Steel Tire Cord Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2031)

Steel Tire Cord Market Trends, Growth Opportunities, and Forecast Scenarios

The Steel Tire Cord market research report provides a detailed analysis of the current market conditions, including growth factors, industry trends, and challenges. The report highlights the increasing demand for steel tire cord in the automotive industry due to its superior strength and durability. The main findings reveal that the market is expected to witness steady growth in the coming years, driven by the rising production of vehicles worldwide.

The report recommends that companies focus on expanding their product offerings and geographical presence to capitalize on the growing demand for steel tire cord. Additionally, investing in research and development to improve product quality and expand applications can help companies gain a competitive edge in the market.

Some of the latest trends in the Steel Tire Cord market include the increasing adoption of eco-friendly materials and the growing emphasis on sustainability in the automotive industry. The major challenges faced by market players include fluctuating raw material prices and intense competition among key players.

Regulatory and legal factors specific to the market conditions include stringent government regulations on emissions and safety standards, which are driving the demand for high-quality steel tire cord in automotive manufacturing. Compliance with these regulations is crucial for companies to maintain their market position and meet customer expectations.

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What is Steel Tire Cord?

Steel tire cord is a critical component in the tire manufacturing industry, providing strength, durability, and shape retention to tires. As the automotive industry continues to grow globally, the demand for steel tire cord is also on the rise. The market for steel tire cord is expected to experience significant growth in the coming years, driven by factors such as increasing vehicle production, improving road infrastructure, and the trend towards higher performance tires. Manufacturers in the steel tire cord industry are focusing on developing innovative products and improving production processes to meet the growing demand and capitalize on market opportunities.

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Market Segmentation Analysis

Steel Tire Cord Market Types are classified based on the tensile strength of the cord used in the manufacturing of tires. Normal Tensile Cord is commonly used for regular tires, High Tensile Cord offers increased durability for heavy-duty tires, and Ultra High Tensile Cord provides maximum strength for high-performance tires.

Steel Tire Cord Market Application varies based on the type of vehicle. Passenger cars commonly use Normal Tensile Cord, while trucks require the strength of High Tensile Cord. Off-road vehicles benefit from Ultra High Tensile Cord due to their rugged driving conditions, and other vehicles use different types based on their specific needs.

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Country-level Intelligence Analysis 

The steel tire cord market is witnessing significant growth across various regions, with North America (NA), Asia-Pacific (APAC), Europe, USA, and China emerging as key players in the market. Among these regions, Asia-Pacific is expected to dominate the market due to the increasing demand for automotive vehicles in countries like China and India. The market share percentage valuation of Asia-Pacific is projected to be the highest, followed by North America and Europe. The growth of the steel tire cord market in these regions can be attributed to the rising automotive industry, increasing investments in infrastructure development, and advancements in tire technology.

Companies Covered: Steel Tire Cord Market

Steel Tire Cord is a crucial component used in manufacturing tires for various vehicles. Companies like Bekaert, Sumitomo Electric Industries, Ltd, Xingda International Holdings, Tokusen, Formosa Taffeta Co., Ltd, Kolon Industries, Inc, SRF Ltd, Kordsa Global, and Saarstahl are leading market players in the steel tire cord industry. Bekaert, Sumitomo Electric Industries, Ltd, and Kordsa Global are considered market leaders, with strong sales revenue and a wide global presence. New entrants, like Xingda International Holdings and Formosa Taffeta Co., Ltd, are also making a strong impact by offering innovative products and expanding their market reach. These companies play a key role in growing the Steel Tire Cord Market by constantly innovating, improving product quality, and expanding their distribution networks worldwide.

- Bekaert: $ billion

- Sumitomo Electric Industries, Ltd: $9.24 billion

- Kordsa Global: $1.13 billion

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The Impact of Covid-19 and Russia-Ukraine War on Steel Tire Cord Market 

The Russia-Ukraine war has led to disruptions in the supply chain of steel tire cord, causing fluctuations in prices and availability. This has created uncertainty in the market and forced manufacturers to seek alternative sources for their raw materials.

The post-Covid-19 pandemic has also impacted the steel tire cord market, with changes in consumer behavior and production capabilities influencing demand. As the global economy slowly recovers, there is a mixed outlook for the growth of the market.

Despite these challenges, the steel tire cord market is expected to see moderate growth in the coming years, driven by increasing demand for tires in the automotive industry. As major economies continue to rebound, the market is expected to stabilize and see steady growth.

Major benefactors in this market are likely to be manufacturers that have diversified their supply chains and invested in new technologies to improve efficiency and production capabilities. Companies that can adapt to changing market conditions and meet the evolving needs of consumers are expected to thrive in this challenging environment.

What is the Future Outlook of Steel Tire Cord Market?

The present outlook of the Steel Tire Cord market is positive, with a steady growth in demand due to the increasing production of automotive tires globally. The market is driven by the growing automotive industry and the need for high-performance tires. In the future, the Steel Tire Cord market is expected to continue to expand, fueled by the rising demand for lightweight and durable tire reinforcements. Additionally, advancements in technology, such as the development of new steel cord materials and manufacturing processes, are likely to further drive the growth of the market. Overall, the future outlook for the Steel Tire Cord market is promising.

Market Segmentation 2024 - 2031

The worldwide Steel Tire Cord market is categorized by Product Type: Normal Tensile Cord,High Tensile Cord,Ultra High Tensile Cord and Product Application: Passenger Car,Truck,Off Road Vehicle,Others.

In terms of Product Type, the Steel Tire Cord market is segmented into:

• Normal Tensile Cord
• High Tensile Cord
• Ultra High Tensile Cord

In terms of Product Application, the Steel Tire Cord market is segmented into:

• Passenger Car
• Truck
• Off Road Vehicle
• Others

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What is the scope of the Steel Tire Cord Market report?

• The scope of the Steel Tire Cord market report is comprehensive and covers various aspects of the market. The report provides an in-depth analysis of the market size, growth, trends, challenges, and opportunities in the Steel Tire Cord market. Here are some of the key highlights of the scope of the report:


• Market overview, including definitions, classifications, and applications of the Steel Tire Cord market.


• Detailed analysis of market drivers, restraints, and opportunities in the Steel Tire Cord market.


• Analysis of the competitive landscape, including key players and their strategies, partnerships, and collaborations.


• Regional analysis of the Steel Tire Cord market, including market size, growth rate, and key players in each region.


• Market segmentation based on product type, application, and geography.

Frequently Asked Questions

• What is the market size, and what is the expected growth rate?


• What are the key drivers and challenges in the market?


• Who are the major players in the market, and what are their market shares?


• What are the major trends and opportunities in the market?


• What are the key customer segments and their buying behavior?

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