Steel Cord Market Size, Competitive Landscape, Business Opportunities and Forecast to 2029

With the world finally moving on from the crippling effects of the pandemic, industrial production is starting to showcase positive signs of growth. Industries such as automotive, food and beverages, mining, and manufacturing are reviving to reach their full potential. Several markets dependent on these industries are consequently gaining momentum. One such market is the global steel cord market which is expected to flourish in the forecast period. One of its key applications includes automotive tires. Market players in the automotive industry are adopting radial tires which use steel cords to reinforce the structural strength of the tires. This also gives them higher durability than their rubber counterparts. Another notable industrial application of steel cords is conveyor belts which are found in virtually all heavy-duty factories. These factors are poised to lead the global steel cord market to fruition in the foreseeable future.

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Proliferating Demand for Radial Tires to Sustain Global Steel Cord Market Expansion

The automotive industry is one of the leading sources of demand for steel cords. With soaring demand for long-lasting and more durable tires, several market players are actively using steel cords in the tires. Such tires are often referred to as radial tires and the reinforcing provides them with the desired strength and resistance to expansion during tire rotation. As tires can suffer critically from bumps and other road obstacles, consumers are now developing a greater propensity for radial tires. This trend is not limited to heavy automobiles and now, even two-wheeler users are preferring to use radial tires. Such developments are creating sound business possibilities in the global steel cord market.

Notable Industrial Applications of Steel Cords to Multiply Growth Prospects

The applications of steel cords in the automotive industry go beyond radial tires. One of the key applications of the product is conveyor belts. Conveyor belts are used throughout automotive factories, steel mills, mining operations, power plants, stone quarries, and food factories. Owing to steel cords' notable strength, durability, low friction, and wear resistance, it is well-suited to be used in conveyor belts. The soaring industrial sector and paced efforts to match pre-pandemic levels of heavy-duty production are boding well for the demand for steel cords. The global steel cord market is projected to grow at breakneck speed in such a favourable business landscape.

Thriving Automotive and Manufacturing Industries Place Asia Pacific on Global Pedestal

Flourishing automobile, manufacturing, and infrastructure industries in Asia Pacific are propelling the regional steel cord market toward maturity. As the leading global hub in the automotive and manufacturing industries, the region is expected to sustain its dominance in the study period. Major economies such as China and India are key contributors to this trend. Stringent road safety norms are creating favourable tailwinds for the regional steel cord market. This is due to tire manufacturers being incentivized to adopt steel cord-reinforced tires at large. Moreover, steel cords are also being employed in the region's thriving building and infrastructure sectors.

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Prominent Market Players

The most competitive entities participating in the global steel cord market include Tokusen Kogyo Co., Sumitomo Electric Industries, Bridgestone, Toyo Tire Corporation, Apollo Conveyor Pvt. Ltd, Bekaert, ArcelorMittal, Hyosung, Henan Hengxing, and Jiangsu Xingda Steel Tires Cord.

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