Global Steel Tire Cord Market to Expand from USD 5.43 Billion in 2025 to USD 8 Billion by 2032 at 5.7% CAGR | Persistence Market Research

The global steel tire cord market is poised for strong growth, climbing from US$ 5.43 Bn in 2025 to US$ 8 Bn by 2032, according to Persistence Market Research. This remarkable rise is projected to occur at a CAGR of 5.7% from 2025 to 2032, highlighting increased demand across the automotive sector. Steel tire cords are vital reinforcements in radial tires, providing strength, stability, and durability. With the expansion of the global automotive industry and growing preference for radial tires, this market is gaining significant traction.

Rising vehicle production, increasing safety concerns, and the shift toward fuel-efficient, longer-lasting tires are some of the key contributors driving this growth. Passenger vehicles remain the largest consumers of steel tire cords, while Asia Pacific leads as the most dominant geographical region-largely due to its massive automotive manufacturing base, particularly in China and India. The region's robust infrastructure, cost-effective labor, and high vehicle demand create a fertile ground for market expansion.

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✅Key Highlights from the Report:

➤The global steel tire cord market is projected to grow at a CAGR of 5.7% between 2025 and 2032.
➤Market size is expected to rise from US$ 5.43 Bn in 2025 to US$ 8 Bn by 2032.
➤Asia Pacific remains the dominant regional market due to booming automobile production.
➤Passenger vehicles lead in end-use application owing to high demand for radial tires.
➤Steel tire cords continue to outperform synthetic counterparts in durability and heat resistance.
➤Growing focus on electric vehicles indirectly supports demand for high-performance tires.

📊 Market Segmentation:

The steel tire cord market is broadly segmented based on product type, including normal tensile cord, high tensile cord, and others. High tensile steel cords are witnessing increased adoption due to their superior performance in high-speed, high-load applications. These cords offer enhanced strength, better fatigue resistance, and longer tire life, making them the preferred choice in both commercial and passenger vehicle tires.

By end-user, the market is segmented into passenger vehicles, commercial vehicles, and off-road vehicles. Passenger vehicles continue to dominate owing to the sheer volume of demand. However, commercial vehicles are fast catching up due to increasing freight and logistics operations across developed and emerging markets. Radial tire usage in heavy-duty vehicles also supports this segment's growth.

📊 Regional Insights:

Asia Pacific dominates the global steel tire cord market, thanks to its massive vehicle manufacturing hubs, especially in China, India, South Korea, and Japan. High automobile ownership rates, rising income levels, and cost advantages in manufacturing have positioned this region as the growth engine for the market. Government initiatives supporting industrial expansion and exports further stimulate regional demand.

North America and Europe follow as significant markets, driven by advanced automotive technologies, strict safety regulations, and high tire replacement rates. The presence of major tire manufacturers, coupled with demand for premium tires in these regions, is fueling consistent steel cord consumption. Both regions are also witnessing a surge in electric vehicle adoption, adding a fresh layer of opportunity for performance-grade tire cords.

Market Drivers

One of the primary market drivers is the booming global automotive industry, especially the surge in radial tire usage across vehicle types. Steel cords are integral to radial tire structure, offering strength and durability, making them indispensable in high-performance tires. Additionally, the increasing production of electric vehicles (EVs), which demand stronger and longer-lasting tires, indirectly fuels steel cord demand.

The growth in infrastructure and logistics sectors, particularly in developing economies, has also led to a rise in heavy-duty commercial vehicles. These vehicles require high-performance tires reinforced with steel cords to handle long distances and heavy loads. Also, as vehicle safety standards become more stringent worldwide, the need for high-quality tire reinforcement materials is escalating rapidly.

Market Restraints

Despite strong growth, the steel tire cord market faces several restraints. One of the most significant is the fluctuation in raw material prices, especially steel. Price volatility directly impacts the production costs of tire cords, thereby affecting profitability for manufacturers. Additionally, the market must contend with the growing presence of synthetic alternatives, which, although inferior in strength, offer flexibility in cost-sensitive markets.

Environmental concerns associated with steel manufacturing and carbon emissions also put pressure on manufacturers to adopt greener practices. The process of steel cord production is energy-intensive, and global sustainability goals are urging companies to find low-emission solutions, which may increase R&D and operational costs.

Market Opportunities

There are ample opportunities ahead for stakeholders in the steel tire cord market. As automakers strive for better fuel efficiency and tire performance, the demand for high-tensile, lightweight steel cords is set to rise. This opens the door for product innovation and technological advancement in cord design and metallurgy.

Emerging markets in Latin America, Southeast Asia, and Africa offer untapped potential due to increasing urbanization, rising vehicle ownership, and infrastructure development. Additionally, strategic partnerships between tire manufacturers and cord producers could enhance supply chain efficiency and reduce costs. There's also a growing trend of tire recycling, where high-quality steel cords can be recovered and reused, aligning with global sustainability trends.

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👉Reasons to Buy the Report:

✔️Gain accurate, data-backed insights into a market expected to grow at 5.7% CAGR.
✔️Understand key drivers, restraints, and opportunities shaping market dynamics through 2032.
✔️Identify top-performing segments by product type, end-use, and region.
✔️Stay ahead of the competition with deep analysis of current and future market trends.
✔️Access expert insights from Persistence Market Research to guide strategic decisions.

📌Key Players

✦Bekaert SA
✦Hyosung Corporation
✦Kiswire Ltd.
✦Tata Steel Ltd.
✦Shandong Daye Co. Ltd.
✦TrefilArbed ArcelorMittal
✦Bridgestone Corporation

■In 2024, Bekaert expanded its tire cord production capacity in Asia to meet growing demand from regional automotive manufacturers.
■Hyosung introduced a new eco-friendly steel cord variant designed for high-performance electric vehicles in 2023.

This comprehensive overview of the steel tire cord market offers an in-depth look at where the industry is headed. With strong demand drivers, a favorable CAGR, and expanding applications in modern mobility, this market is set to become a key area of growth within the global automotive supply chain.

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