Steel Cord Market To Reach $7.83 Billion By 2033 | CAGR 3.4%

Steel Cord Market Growth & Trends

The global steel cord market size is anticipated to reach USD 7.83 billion by 2033 and is projected to grow at a CAGR of 3.4% from 2025 to 2033, according to a new report by Grand View Research, Inc. The growth of the steel cord industry is primarily driven by the rising production of radial tires, especially for passenger cars, trucks, and off-road vehicles. Steel cords offer superior tensile strength, durability, and fatigue resistance, thereby enhancing tire performance and extending their lifespan. With the global automotive industry focusing on improving vehicle efficiency and safety, demand for high-strength reinforcement materials, such as steel cords, has surged. The increasing adoption of radialization in commercial vehicle tires, driven by long-term cost efficiency and enhanced fuel performance, continues to push manufacturers toward higher steel cord consumption.

Rapid industrialization and infrastructure expansion in emerging economies have significantly contributed to the growth of the steel cord industry. Construction, mining, and logistics sectors heavily rely on heavy-duty vehicles that require robust, long-lasting tires. As demand for construction materials and industrial machinery rises, so does the need for steel cord-reinforced tires that can endure extreme operational conditions. Moreover, government investments in highway and transportation infrastructure in countries such as China, India, and Indonesia are bolstering vehicle utilization rates, further propelling the market.

Technological advancements in steel cord manufacturing have also strengthened market growth. Modern production methods focus on reducing cord weight while maintaining strength and flexibility, improving overall tire efficiency. Continuous innovations in wire drawing, coating, and surface treatment processes have improved bonding with rubber compounds, resulting in enhanced tire performance. In addition, sustainability-driven developments such as eco-friendly cord coatings and recyclable steel wires are attracting environmentally conscious tire manufacturers, helping companies align with green mobility initiatives.

The steel cord industry benefits from the growing demand for electric and hybrid vehicles, which require lightweight yet strong tire materials to support heavier battery structures. Manufacturers are designing specialized steel cords that strike a balance between durability and reduced rolling resistance, thereby improving EV efficiency. This shift is encouraging tire producers to collaborate closely with cord manufacturers to create customized product designs tailored to the requirements of electric vehicles. As EV adoption accelerates globally, this synergy between tire and steel cord innovation is creating a steady demand trajectory.

Furthermore, the expansion of the logistics and transportation industry, driven by e-commerce and global trade, has created a consistent demand for commercial vehicle tires. Increased freight movement places greater emphasis on tire reliability and performance, amplifying the use of steel cords in tire reinforcement. Alongside this, major tire producers are establishing new manufacturing facilities in developing markets, which is driving regional demand for steel cords. The combination of robust automotive demand, industrial growth, and advancements in tire technology continues to solidify the long-term outlook for the steel cord industry. 

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Steel Cord Market Report Highlights

• Based on end use, the tires segment led the market with the largest revenue share of 89.4% in 2024, driven by the surge in global vehicle production, increasing demand for high-performance and durable radial tires, and the rising adoption of steel-reinforced tires in passenger and commercial vehicles to enhance strength, puncture resistance, and overall fuel efficiency.

• Asia Pacific dominated the market with the largest revenue share of 59.0% in 2024, supported by the strong expansion of automotive manufacturing hubs in China, India, Japan, and South Korea, rising investments in tire production facilities, and growing replacement tire demand driven by an expanding vehicle fleet and improving road infrastructure across emerging economies. 

Steel Cord Market Segmentation

Grand View Research has segmented the global steel cord market based on the end use, and region:

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

• Tires

  • Passenger Cars

  • Light Commercial Vehicles

  • Heavy Commercial Vehicles

• Conveyor Belts & Other Industrial Uses

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

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

  • UAE

List of Key Players in 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