Steel Cord Market (2026 - 2033)

Steel Cord Market Summary

The global steel cord market size was valued at USD 6.0 billion in 2025 and is projected to grow from USD 6.2 billion in 2026 to USD 7.8 billion by 2033, at a CAGR of 3.5% from 2026 to 2033. Asia Pacific dominated the market, accounting for a revenue share of 59.0% in 2025. Rising vehicle production around the world is a primary engine for steel cord demand.

Source: Grand View Research, IR Documents, Primary Interviews, Paid Databases

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As passenger car and light commercial vehicle sales increase, so does the need for stronger, yet lighter, tire reinforcements that enhance durability and fuel efficiency. Growth in regional vehicle manufacturing hubs and the expansion of automotive assembly lines directly feed into higher volumes of tire production, which in turn drives the purchase of steel cord at scale.

The shift toward performance and specialty tires increases demand for higher-grade steel cord products. Tire makers are investing in reinforced constructions to achieve better wet grip, handling, and lower rolling resistance. Electric vehicles create additional requirements for load-bearing and heat resistance due to heavier battery packs and different torque profiles, prompting tire designers to specify steel cords with improved tensile properties.

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The replacement and retread markets sustain steady consumption, providing a reliable baseline for steel cord sales. As vehicle fleets age and traffic volumes rise, demand for tire retreading and replacement grows, particularly in commercial transport and mining sectors. This aftermarket activity helps smooth cyclical swings in new vehicle production and encourages manufacturers to produce a wider range of steel cord types to meet varying retread and replacement specifications.

Investment in production technology and process optimization at steel cord plants enhances capacity and reduces unit costs, thereby supporting market expansion. Advances in wire drawing, coating, and strand twisting deliver cords with more consistent quality and longer life, which attracts tire makers looking for performance gains. Automation and scale efficiencies also enable suppliers to meet stricter tolerance and delivery expectations from global tire manufacturers.

The availability and pricing of raw materials, as well as regulatory and sustainability pressures, significantly influence market dynamics. Fluctuations in steel scrap and wire rod supply affect input costs, which can alter purchase patterns across regions. Meanwhile, an increasing focus on recyclability and lower carbon footprints is prompting both tire and steel cord producers to adopt greener practices, creating demand for cords manufactured using more efficient processes and traceable supply chains.

Market Dynamics

The steel cord market is witnessing steady growth, primarily driven by rising demand from the automotive, mining, material handling, and industrial sectors. Steel cord is a critical reinforcement material used in radial tires, conveyor belts, hoses, and other rubber products due to its high tensile strength, fatigue resistance, and excellent adhesion to rubber. The increasing production of passenger vehicles, commercial vehicles, and electric vehicles, coupled with the growing adoption of radial tires globally, is significantly boosting steel cord demand.

Analyst Perspective

The steel cord market is experiencing steady growth, primarily driven by rising production of radial tires, increasing automotive manufacturing, and expanding demand for steel cord-reinforced conveyor belts in mining and industrial applications. Growing adoption of electric vehicles, advancements in high-tensile steel cord technologies, and increasing investments in material handling infrastructure are expected to support sustained market expansion over the forecast period.

End Use Insights

Based on end use, the tires segment led the market with the largest revenue share of 89.5% in 2025. The tires segment forms the backbone of the steel cord industry as global demand for passenger and commercial vehicles continues to rise. The expansion of automobile production in the Asia Pacific, Europe, and North America has significantly increased the consumption of steel cord, which is primarily used to reinforce radial tires. Steel cord enhances tire performance by providing high tensile strength, flexibility, and resistance to deformation, thereby improving fuel efficiency, handling, and safety. The growing adoption of radial tires, coupled with the increasing demand for durable and long-lasting tires, continues to drive the use of steel cords across original equipment manufacturers and the replacement tire market.

The conveyor belts segment is anticipated to grow at the fastest CAGR during the forecast period. The conveyor belts and other industrial uses segment represents a vital growth area for the steel cord industry, driven by rapid industrialization and expansion in mining, construction, and manufacturing sectors. Steel cords are widely used in heavy-duty conveyor belts due to their exceptional tensile strength, flexibility, and resistance to abrasion and fatigue. These properties enable conveyor systems to operate efficiently under high-stress and load conditions, which is essential for transporting bulk materials such as coal, cement, and minerals. The ongoing development of large-scale industrial projects, automation in production facilities, and increased focus on operational efficiency have strengthened the demand for steel cord-reinforced conveyor belts across global industries.

Regional Insights

The steel cord market in North America is witnessing notable growth driven by rising demand for high-performance tires across both passenger and commercial vehicle segments. The region’s strong automotive production base, led by the U.S., Mexico, and Canada, drives consistent demand for steel cords in tire reinforcement. Increasing consumer preference for durable, fuel-efficient, and long-lasting tires is encouraging tire manufacturers to integrate advanced steel cords that enhance strength, flexibility, and safety. Moreover, growth in replacement tire demand, supported by the large vehicle fleet and expanding logistics sector, is further strengthening market momentum across the region.

U.S. Steel Cord Market Trends

The steel cord market in the U.S. is expanding steadily, supported by a strong automotive manufacturing base and growing demand for durable, high-performance tires. In 2024, the country produced approximately 10.6 million vehicles, reflecting consistent output across passenger cars, SUVs, and commercial vehicles. This steady vehicle production sustains large-scale tire demand, directly driving the consumption of steel cords for reinforcement. Tire manufacturers are increasingly adopting advanced steel cord technologies to enhance strength, durability, and fuel efficiency, aligning with the market shift toward electric and hybrid vehicles that require stronger tires to support heavier battery systems.

Asia Pacific Steel Cord Market Trends

Asia Pacific dominated the steel cord market with the largest revenue share of 59.0% in 2025, driven by several key factors. Rapid urbanization and industrialization across countries like China, India, and Indonesia are increasing the demand for essential minerals and metals, escalating the need for efficient steel cord practices. This demand is further amplified by the surge in electric vehicle production and investments in renewable energy, which require critical raw end use such as lithium, cobalt, and rare earth elements. To meet these needs, advancements in recycling technologies and adopting sustainable mining solutions are being prioritized, facilitating the recovery of valuable end use from electronic waste, construction debris, and other urban sources.

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China Steel Cord Market Trends

The steel cord market in China held the largest share in the Asia Pacific region in 2025. China’s steel cord market is driven by the country’s large automotive manufacturing base, expanding electric vehicle (EV) production, and sustained demand for radial tires used in passenger cars and commercial vehicles. Increasing production and exports of new energy vehicles are supporting demand for high-strength steel cords that provide enhanced durability, fatigue resistance, and load-bearing performance. Growth in truck and bus radial tires, replacement tire demand, and overseas tire shipments is further supporting consumption.

Europe Steel Cord Market Trends

The steel cord market in Europe is experiencing steady growth driven by the rebound of the automotive industry and the increasing production of high-performance tires. In 2024, around 14.4 million vehicles were produced across Europe, strengthening demand for steel cords used in radial tire reinforcement. Tire manufacturers are focusing on enhancing safety, durability, and energy efficiency to comply with the EU’s stringent regulations on vehicle performance and emissions.

Latin America Steel Cord Market Trends

The steel cord market in Latin America is gaining traction as the automotive and tire manufacturing industries continue to recover from recent slowdowns. Countries such as Brazil, Mexico, and Argentina are leading regional vehicle production, with growing demand for passenger and commercial vehicles driving tire consumption. The shift from bias to radial tires is a significant factor driving the increase in steel cord usage, as radial designs offer greater strength, flexibility, and durability.

Middle East & Africa Steel Cord Market Trends

The steel cord market in Middle East & Africa is expanding steadily, driven by rapid infrastructure development, industrial growth, and the increasing adoption of radial tires. Nations such as Saudi Arabia, the UAE, and South Africa are witnessing strong demand for heavy-duty vehicles and equipment used in construction, mining, and logistics, all of which rely on steel cords for tire reinforcement and conveyor applications.

Key Steel Cord Company Insights

Some of the key players operating in the market include Kiswire Ltd., Jiangsu Xingda Steel Tyre Cord Co., Ltd., and others.

• Jiangsu Xingda Steel Tyre Cord Co., Ltd. is a global supplier of tire-reinforcement materials. The company operates several production facilities in China and maintains a strong global presence with subsidiaries and offices across Asia, Europe, and the Americas. The company’s steel cord portfolio caters to various tire segments, including passenger cars, trucks, buses, and off-the-road vehicles. Its products are engineered to provide superior adhesion, fatigue resistance, and tensile strength, which are essential for tire performance and safety.

• Kiswire Ltd. is a global manufacturer of specialty steel wire and reinforcement materials. The company operates numerous plants across Asia, Europe, and North America, supplying products to automotive, construction, energy, and industrial sectors. Kiswire’s steel cord division produces high-performance reinforcement materials designed for use in radial tires for passenger vehicles, trucks, and heavy-duty applications. The company’s steel cords are valued for their superior strength, flexibility, and resistance to corrosion and fatigue, which help enhance tire safety, stability, and service life.

Key Steel Cord Companie

The following key companies have been profiled for this study on the steel cord market.

• Bridgestone (Shenyang) Steelcord Co. Ltd

• Henan Hengxing Science & Technology Co. Ltd

• HYOSUNG Advanced Materials

• Jiangsu Xingda Steel Tyre Cord Co. Ltd

• Kiswire Ltd

• NV Bekaert SA

• Qingdao HL Group Ltd

• Shandong Xinhao Tire Materials Co. Ltd

• Sumitomo Electric Industries Ltd

• TOKUSEN KOGYO Co. Ltd

Recent Development

• In November 2024, Shandong Daye announced a major investment of approximately USD 200.5 million to establish a new manufacturing center in Morocco focused on bead wire and steel cord production. The project will be implemented in two phases, with the first phase involving an investment of approximately USD 114.8 million to establish a production line capable of manufacturing 40,000 tons of bead wire and 40,000 tons of steel cord annually.

Global Steel Cord Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global steel cord market report based on the end use, and region:

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• End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

  • Tires

  • Passenger Cars

  • Light Commercial Vehicles

  • Heavy Commercial Vehicles

  • Conveyor Belts & Other Industrial Uses

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Poland

  • Asia Pacific

    • China

    • India

    • Japan

    • Turkey

    • Thailand

  • Latin America

    • Brazil

  • Middle East & Africa

    • South Africa

    • UAE

Research Methodology

The steel cord Market figures in this report are based on a proven research process that combines executive interviews with secondary research from proprietary databases, company filings, and recognized regulatory and institutional sources. Market size is built through value-chain sizing - reconciling supply-side and demand-side estimates - and triangulated with bottom-up and top-down approaches. Every estimate passes multiple levels of expert validation before publication, with each steel cord Market segment quantified using the revenue-capture definitions in the table below.

Delivered Customizations

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