Steel Cord Market size was valued at USD 4.1 Billion in 2024 and is projected to reach USD 5.8 Billion by 2033, exhibiting a CAGR of 4% from 2026 to 2033.
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The global steel cord market has witnessed significant shifts over the past several years, particularly from 2018 to 2022. This article aims to delve into the market trends, supply-demand dynamics, and predictions for the years to come, specifically comparing the 2018-2022 outlook to the projected demand from 2023 to 2033. Understanding these trends is critical for manufacturers, investors, and stakeholders in the steel industry.
From 2018 to 2022, the steel cord market experienced moderate growth, driven primarily by the automotive and tire manufacturing industries. Steel cords are essential components used in reinforced tires, and with the rise of automotive production globally, demand for high-quality steel cords surged. According to market data, the annual growth rate during this period averaged around 4-5%. Factors contributing to this growth included:
Expansion of the automotive industry, particularly in emerging markets such as China, India, and Southeast Asia.
Increased demand for durable and fuel-efficient vehicles that required reinforced tires.
Advancements in tire technology, which led to higher usage of steel cord in tire manufacturing.
Growth of the renewable energy sector, with steel cords also finding use in various industrial applications.
Looking forward, the steel cord market is poised for transformation, with demand expected to significantly outpace the growth seen in the previous years. From 2023 to 2033, the global steel cord market is expected to grow at a compound annual growth rate (CAGR) of approximately 6-7%. Several factors are expected to influence this increased demand:
Electrification of Vehicles: As electric vehicle (EV) production ramps up, there will be a marked increase in demand for specialized tires that incorporate steel cords for enhanced performance and durability.
Urbanization and Infrastructure Development: Continued urbanization and infrastructure projects globally will create further demand for steel cords, not only in automotive manufacturing but also in construction and industrial equipment.
Technological Innovations in Tire Manufacturing: The shift toward smart tires, which incorporate advanced sensors and materials, will drive innovations in steel cord production to meet the new performance standards.
Geopolitical Factors: Trade regulations and supply chain adjustments may affect steel cord availability, potentially driving prices higher but also stimulating more localized production in key regions.
While the steel cord market is global in nature, several regions will lead the demand surge in the next decade:
Asia-Pacific: This region will continue to dominate the steel cord market due to the robust automotive industry in China and India. The growing EV market will also contribute significantly to this demand.
North America: With a strong automotive industry and an increasing focus on sustainable transportation solutions, North America is expected to see a rise in the use of steel cords, particularly in electric vehicle tires.
Europe: Europe’s push for green technology, including electric vehicles and high-performance tires, will further drive the demand for steel cords in the region.
The steel cord market has evolved considerably over the past five years, and the years to come will usher in even more growth and opportunity. As industries such as automotive manufacturing, electric vehicles, and infrastructure development continue to expand, so too will the demand for steel cords. By staying informed and adaptable, businesses in the steel and manufacturing sectors can harness this opportunity and prepare for the future.
The importance of Steel Cord Market research reports lies in their ability to aid strategic planning, helping businesses develop effective strategies by understanding market trends and dynamics. They play a crucial role in risk management by identifying potential risks and challenges, allowing businesses to mitigate them proactively. These reports offer a competitive advantage by providing insights into competitors' strategies and Steel Cord Market positioning. For investors, they provide critical data for making informed decisions by highlighting market forecasts and growth potential. Additionally, market research reports guide product development by understanding consumer needs and preferences, ensuring products meet market demands and drive business growth.
What are the Type driving the growth of the Steel Cord Market?
Growing demand for below Type around the world has had a direct impact on the growth of the Steel Cord Market:
Normal Tensile (NT), High Tensile (HT), Super Tensile (ST), Ultra Tensile (UT)
What are the Applications of Steel Cord Market available in the Market?
Based on Application the Market is categorized into Below types that held the largest Steel Cord Market share In 2024.
Freight Car Use, Passenger Car Use, Other
Who is the largest Manufacturers of Steel Cord Market worldwide?
Bekaert, Jiangsu Xingda Steel Cord, ArcelorMittal, Hyosung, Shandong SNTON Steel Cord, Bridgestone, Shougang Century, Tokusen, Tokyo Rope MFG, Hubei Fuxing New Material, BMZ, Henan Hengxing, Junma Tyre Cord, Sumitomo Electric Industries, Sodetal
Short Description About Steel Cord Market:
The global Steel Cord Market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031. In 2022, the market is growing steadily, and with the increasing adoption of strategies by key players, the market is expected to rise over the projected horizon.
North America, particularly the United States, will continue to play a pivotal role in the market's development. Any changes in the United States could significantly impact the Steel Cord Market growth trends. The market in North America is projected to grow considerably during the forecast period, driven by the high adoption of advanced technology and the presence of major industry players, creating ample growth opportunities.
Europe is also expected to experience significant growth in the global market, with a strong CAGR during the forecast period from 2024 to 2031.
Despite intense competition, the clear global recovery trend keeps investors optimistic about the Steel Cord Market, with more new investments expected to enter the field in the future.
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Which regions are leading the Steel Cord Market?
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
What are the global trends in the Steel Cord Market? Would the market witness an increase or decline in the demand in the coming years?
What is the estimated demand for different types of products in Steel Cord Market? What are the upcoming industry applications and trends for the Steel Cord Market?
What Are Projections of Global Steel Cord Market Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and Export?
Where will the strategic developments take the industry in the mid to long-term?
What are the factors contributing to the final price of Steel Cord Market? What are the raw materials used for Steel Cord Market manufacturing?
How big is the opportunity for the Steel Cord Market? How will the increasing adoption of Steel Cord Market for mining impact the growth rate of the overall market?
How much is the global Steel Cord Market worth? What was the value of the market In 2020?
Who are the major players operating in the Steel Cord Market? Which companies are the front runners?
Which are the recent industry trends that can be implemented to generate additional revenue streams?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Steel Cord Market Industry?
1. Introduction of the Steel Cord Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Steel Cord Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Steel Cord Market, By Product
6. Steel Cord Market, By Application
7. Steel Cord Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
8. Steel Cord Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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