate
5.5% CAGR
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Global steel cord market is segmented by type, coating type, application, end-use and region. Based on type, the market is segmented into Normal Tensile, High Tensile, Super Tensile and Ultra Tensile. Based on coating type, the market is segmented into Brass Coated, Zinc Coated and Uncoated. Based on application, the market is segmented into Tires, Conveyor Belts and Hoses & Reinforced Rubber Products. Based on end-use, the market is segmented into Automotive, Industrial, Mining and Construction. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Because High Tensile provides a balance of ductility (ability to deform under stress) and strength, it enhances reinforcement and durability in tire carcasses and belts and decreases failure modes when subjected to dynamic load. Those who manufacture OEMs or tires prefer this product thanks to its predictable fatigue resistance and compatibility with processing methods, leading to lower scrap (waste material produced during manufacture) and higher yields (number of tires produced per tire carcass), which create/export patterns that result in long-term material specifications that drive steel cord-market-reinforcing-tire-market demand.
As per steel cord market forecast, Ultra Tensile is gaining momentum as a rapidly growing portion of the market, as advanced heat treatment technologies (treating steel with a specific heating and cooling process to produce properties advantageous for specific applications) allow for increased load bearing capabilities with thinner sections, providing additional benefits for both weight reduction (less tire weight, thereby reducing the overall vehicle weight) and fuel efficiency (less energy required). The accelerating acceptance of Ultra Tensile is driven by demand within performance tire markets and manufacturing innovations that offer high-value opportunities to improve applications that rely on reinforcement.
Brass Coated segment leads due to the presence of a sulphide that has excellent metallurgical compatibility with rubber compounds causes an increase in the bond strength between the steel wire and the elastomer matrix, thus reducing delamination and extending the life of components such as hoses and conveyor belts. The improvement in adhesion through brass coating allows for easier compounding and curing processes, resulting in fewer defects in finished product and allowing designers to push the limits of performance creating a preference for manufacturers to specify brass coated steel cords throughout the entire spectrum of reinforced rubber products.
As per steel cord market analysis, Zinc Coated currently has the highest growth rate because of the galvanic corrosion protection advantages and their low costs, make them attractive to use as an industrial reinforcing product where corrosion is a major concern. The new methods of applying zinc coating and the increasing demand for a longer service life of products working in extreme environments has created opportunities for manufacturers to offer cost effective corrosion resistant solutions.
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The Asia Pacific region have the highest growth rate of all regions around the world with their combination of strong manufacturing infrastructures, fully integrated supply chains, and the density of demand created by tire manufacturers and conveyor belt manufacturers. Strong industrial ecosystems enable manufacturers in Asia to work closely together with raw material suppliers, steel makers, and downstream processors using raw material to create finished products, allowing manufacturers to work quickly and effectively by adapting to changes in specifications and logistics quickly. Additionally, through the high levels of technology expertise and investment in optimizing processes, steel cord products manufactured in the Asia and Pacific region have been able to maintain high levels of quality and consistency. Furthermore, due to existing export channels and proximity to key markets such as automotive and mining, steel cord manufacturers in the Asia and Pacific region are able to provide final products to their customers quicker than their competitors located in other regions. Finally, through government policies promoting the development of new technology and the production of products within country, the Asia and Pacific regions have become extremely competitive at a regional level. All of these factors combined create a very strong industrial ecosystem that is based on scale, reliability, and innovation, making the Asia Pacific regions the premier source of advanced technology steel cord solutions for customers worldwide.
In Japan, the steel cord industry is characterized by strict technical specifications and strong connections with top tire manufacturers and industrial OEMs. Local manufacturers focus on uniformity of raw materials and advanced manufacturing processes to achieve the high levels of performance required by their customers. Continuous collaboration with applied research institutions results in small improvements in durability and manufacturing productivity. A long-term view toward supply relationships and strict quality control support the position of Japan as the global hub for premium high-performance steel cord.
The steel cord industry in South Korea benefits from a well-established industrial base that is primarily oriented towards automative component manufacture and supported by strong supply networks. Manufacturers use flexible manufacturing techniques and work very closely with multiple levels of suppliers to adjust their product offering according to regional demand. Manufacturers are heavily incentivized financially to adopt automation and improve their processes due to the nature of the competitive landscape, while cooperation with original equipment manufacturers helps assure that their products meet the requirements of the automative industry. The behavior of the market in South Korea is heavily influenced by collective problem-solving techniques and long-term supply agreements that support consistency.
Europe is experiencing rapid expansion in the steel cord market driven by a combination of modernization in manufacturing, rising demand for performance oriented tires and strategic industry consolidation that enhances regional supply capabilities. Upgrading of production facilities and focus on material science have enabled firms to deliver tailored products for premium OEMs and specialty industrial segments. Strong engineering culture and rigorous regulatory standards push manufacturers to prioritize quality, traceability and lifecycle performance. Collaboration between suppliers and vehicle makers accelerates specification alignment and reduces time to market for new product variants. Additionally, cross border trade flows and established logistics corridors support efficient distribution, while strategic investments in capacity positioning strengthen the continent as a dynamic growth area for advanced steel cord solutions.
Steel Cord Market in Germany benefits from concentrated engineering capabilities and an integrated manufacturing ecosystem focused on heavy duty and premium tire sectors. Producers prioritize metallurgical finesse, process control and comprehensive traceability to meet rigorous performance and safety expectations. Close collaboration with vehicle and tire manufacturers aligns product specifications with application demands. This quality driven orientation and supplier integration sustain Germany role as the regional source of reliable steel cord.
Steel Cord Market in United Kingdom is emerging with specialized manufacturing and focused innovation. Compact producers collaborate with tire developers and industrial fabricators to supply tailored cord grades. Market attributes stress flexibility, technical support and rapid customization to meet specifications. Local engineering firms and testing hubs help translate research into novel products and provide application support. These traits position United Kingdom as a rising hub for niche steel cord offerings.
Steel Cord Market in France is characterized by rapid momentum and a focus on premium mobility and industrial uses. Manufacturers pursue material innovation and processing improvements to meet performance expectations, while collaboration with vehicle designers speeds specification uptake. Local prototyping and testing capabilities enable product iteration and tailored solutions for niche segments. Market outlook favors sustainability and lifecycle efficiency, positioning France as an important center for advanced steel cord offerings.
North America is strengthening its role in the steel cord market by aligning investments in manufacturing modernization, supply chain resilience and closer collaboration with major automotive and industrial end users. Firms are focusing on capacity rationalization, technology adoption and quality management practices that support domestically sourced, specification sensitive products. Enhanced supplier relationships and regional logistics improvements reduce lead times and improve responsiveness to OEM requirements. Emphasis on application engineering and testing capabilities enables tailored solutions for regional vehicle and infrastructure needs, while strategic partnerships and procurement strategies increase domestic content. A growing emphasis on sustainability, lifecycle performance and manufacturing traceability also informs procurement and product development. Combined operational and technical improvements strengthen the region ability to serve both domestic and export markets with high quality specification driven steel cord solutions.
Steel Cord Market in United States reflects emphasis on expanding production capacity, close OEM engagement and rigorous testing to meet automotive and industrial requirements. Producers stress flexible manufacturing, specification alignment and integrated supply management to improve responsiveness. Investment in application engineering and strategic sourcing supports development of region specific product variants. Market preferences favor local supply reliability, technical service and lifecycle performance, enabling United States firms to compete on quality.
Steel Cord Market in Canada emphasizes supply stability, resources and tailored solutions for mining and heavy equipment sectors serving regional users. Manufacturers focus on ruggedized product formulations, robust testing and close service to meet harsh operational environments. Collaboration with equipment OEMs and distributors improves specification matching and aftermarket support. Market dynamics value long term partnerships, logistical reliability and adaptive production practices that align offerings to domestic industrial and infrastructure needs.
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Infrastructure And Construction Demand
Automotive Tire Reinforcement Needs
Volatile Raw Material Prices
Stringent Environmental Compliance Requirements
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Competitive landscape is consolidation and capacity shifts driven by tire makers sourcing strategies and sustainability requirements. Major incumbents pursue acquisitions and long-term supply agreements, for example Bekaert agreed to acquire Bridgestone’s tire reinforcement assets in China and Thailand in January 2026. Regional capacity builds such as Jiangsu Xingda’s Thailand plant launched in 2019 and process innovation on recycled steel and digital quality control shape competition.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global steel cord market is chiefly driven by robust demand from the automotive tire industry, supported as a second driver by infrastructure and construction projects that require durable reinforcement. A major restraint remains volatile raw material prices which pressure margins and curtail investment. Asia Pacific dominates the market thanks to integrated supply chains, strong OEM presence and manufacturing scale. Within product types, high tensile steel cords are the dominating segment given their strength. Fatigue resistance and processing compatibility for radial tires and industrial reinforcements. Overall the market balances opportunities from vehicle fleet growth and infrastructure spending against cost volatility and regulatory compliance pressures.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 6.0 Billion |
| Market size value in 2033 | USD 9.71 Billion |
| Growth Rate | 5.5% |
| Base year | 2024 |
| Forecast period | (2026-2033) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Steel Cord Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Steel Cord Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Steel Cord Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Global Steel Cord Market size was valued at USD 6.0 Billion in 2024 and is poised to grow from USD 6.33 Billion in 2025 to USD 9.71 Billion by 2033, growing at a CAGR of 5.5% during the forecast period (2026-2033).
Competitive landscape is consolidation and capacity shifts driven by tire makers sourcing strategies and sustainability requirements. Major incumbents pursue acquisitions and long-term supply agreements, for example Bekaert agreed to acquire Bridgestone’s tire reinforcement assets in China and Thailand in January 2026. Regional capacity builds such as Jiangsu Xingda’s Thailand plant launched in 2019 and process innovation on recycled steel and digital quality control shape competition. 'Bekaert', 'Jiangsu Xingda Steel Cord Co., Ltd.', 'Hyosung Advanced Materials', 'ArcelorMittal', 'Sumitomo Electric Industries Ltd.', 'Tokusen Kogyo Co., Ltd.', 'Tokyo Rope MFG. Co., Ltd.', 'Kiswire Ltd.', 'Bridgestone Corporation', 'Shandong SNTON Steel Cord Co., Ltd.', 'Shougang Century Holdings Limited', 'Henan Hengxing Science & Technology Co., Ltd.', 'Hubei Fuxing New Material Technology Co., Ltd.', 'Junma Tyre Cord Company Ltd.', 'Kolon Industries Inc.', 'Bharat Wire Ropes Ltd.', 'Qingdao HL Group Ltd.', 'Sodetal', 'BMZ Group', 'Xingda International Holdings'
Infrastructure and large construction projects create sustained demand for high strength reinforcement materials in heavy duty tires and conveyor belts, prompting purchasers to specify steel cord for its dimensional stability and durability. OEMs and contractors prioritize long term performance and resistance to fatigue, which directs procurement toward steel cord solutions and encourages manufacturers to expand capacity and invest in quality control. This consistent specification driven demand supports market growth by reducing price sensitivity, promoting supplier relationships, and enabling producers to plan production and develop tailored product offerings.
High-Strength Thin Cord Designs: Manufacturers are prioritizing development of thinner, higher-tensile steel cords that enable lighter, more durable reinforcements for modern tires and specialty rubber products. Innovations focus on improved fatigue resistance, enhanced adhesion systems with rubber matrices, and tailored surface coatings that support longer service life and optimized performance under varied loads. This trend supports OEM demands for efficiency and vehicle-specific requirements, while stimulating material science collaboration to balance ductility, strength and manufacturability in mass production with supply continuity.
Why does Asia Pacific Dominate the Global Steel Cord Market? |@12
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