Steel Tire Cord Market Size Worth US$ 8 Billion by 2032 - Persistence Market Research

The global steel tire cord market is an essential component of the tire manufacturing industry, forming the backbone of tire reinforcement technology. Steel tire cords provide exceptional strength, flexibility, and durability to radial tires, making them indispensable in ensuring tire safety and performance. As the automotive industry continues to expand and demand higher quality standards, the steel tire cord market is set to witness significant growth in the coming years.

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The market has evolved with technological advancements and shifting trends in vehicle design. The rise in vehicle ownership, the increasing popularity of heavy-duty and high-performance vehicles, and the growing emphasis on tire longevity and efficiency have all contributed to the rising demand for steel tire cords globally.

According to Persistence Market Research, the global steel tire cord market size is anticipated to rise from US$ 5.43 billion in 2025 to US$ 8 billion by 2032, expanding at a CAGR of 5.7% during the forecast period. The steel tire cord industry is rising owing to increased automobile manufacturing and strict quality criteria for long-lasting, high-performance tires.

Market Overview

The global automotive sector continues to be the largest consumer of steel tire cords. These cords are primarily used in radial tires to reinforce their structure, providing better resistance to pressure and mechanical stress. Over the past decade, the shift from bias-ply to radial tires has significantly increased the consumption of steel tire cords.

In 2025, the market is estimated at around US$ 5.43 billion, with steady demand coming from tire manufacturers across Asia-Pacific, North America, and Europe. By 2032, the market is expected to reach approximately US$ 8 billion. The growing demand for replacement tires, particularly in developing nations with expanding vehicle fleets, is another major factor contributing to this growth.

Key Growth Drivers

The expansion of the steel tire cord market is influenced by several factors that shape its long-term growth trajectory.

Growth in Global Vehicle Production
Rising automotive production, particularly in emerging economies such as China, India, and Southeast Asia, is one of the most prominent drivers. As new vehicles enter the market every year, the need for original equipment (OE) tires also rises, directly boosting demand for steel tire cords. Additionally, the expansion of the commercial vehicle segment, including trucks and buses, has increased the need for heavy-duty tires that depend heavily on steel reinforcement.

Increasing Demand for High-Performance Tires
Consumers and fleet operators are prioritizing tire performance, durability, and fuel efficiency. Steel tire cords enhance tire stability, handling, and load-bearing capacity while reducing deformation and wear. This makes them essential for premium and performance tires used in sports cars, SUVs, and commercial fleets.

Shift Toward Radial Tires
The steady global transition from bias-ply tires to radial tires is another major factor supporting market growth. Radial tires require multiple layers of steel cords to provide superior strength, flexibility, and heat dissipation. The radialization trend is particularly strong in developing countries, where manufacturers are adopting modern tire technologies to meet international quality standards.

Expansion of Commercial and Off-Road Vehicle Segments
Infrastructure development, mining, logistics, and construction activities have created rising demand for heavy-duty tires. These sectors prefer tires reinforced with high-tensile steel cords due to their superior durability and load-bearing capacity. As governments invest in road and industrial projects, demand for off-road vehicles and, consequently, for steel tire cords, continues to expand.

Technological Advancements
Manufacturers are focusing on developing advanced steel tire cords with improved tensile strength, corrosion resistance, and enhanced adhesion properties. New alloy compositions and coating technologies are helping produce cords that extend tire lifespan while maintaining lightweight characteristics. These innovations are expected to open up new opportunities in electric vehicle (EV) and specialty tire applications.

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Market Segmentation

The steel tire cord market can be segmented based on type, tire type, and region. Understanding these segments helps identify key growth areas within the industry.

By Type
Steel tire cords are categorized according to tensile strength levels, including:
• Normal Tensile (NT)
• High Tensile (HT)
• Super Tensile (ST)
• Ultra-Tensile (UT)
Among these, high-tensile and ultra-tensile cords are witnessing growing demand due to their ability to improve tire durability while reducing weight. These cords are particularly suited for commercial and off-road applications where load and wear resistance are critical.

By Application
• Passenger Car Tires: Represent the largest segment, supported by increasing vehicle ownership and replacement tire demand.
• Commercial Vehicle Tires: Expected to record robust growth due to expansion in logistics, freight transportation, and infrastructure projects.
• Off-Road and Industrial Tires: Though smaller in share, this segment is growing rapidly with increased industrialization and agricultural mechanization.

By Coating Technology
• Brass-Coated Steel Cord: Dominates the market due to its excellent adhesion to rubber and resistance to corrosion.
• Zinc-Coated Steel Cord: Used in certain specialized tire applications where alternative coating properties are preferred.

Regional Insights

Asia-Pacific
The Asia-Pacific region is the largest and fastest-growing market for steel tire cords. Countries like China, India, Japan, South Korea, and Thailand serve as major automotive manufacturing hubs. Strong domestic demand, coupled with export-oriented tire production, drives regional growth. In addition, government initiatives supporting local manufacturing and infrastructure development further strengthen the region's position.

North America
North America holds a significant market share driven by consistent replacement tire demand and technological advancements in tire manufacturing. The growth of electric vehicles and increasing preference for premium tires in the U.S. and Canada also create new opportunities for steel cord suppliers.

Europe
Europe's automotive industry continues to focus on sustainability and performance optimization. The region's emphasis on safety standards, low rolling resistance, and fuel-efficient tires sustains demand for high-quality steel cords. Furthermore, European tire manufacturers are investing in R&D for developing advanced reinforcement materials.

Latin America, Middle East, and Africa
Emerging economies in these regions offer substantial growth potential. Infrastructure development and rising vehicle ownership are key factors supporting market expansion. However, the region faces challenges related to limited local manufacturing and supply chain inefficiencies, which could slow adoption in the near term.

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Competitive Landscape

The global steel tire cord market is moderately consolidated, with several major companies dominating production and supply. Key players focus on expanding production capacity, improving product quality, and developing new technologies to maintain competitiveness.
Prominent companies operating in the market include:

• Bekaert
• Hyosung Advanced Materials
• Jiangsu Xingda Steel Tire Cord Co. Ltd.
• Tokusen Kogyo Co. Ltd.
• Daye Company Limited
• Bridgestone Corporation
• Sumitomo Electric Industries
• Kiswire Ltd.

These companies are engaged in strategic partnerships and joint ventures with tire manufacturers to co-develop cords tailored for specific tire models. The emphasis on cost efficiency, sustainability, and supply chain integration is also shaping the competitive environment.

Future Opportunities

The coming decade presents numerous growth opportunities for the steel tire cord industry:

Electric Vehicle (EV) Tires: EVs require tires that can withstand heavier loads and higher torque. Advanced steel cords designed for EV-specific tires will become an emerging niche.

Infrastructure and Logistics Expansion: Growing construction, mining, and freight transportation sectors will boost demand for heavy-duty and off-road tires.

Sustainability Initiatives: Manufacturers focusing on energy-efficient production methods and recyclable materials will gain a competitive edge.

Regional Manufacturing Expansion: Setting up production facilities in developing economies will help reduce costs and meet local demand efficiently.

Aftermarket Growth: Rising replacement tire demand globally, especially in Asia and Africa, will continue to support steel tire cord consumption.

Conclusion

The global steel tire cord market is poised for solid growth through 2032, underpinned by the rising demand for durable, high-performance tires and expanding automotive production worldwide. From passenger cars to heavy commercial vehicles, steel tire cords remain indispensable due to their superior strength, flexibility, and performance.

As the market evolves, key trends such as electric vehicle adoption, sustainability initiatives, and technological innovations will redefine industry dynamics. Manufacturers that invest in advanced materials, efficient production technologies, and strategic global partnerships will be best positioned to capture future growth opportunities.

Ultimately, with the market projected to reach US$ 8 billion by 2032, the steel tire cord industry will continue to play a crucial role in supporting the global mobility ecosystem and ensuring safer, longer-lasting, and more efficient tires for the next generation of vehicles.

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