Steel Tire Cord Market to Reach US$ 8 Bn by 2032 Driven by Automotive and Infrastructure Demand

➤Overview of the Market

The global steel tire cord market is poised for substantial growth, moving from US$ 5.43 Bn in 2025 to US$ 8 Bn by 2032, at a CAGR of 5.7%. Steel tire cords are critical reinforcements used in radial tires, providing them with high tensile strength, durability, and superior performance under heavy loads. The market growth is primarily driven by rising vehicle production, increasing demand for durable tires, and the expanding construction and logistics industries. Steel tire cords are particularly important in heavy-duty vehicles such as trucks, buses, and off-road equipment, where safety and load-bearing capacity are essential.

From a segmentation perspective, the radial tire segment dominates due to the increasing adoption of radial tires in commercial and passenger vehicles. Radial tires offer better performance, fuel efficiency, and extended service life compared to bias tires, thus fueling steel tire cord demand. Regionally, Asia Pacific leads the global market, driven by robust automotive manufacturing in China, India, South Korea, and Japan. The region benefits from rising automobile ownership, expanding logistics networks, and ongoing investments in infrastructure, which together make it the fastest-growing hub for steel tire cord production and consumption worldwide.

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➤Key Market Insights

• Radial tires account for the largest consumption of steel tire cords globally.
• Asia Pacific dominates the market due to its large-scale automotive and industrial base.
• Demand for eco-friendly and lightweight tire materials is shaping product innovation.
• Rising logistics and e-commerce sectors are fueling demand for heavy-duty vehicle tires.
• Increasing tire replacement cycles in developing economies create recurring demand.

➤Why is steel tire cord important in the automotive industry?

Steel tire cord is essential in the automotive industry because it provides the structural reinforcement needed to withstand high loads, improve tire performance, and enhance safety. Found primarily in radial tires, these cords offer superior tensile strength, flexibility, and resistance to fatigue. They ensure durability under high-speed conditions, provide stability in heavy-duty applications, and improve fuel efficiency by maintaining optimal tire shape. With the growth of commercial transportation and passenger vehicle ownership worldwide, steel tire cords continue to play a vital role in ensuring tire reliability and long service life.

➤Market Dynamics

Drivers: The primary growth drivers include rising global vehicle production, rapid urbanization, and the growing demand for radial tires. Expanding logistics and e-commerce sectors are further boosting demand for durable heavy-duty tires reinforced with steel cords. The surge in construction activity and long-haul transport also adds to market expansion.

Market Restraining Factor: The market faces challenges such as the volatility of raw material prices, particularly steel, and the rising adoption of alternative materials like textile and aramid reinforcements in lightweight tire applications. Additionally, environmental concerns and recycling difficulties for steel cord-reinforced tires pose restraints.

Key Market Opportunity: Expanding opportunities lie in sustainable tire technologies and the growing replacement tire market. Emerging economies such as India, Brazil, and Southeast Asia are witnessing rising automotive ownership, which presents a lucrative growth avenue for manufacturers. Development of advanced steel cord structures that balance strength with lighter weight also offers promising opportunities.

➤Market Segmentation

By tire type, the steel tire cord market is segmented into radial tires and bias tires. Radial tires dominate the segment, accounting for the majority of consumption. Their advantages in terms of durability, lower rolling resistance, better fuel efficiency, and heat resistance have made them the standard choice for both passenger and commercial vehicles worldwide. Bias tires, while declining in demand, continue to find niche applications in agriculture, aviation, and off-road vehicles due to their rugged design and cost-effectiveness.

By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and off-road vehicles. Passenger vehicles contribute significantly to global demand, but the commercial vehicle segment holds a dominant share in terms of revenue, given the high cord usage in heavy-duty trucks and buses. The rapid growth of e-commerce, logistics, and long-haul transport sectors has further accelerated demand for steel tire cords in commercial applications. Meanwhile, off-road vehicles in mining, construction, and agriculture also represent a steady growth niche due to the requirement for highly durable tires in demanding terrains.

➤Regional Insights

Asia Pacific is the leading region in the global steel tire cord market, driven by large-scale automotive production hubs in China, India, Japan, and South Korea. Strong domestic demand, coupled with export-oriented manufacturing, sustains regional dominance. North America is the second-largest market, supported by a high concentration of commercial vehicles, advanced logistics infrastructure, and a strong tire replacement market. Europe remains a key player, focusing on advanced and sustainable tire technologies, particularly in Germany and France. Meanwhile, Latin America and the Middle East & Africa are emerging markets, with growth tied to expanding industrialization, infrastructure development, and automotive penetration.

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➤Competitive Landscape

The market is moderately consolidated, with major players focusing on innovation, capacity expansions, and regional partnerships to sustain their competitive edge.

➤Company Insights

✦ Bekaert
✦ Hyosung Corporation
✦ Bridgestone Corporation
✦ Tokusen Kogyo Co., Ltd.
✦ Hubei Xinghui New Materials Technology Co., Ltd.
✦ Kiswire Ltd.
✦ ArcelorMittal
✦ Shandong Daye Co., Ltd.
✦ Jiangsu Xingda Steel Cord Co., Ltd.
✦ Sumitomo Electric Industries, Ltd.

➤Key Industry Developments

Recent industry developments highlight investments in production capacity and technological advancements. For instance, leading manufacturers in China and South Korea have expanded facilities to meet surging domestic and export demand. European players are focusing on sustainable solutions, integrating eco-friendly practices in production while maintaining high-performance output.

Additionally, several companies are partnering with tire manufacturers to co-develop specialized steel cord solutions tailored for heavy-duty vehicles and electric cars. The growing emphasis on electric mobility has encouraged research into lighter yet stronger steel cord variants that align with EV performance requirements, setting the tone for future innovation.

➤Innovation and Future Trends

The future of the steel tire cord market will be shaped by innovations in lightweight and eco-friendly reinforcements. Manufacturers are investing in advanced alloy compositions and improved wire-drawing technologies to create cords with higher strength-to-weight ratios. These developments aim to reduce rolling resistance and improve fuel efficiency, catering to regulatory and consumer demands for sustainability.

Another emerging trend is the integration of smart materials into tire structures. Research is ongoing into steel cords with embedded sensing technologies for real-time tire monitoring, especially for fleet and logistics applications. With the growth of electric and autonomous vehicles, the demand for advanced tire reinforcement solutions will continue to rise, ensuring the steel tire cord market remains a critical part of the automotive supply chain.

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