According to a new report from Intel Market Research, the global Steel Cord for Tire Reinforcement market was valued at USD 4,721 million in 2024 and is projected to reach USD 6,125 million by 2032, growing at a steady CAGR of 4.0% during the forecast period (2025–2032). This growth is driven by expanding global automotive production, increasing demand for high-performance tires, and stringent safety regulations mandating superior tire reinforcement standards.
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Steel cord for tire reinforcement refers to high-strength wire composed of thin steel strands twisted together, primarily used in radial tires for automobiles, trucks, and heavy machinery. These cords provide superior tensile strength, heat resistance, and durability, which are critical for enhancing tire performance, safety, and longevity. Steel cords also contribute to fuel efficiency by reducing rolling resistance while maintaining excellent load-bearing capacity.
Manufactured through specialized drawing and stranding processes, steel cords are engineered to withstand extreme pressures and temperatures encountered during high-speed driving and heavy-load applications. Their unique combination of flexibility and strength makes them indispensable in modern radial tire construction, particularly for commercial vehicles and high-performance passenger cars where safety and durability are paramount.
1. Growth in Global Automotive Production Accelerates Demand
The steel cord tire reinforcement market is being propelled by steady growth in global automotive production, which exceeded 85 million vehicles in recent years. Emerging economies in Asia-Pacific are driving this expansion, with China and India accounting for over 35% of global vehicle production. As manufacturers scale operations to meet rising demand, the need for high-quality tire reinforcement materials grows accordingly. Steel cords offer unparalleled structural integrity for tires, making them indispensable in modern radial tire manufacturing.
2. Advancements in High-Performance Tire Technology
The tire industry's shift toward ultra-high performance (UHP) tires for luxury vehicles and sports cars represents a significant growth driver. These specialized tires require reinforcement materials that can withstand higher rotational speeds and extreme driving conditions while maintaining stability. Steel cord's unique combination of flexibility and strength makes it ideal for these applications, with the UHP tire segment growing at approximately 7% annually, significantly outpacing the broader tire market.
3. Stringent Safety Regulations Worldwide
Governments across major automotive markets continue to implement stricter tire safety regulations, compelling manufacturers to adopt high-performance reinforcement materials. The European Union's tire labeling regulations and U.S. DOT standards emphasize durability and performance metrics that steel cord-reinforced tires consistently meet. These regulatory frameworks often specify minimum standards for puncture resistance and load-bearing capacity – areas where steel cord reinforcement demonstrates clear advantages over alternative materials.
Volatility in steel prices: Fluctuating steel prices, with swings of up to 30% in recent quarters due to trade policies and energy market disruptions, create cost pressure across the supply chain
Emerging alternative materials: Aramid fibers and high-performance synthetic materials are gaining traction in specific segments, offering competitive strength-to-weight ratios for certain passenger vehicle tires
Environmental compliance costs: Regions with stringent environmental regulations face additional production costs, adding complexity to manufacturing operations
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The global shift toward electric vehicle adoption and sustainable manufacturing presents significant opportunities for innovation. The rapid expansion of the electric vehicle market, projected to exceed 30 million units annually by 2030, creates new reinforcement requirements due to heavier battery weights and instant torque delivery characteristics.
Leading steel cord manufacturers are increasingly collaborating directly with tire producers and vehicle OEMs to develop next-generation reinforcement solutions. These partnerships focus on optimizing cord architectures for specific vehicle applications, resulting in performance advantages that alternative materials struggle to match. Recent developments include micro-alloyed steel cords that offer improved fatigue resistance while reducing material usage.
Asia-Pacific: Dominates the global market with over 35% share, driven by massive tire production capacity in China and expanding automotive sectors in India and Southeast Asia
Europe: Maintains a mature high-value market characterized by strict environmental regulations and premium vehicle manufacturing requiring high-tensile steel cords
North America: Features strong automotive production and stringent safety standards, though faces challenges from rising raw material costs and competition from synthetic alternatives
Latin America and Middle East & Africa: Emerging markets showing growth potential through infrastructure development and commercial vehicle demand, though hampered by limited local manufacturing capacity
By Type
Normal Tensile (NT)
High Tensile (HT)
Super Tensile (ST)
By Application
Passenger Car Tires
Commercial Vehicle Tires
By End-User
Original Equipment Manufacturers (OEMs)
Aftermarket
By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
Get Full Report: Steel Cord for Tire Reinforcement Market - View in Detailed Research Report
The global steel cord for tire reinforcement market features a moderately consolidated structure with established players and regional manufacturers competing for market share. Bekaert dominates with approximately 18% revenue share in 2024, thanks to its comprehensive product portfolio and strong relationships with major tire manufacturers globally.
Asian manufacturers including Jiangsu Xingda Steel Cord and Hyosung have emerged as strong contenders, collectively holding about 22% market share through competitive pricing strategies and localized production facilities. Japanese manufacturers like Tokusen excel in premium-grade steel cords for high-performance vehicle applications.
The report provides in-depth competitive profiling of key players, including:
Bekaert (Belgium)
Jiangsu Xingda Steel Cord (China)
Hyosung (South Korea)
Bridgestone (Japan)
Michelin (France)
Sumitomo Electric Industries (Japan)
Other global and regional manufacturers
Global and regional market forecasts from 2025 to 2032
Strategic insights into technological developments and manufacturing innovations
Market share analysis and competitive assessments
Pricing trends and supply chain dynamics
Comprehensive segmentation by type, application, end-user, and geography
Get Full Report: Steel Cord for Tire Reinforcement Market - View in Detailed Research Report
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