Steel Tire Cord Market: Surging automotive production and radialization trends catalyze substantial growth of 4.6% CAGR

The global steel tire cord market has been exhibiting exponential growth in recent years, fueled by rising automotive production, expanding vehicle parc, and increasing adoption of radial tire technology worldwide. This article provides a comprehensive and in-depth analysis of the steel tire cord market including key highlights, latest trends, challenges, detailed segmentation, regional insights, and profile of major manufacturers.

Market Highlights and Statistics:

● The steel tire cord market was valued at USD 3.2 billion in 2022 and is forecast to reach USD 5 billion and grow at a robust CAGR of 4.6% from 2023 to 2032.
● Asia Pacific accounted for the dominant share of over 55% in 2022, owing to high automotive production in China, India, Japan and Southeast Asian countries.3

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Steel Tire Cord Market Overview:

The market has been witnessing exponential growth driven by surging automotive production volumes and sales, steady expansion of global vehicle parc, and the accelerating adoption of radial tire technology worldwide. Product innovations such as high tensile and ultra high-tensile steel cord are also supporting market growth. However, volatility in steel prices and supply availability remain major challenges.

Current Trends in the Steel Tire Cord Market:

Gradual shift from nylon and polyester tire cords to high tensile steel cords
Growing focus on fuel efficiency and lightweight tires driving product innovation
Rising demand and R&D on ultra high-tensile steel cord for commercial vehicles
Increasing utilization of steel cord in off-the-road vehicle and aircraft tires
Adoption of automation, quality control and process optimization technologies

Major Growth Factors:

Continuously rising automotive production and expanding global vehicle parc
High growth rate in penetration of radial tires due to performance benefits
Rapidly growing automotive replacement tire market in developed countries
Strong and steady growth in the transportation, logistics, mining and construction sectors
Ongoing technology advances and new product development activities

Steel Tire Cord Market Challenges:

Susceptibility to fluctuating raw material prices and supply availability
High costs involved in shifting to new high-tensile steel cord technology
Requirement of frequent maintenance and replacement cycles
Fierce competition from low-cost imports from China
Concerns regarding steel cord disposal and stringent environmental regulations

Steel Tire Cord Market Segmentation:

The steel tire cord market can be segmented by type and application. Major types of steel tire cord are brass coated type, zinc coated type, copper coated type, and other types. Key applications are in passenger vehicle tires, commercial car tires, two wheelers tires, aircraft tires, and finally industrial tires.

Regional Market Analysis:

Asia Pacific dominated the global steel tire cord market with over 55% share in 2022. Rapid growth in automotive production and sales in China, India, Japan and Southeast Asia will continue to stimulate growth in the APAC market over the forecast period. Europe and North America are mature regions witnessing steady growth.

Leading Companies in the Market:

The steel tire cord market is fragmented with the presence of numerous players. Some of the major manufacturers include Bekaert SA, Kiswire Inc., Hyosung Corporation, Tokusen USA, SRF Limited, Kolon Industries Inc., Century Enka Limited, Formosa Taffeta Co., Ltd., Michelin, Bridgestone Corp., among others.

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Conclusion:

Driven by booming automotive industry, increasing radialization and growing opportunities in off-the-road vehicles, the steel tire cord market outlook remains positive. Leading players are focused on R&D and new product development to gain competitive advantage. The market is poised for robust growth over the next decade.

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This release was published on openPR.