Steel
MARKET OVERVIEW:
The market growth is primarily driven by increasing vehicle production and stringent safety regulations mandating high-performance tires. However, emerging alternatives like aramid and hybrid cords present competition. Major players including Bekaert and Sumitomo Electric
Industries continue investing in R&D to develop lighter yet stronger steel
cord solutions, with recent innovations focusing on eco-friendly manufacturing processes to align with sustainability trends in the automotive sector.
MARKET INSIGHT & GROWTH DRIVERS:
2024 CAGR 2032
2.5 Billion USD 3.4 Billion 4.3%
Global steel tire cord market was valued at approximately USD 2.5 billion in 2021 and is projected to reach USD 3.4 billion by 2028, growing at a CAGR of 4.3% during the forecast period.
MARKET DYNAMICS
Growing Automotive Production to Accelerate Steel Tire Cord Demand
The global automotive industry's resurgence post-pandemic is significantly boosting the steel tire cord market. With passenger vehicle production projected to reach over 85 million units annually by 2025, tire manufacturers are scaling up capacity to meet OEM and replacement market demands. Steel tire cords remain indispensable due to their superior strength-to-weight ratio compared to synthetic alternatives - a typical steel cord reinforced tire contains approximately 1.5 kg of high-tensile steel wires. This structural advantage becomes increasingly vital as vehicle weights rise with electrification trends, maintaining steel cord's dominant 75% share in radial tire reinforcement materials.
MARKET OPPORTUNITIES
The rapid electrification of automotive fleets presents substantial opportunities for steel tire cord innovation. EV tires require reinforcement solutions that can handle 2030% higher instant torque loads while minimizing rolling resistance - a combination where advanced steel cord architectures excel. Leading manufacturers are developing next-generation cords with optimized strand geometries that reduce weight by 15% while maintaining strength. With global EV sales projected to surpass 30 million units annually by 2030, these specialized tire cord solutions represent a high-growth segment. Recent product launches demonstrate this trend, including ultra-thin steel belts enabling 5-7% range improvement through reduced rotational mass.
COMPANY MISSION
The rapid adoption of electric vehicles is fundamentally altering steel tire cord requirements, with OEMs demanding cords that withstand 20-25% higher torque loads compared to traditional internal combustion engine vehicles. Market projections show EV-specific tire cord demand growing at 18% CAGR through 2032, particularly for passenger vehicles where noise reduction and rolling resistance are critical performance metrics. Leading manufacturers are responding with specialized steel alloys that offer 30% improved fatigue resistance while maintaining the flexibility needed for low-profile tires dominating the EV segment.
REGIONAL MARKET OUTLOOK
North America
The North American foam control agent market is characterized by stringent environmental regulations and a strong focus on sustainable industrial processes. The U.S. leads the region, driven by extensive industrial and manufacturing activities across sectors like paints & coatings, food processing, and wastewater treatment. The increasing adoption of silicone-based defoamers in water treatment applications is notable, with municipalities and industrial players prioritizing foam control to meet EPA discharge standards. Canada is witnessing steady growth, supported by its robust pulp & paper industry. The region’s market is also benefiting from innovation in bio-based foam control agents, catering to the pharmaceutical and food & beverage sectors where product purity is critical. However, the volatility in raw material prices, particularly silicone derivatives, poses a challenge for manufacturers.
Europe
Europe's steel tire cord market is firmly driven by the region’s stringent automotive safety and environmental standards, including EU tyre labeling regulations and REACH compliance. Germany and France remain key consumers, with a strong emphasis on electric vehicles (EVs) enhancing demand for specialized tire cords. Innovations such as ultra-high tensile cords are gaining traction among premium tire manufacturers aiming for reduced rolling resistance. Though raw material costs remain a concern, partnerships between automakers and suppliers ensure steady growth. Sustainability initiatives, such as green steel adoption, signal long-term resilience.
COMPETITIVE LANDSCAPE
• Bekaert
• Sumitomo Electric Industries, Ltd
• Xingda International Holdings
• Tokusen
• Others
These companies represent some of the major key players driving innovation and growth in the market, contributing significantly to global supply and competitive dynamics.
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