According to a new report from Intel Market Research, the global steel cord for automotive tires market was valued at USD 4,721 million in 2024 and is projected to reach USD 6,125 million by 2032, exhibiting a CAGR of 4.0% during the forecast period (2025-2032).
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Steel cord for automotive tires refers to high-strength reinforcement material composed of twisted steel wires, primarily used in radial tire manufacturing. These specialized cords provide critical structural integrity to tires by enhancing their tensile strength, durability, and heat resistance. The material plays a vital role in improving tire performance characteristics such as load-bearing capacity, puncture resistance, and rolling efficiency, while also contributing to vehicle safety and fuel economy.
The growth of the steel cord market is primarily driven by:
Expanding automotive industry: Global vehicle production continues to increase, particularly in emerging economies, creating sustained demand for tires and their components.
Stringent safety regulations: Governments worldwide are implementing stricter safety standards for vehicles, requiring higher performance tires that utilize steel cord reinforcement.
Rising demand for high-performance tires: Consumers and commercial operators increasingly seek tires with better durability, noise reduction, and fuel efficiency - all areas where steel cord technology plays a crucial role.
However, the market faces some challenges:
Volatility in raw material prices: Steel prices fluctuate significantly, affecting production costs.
Competition from alternative materials: Materials like aramid fibers and other composites are competing in some application segments.
Environmental regulations: Manufacturing processes face increasing environmental compliance costs.
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The Asia-Pacific region, led by China, Japan, and South Korea, represents the largest market for steel cord in automotive tires. This dominance comes from:
Large and growing automotive production capacity
Expanding middle class increasing vehicle ownership
Strong industrial base for tire manufacturing
Government support for automotive industry development
While Asia leads in volume, North America and Europe maintain strong positions in:
High-value specialty tires (performance vehicles, winter tires)
Technological innovation and R&D
Premium and luxury vehicle segments
The global steel cord for automotive tires market features a moderately consolidated structure, with key players holding significant market share through technological superiority and extensive distribution networks. Bekaert (Belgium) leads the market with an estimated 22% revenue share in 2024, owing to its vertical integration strategy and strong OEM relationships across North America and Europe.
Meanwhile, Jiangsu Xingda Steel Cord (China) and Hyosung (South Korea) have emerged as strong competitors, particularly in the Asia-Pacific region.
Looking toward 2032, several trends will likely shape the steel cord for automotive tires market:
Lightweighting initiatives: Continued efforts to reduce vehicle weight will drive innovation in steel cord materials, potentially reducing weight per tire.
Electric vehicle specialization: EVs have different torque characteristics and weight distribution, requiring specialized tire designs that use steel cord differently.
Sustainability pressures: Recycling and environmental impact will become increasingly important, favoring materials and processes with lower environmental footprints.
This market research report offers a holistic overview of global and regional markets for the forecast period 2025–2032. It presents accurate and actionable insights based on a blend of primary and secondary research.
Key coverage areas include:
Market size and growth projections (historical and forecast)
Segmentation by product type, application, end-user, and region
Competitive landscape with company profiles
Technology and innovation trends
Regulatory environment analysis
For more detailed information, download the full report:
Download Sample Report: Steel Cord for Automotive Tires Market - View in Detailed Research Report
Get Full Report: Steel Cord for Automotive Tires Market - View in Detailed Research Report