Steel Tire Cord Market to Reach US$ 8 Bn by 2032 Fueled by Rising Automotive Demand

✅Overview of the Market

According to the latest study by Persistence Market Research, the global steel tire cord market is projected to grow from US$ 5.43 Bn in 2025 to US$ 8 Bn by 2032, registering a CAGR of 5.7% during the forecast period. This upward trajectory is driven by the surging demand for durable and fuel-efficient tires across the passenger and commercial vehicle segments. Increasing emphasis on vehicle performance, safety, and tire longevity, particularly in emerging automotive markets, is catalyzing the adoption of advanced steel tire cords globally.

Steel tire cords play a vital role in reinforcing radial tires, offering structural integrity, durability, and resistance to external damage. These cords are typically embedded in the rubber matrix and serve to enhance tire performance under varying loads and road conditions. With the expansion of automotive production worldwide and the shift toward premium, long-lasting tire solutions, the demand for steel tire cords has increased significantly. The market is also benefiting from growth in off-road and heavy commercial vehicles, where performance and durability are critical.

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✅Market Statistics

The steel tire cord market's projected growth from US$ 5.43 billion in 2025 to US$ 8 billion by 2032 reflects strong demand across various end-use sectors. This growth is supported by global industrialization, the expansion of transport infrastructure, and the steady rise in automobile production-especially in emerging economies. Increasing regulatory mandates for tire safety and environmental efficiency are also influencing tire manufacturers to use high-strength, lightweight steel cords that extend product life and improve fuel efficiency.

✅Key Growth Drivers Behind Market Growth

The rise in global automotive production, particularly in Asia Pacific, is a major driver of steel tire cord consumption. As vehicle ownership increases across China, India, and Southeast Asia, so does the need for quality tires with enhanced structural performance. In addition, consumers are leaning toward premium tires that offer better handling, fuel efficiency, and longevity-attributes provided by steel tire cords.

Another crucial factor is the growing demand for radial tires across commercial and heavy-duty vehicles. Steel tire cords are essential in radial tire architecture, offering reinforcement without sacrificing flexibility. Moreover, the push for better fuel economy and reduced carbon emissions is prompting tire manufacturers to adopt steel cords to reduce rolling resistance and improve vehicle efficiency.

✅Leading Segment and Geographical Region

Among product types, brass-coated steel tire cords hold the dominant market share due to their superior adhesion properties and corrosion resistance, making them ideal for high-performance and heavy-duty tires. In terms of applications, passenger vehicles (PV) remain the largest segment, supported by global growth in personal mobility and urban commuting.

East Asia stands out as the leading regional market, primarily due to its large-scale automotive production, robust supply chain infrastructure, and the presence of leading steel cord manufacturers in China, South Korea, and Japan. The region's aggressive investments in electric and hybrid vehicles further boost the demand for advanced tire solutions, including steel cords.

✅Key Market Insights

➤ Passenger vehicles account for the highest demand for steel tire cords, supported by the global boom in vehicle sales and ownership.
➤ Brass-coated cords dominate the market due to their excellent rubber adhesion and corrosion resistance.
➤ East Asia leads the global market, with China and Japan being top producers and consumers of steel tire cords.
➤ Commercial vehicle and OTR tire applications are witnessing rapid growth, particularly in logistics, mining, and construction industries.
➤ Increasing environmental regulations are encouraging the development of lightweight, recyclable, and fuel-efficient tire cord materials.

✅Market Dynamics

Market Drivers:
Key drivers include the steady expansion of the automotive sector, particularly in developing economies, and rising demand for radial tires in commercial fleets. Government initiatives encouraging green transportation and improved fuel economy are also boosting demand for high-performance tire components such as steel cords. Technological advancements in steel cord manufacturing, such as high-tensile and ultra-fine wire cords, are enabling better design and energy efficiency in tires.

Market Restraining Factor:
Fluctuating prices of raw materials such as steel and copper pose a challenge for market players, affecting cost structures and profit margins. Moreover, the rise of non-steel alternatives-such as aramid and polyester tire cords-due to their lighter weight and corrosion resistance, could restrain market growth in specific vehicle categories.

Key Market Opportunity:
The shift toward electric and hybrid vehicles presents a substantial opportunity for steel tire cord manufacturers. These vehicles require tires with high load-carrying capacity, low rolling resistance, and extended durability-all of which can be achieved using advanced steel cord technology. Additionally, the expansion of infrastructure and mining industries in Africa and Latin America provides new avenues for heavy-duty tire cord demand.

✅Market Segmentation

The steel tire cord market is segmented by product type and application. By product type, the market includes brass coated, zinc coated, copper coated, and others. Among these, brass-coated cords lead the market due to their enhanced adhesion to rubber, high corrosion resistance, and ability to perform in harsh environmental conditions. Zinc-coated cords are gaining attention for their cost-effectiveness and environmental benefits, particularly in regions with stringent emission norms.

In terms of application, the market caters to various vehicle types such as passenger vehicles (PV), commercial vehicles (CV), light commercial vehicles (LCV), heavy commercial vehicles (HCV), off-the-road (OTR) tires, two-wheelers, and aircraft tires. Passenger vehicles dominate due to global automobile proliferation and consumer preference for quality radial tires. Meanwhile, OTR and HCV applications are expanding rapidly with the rise in construction, mining, and logistics sectors, requiring tires with enhanced durability and resistance to wear and tear. Aircraft and two-wheeler segments hold niche yet strategic importance, with demand driven by safety-critical applications and high-speed performance.

✅Regional Insights

East Asia leads the steel tire cord market due to its dominance in global automotive production and strong manufacturing ecosystem. China is the largest consumer, driven by high tire production volume and expanding EV infrastructure. South Korea and Japan contribute with innovation-led demand and exports to global markets. Europe and North America follow closely, with a focus on premium vehicle segments and stringent tire performance regulations. South Asia and Oceania are emerging markets, led by India's rapidly growing automobile industry and infrastructure development. Latin America and Middle East & Africa are also gaining traction as global tire manufacturers explore these regions for future expansion.

✅Competitive Landscape

The steel tire cord market is moderately consolidated, with leading global players investing in capacity expansion, R&D, and strategic partnerships. Technological innovation and regional manufacturing advantages continue to shape competitive dynamics.

Company Insights

✦ Bekaert
✦ Sumitomo Electric Industries, Ltd.
✦ Jiangsu Xingda Steel Tyre Cord Co., Ltd.
✦ Hyosung Corporation
✦ Bridgestone (Shenyang) Steelcord Co., Ltd.
✦ Kolon Industries
✦ Zhangjiagang Junma Steel Cord Co., Ltd.
✦ Tokusen Kogyo Co., Ltd.
✦ Tokyo Rope Mfg. Co., Ltd.
✦ Saarstahl AG

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✅Key Industry Developments

Several companies are investing in green manufacturing practices and local production facilities to reduce carbon footprint and supply chain risks. Bekaert and Hyosung have announced plans to develop advanced steel cords for electric vehicles, while Bridgestone is enhancing its steel cord facilities in Asia to meet rising local demand. Technological collaborations and licensing agreements for high-tensile steel wire technologies are also becoming common in the industry to stay competitive and cater to evolving customer needs.

✅Why is steel tire cord important for modern radial tires?

Steel tire cord is a critical component in modern radial tires due to its role in reinforcing the tire structure, enhancing durability, and improving safety. It allows the tire to maintain its shape under pressure, handle loads efficiently, and resist punctures and abrasions. Steel cords also contribute to better traction and control, especially in high-speed or off-road driving conditions. As vehicles become heavier and faster, the structural demands on tires increase, making steel cords essential for performance, longevity, and passenger safety. Additionally, they help reduce rolling resistance, thus supporting fuel efficiency.

✅Innovation and Future Trends

Future trends in the steel tire cord market revolve around sustainability, lightweight materials, and digital integration in manufacturing processes. Companies are exploring coating innovations to replace environmentally hazardous elements and improve corrosion resistance. Development of ultra-high tensile strength wires and nano-structured cords is underway to reduce weight without compromising strength. Smart manufacturing techniques, such as real-time quality monitoring and AI-based predictive maintenance, are improving efficiency and output consistency. As the automotive sector transitions to EVs and autonomous vehicles, tire technologies-and by extension, steel cords-will undergo further innovation to meet emerging performance requirements.

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