Steel Tire Cord Market to See a Growth of 5.7% CAGR by 2032 | Persistence Market Research Report

The steel tire cord market is undergoing a significant transformation as demand rises in parallel with global vehicle production and infrastructure development. According to a recent Persistence Market Research report, the global market is projected to grow at a compound annual growth rate (CAGR) of 5.7% between 2025 and 2032. The market, valued at US$ 5.43 billion in 2025, is forecasted to reach approximately US$ 8 billion by 2032, underpinned by strong industrial, automotive, and transportation sector developments.

Steel tire cords are an essential component in radial tires, offering superior strength, durability, and performance, especially in commercial vehicles and high-load applications. The automotive sector continues to lead as the primary consumer, particularly in heavy-duty trucks, buses, and off-road vehicles. The Asia-Pacific region, led by China and India, dominates the market due to its expansive vehicle manufacturing hubs and infrastructure growth initiatives.

Get a Sample PDF Brochure of the Report (Use Corporate Email ID for a Quick Response): www.persistencemarketresearch.com/samples/35134

✅Key Highlights from the Report

➤ The steel tire cord market is projected to grow from US$ 5.43 Bn in 2025 to US$ 8 Bn by 2032.
➤ CAGR of 5.7% is forecast for the period from 2025 to 2032.
➤ Asia-Pacific is the leading region, with China being the largest contributor to global market share.
➤ The passenger vehicle segment is expected to witness the highest growth.
➤ Radial tire cords continue to dominate due to their performance benefits.
➤ Growing focus on fuel efficiency and tire durability boosts steel cord demand.

✅Market Segmentation: By Product Type & End-User

Steel tire cords are primarily segmented based on product type into brass-coated and zinc-coated steel cords. Among these, brass-coated steel tire cords dominate the market due to their excellent adhesion with rubber compounds. This property is essential for ensuring tire longevity and safety, especially in high-speed and heavy-load applications.

In terms of end-users, the automotive industry, particularly in passenger cars and commercial vehicles, leads the segment. OEMs (Original Equipment Manufacturers) and aftermarket players both significantly contribute to steel tire cord consumption. The increasing demand for radial tires, especially in the commercial sector, is another strong driver for the market segmentation.

✅Regional Insights: Asia-Pacific Leads

The Asia-Pacific region remains the largest and fastest-growing market for steel tire cords. Countries such as China, India, Japan, and South Korea are prominent due to their established automotive sectors, low-cost production, and government incentives for manufacturing. These nations are not only large consumers but also major exporters of tires globally.

North America and Europe continue to hold significant market shares, supported by strong automotive aftermarket demand and advanced tire technology adoption. However, stringent environmental regulations and raw material price fluctuations are key challenges in these regions.

✅Market Drivers

The steel tire cord market is powered by several dynamic growth factors. Increasing global vehicle production, particularly in emerging economies, is a primary driver. The rapid adoption of radial tires-which use steel cords for reinforcement-is significantly pushing market expansion. Also, heightened awareness around tire durability, safety, and fuel efficiency has made steel cords a preferred reinforcement material.

✅Market Restraints

Despite its promising outlook, the market faces some constraints. The volatility in raw material prices, especially steel and zinc, often leads to increased production costs. Environmental concerns regarding steel production and waste disposal regulations can hinder expansion. Additionally, the growing preference for alternative tire reinforcement materials, like high-strength synthetics, poses a competitive threat.

✅Market Opportunities

The growing trend of electric vehicles (EVs) and green mobility presents untapped opportunities for the steel tire cord market. EVs demand high-performance, long-lasting tires that can withstand heavier battery loads-making steel tire cords an ideal choice. Furthermore, the increasing infrastructure development in Africa and Latin America suggests future market potential, particularly in off-road and construction vehicle segments.

✅Reasons to Buy the Report

☑️ Gain access to in-depth market insights, forecasts, and trend analysis through 2032.
☑️ Understand key growth drivers and restraints impacting global and regional markets.
☑️ Identify profitable segments and emerging opportunities in automotive and industrial sectors.
☑️ Track major players and strategic developments shaping competitive dynamics.
☑️ Enhance decision-making with data-driven strategies supported by expert analysis.

✅Company Insights

✦ Bekaert SA
✦ Hyosung Corporation
✦ Kiswire Co. Ltd.
✦ Tokusen Kogyo Co., Ltd.
✦ Shandong Daye Co. Ltd.
✦ Saarstahl AG
✦ Henan Hengxing Science & Technology Co. Ltd.
✦ Tata Steel Ltd.
✦ Rajratan Global Wire Ltd.

■ In January 2024, Bekaert SA announced the expansion of its steel cord production facility in Vietnam to meet rising demand in Southeast Asia.
■ Hyosung Corporation launched a new line of eco-friendly steel tire cords aimed at reducing carbon footprint in manufacturing processes.

The steel tire cord market is poised for strong and consistent growth, driven by macroeconomic developments, technological progress, and the ongoing need for durable, fuel-efficient tires across various vehicle classes. As global transportation networks evolve, steel cord remains a vital material in tire manufacturing, with its demand only expected to rise. Stakeholders-from investors to OEMs-stand to benefit from timely insights and strategic positioning in this dynamic market.

Contact Us:

Persistence Market Research
G04 Golden Mile House, Clayponds Lane
Brentford, London, TW8 0GU UK
USA Phone: +1 646-878-6329
UK Phone: +44 203-837-5656
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com

About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

This release was published on openPR.