Steel Cord Market Size, Share, Growth, and Industry Analysis, By Types (Normal Tensile (NT), High Tensile (HT), Super Tensile (ST), Ultra Tensile (UT)), By Applications Covered (Freight Car Use, Passenger Car Use, Others), Regional Insights and Forecast to 2033

Steel Cord Market Size

Global Steel Cord Market valuation stood at USD 5.857 billion in 2024 and is projected to reach USD 6.155 billion in 2025 and USD 9.164 billion by 2033, reflecting a 5.1% CAGR over the forecast period.

In the US, Steel Cord demand reached USD 1.42 billion in 2024 and is forecast at USD 1.49 billion in 2025, supported by growing tire reinforcement requirements.

Key Findings

• Market Size – Valued at 6.155 billion in 2025, expected to reach 9.164 billion by 2033, growing at a CAGR 5.1% Line.
• Growth Drivers – Automotive sector drives 60% growth, industrial belts account for 25%, EV cord usage up 15%, mining belts represent 20% expansion.
• Trends – Asia-Pacific holds 46% market share, North America 15%, Europe 13%, MEA 8%, Latin America 7%; hybrid cords up 30% regionally.
• Key Players – Bekaert, Jiangsu Xingda Steel Cord, ArcelorMittal, Hyosung, Shandong SNTON
• Regional Insights – Asia-Pacific leads with 46% of consumption, North America holds 15%, Europe commands 13%, MEA contributes 8%, Latin America 7%, others 11%.
• Challenges – Price volatility impacts 10% costs, scrap rates at 7%, supply delays risk 12%, adhesion failures 5%, capacity underutilization 8% yield.
• Industry Impact – Automotive sector represents 60% impact, industrial belts 20%, mining conveyors 10%, EV applications 5%, marine cables 3%, specialty hoses 2%.
• Recent Developments – High-tensile cords improved bond strength 18%, fatigue life 22%, production speeds up 15%, yields increased 10%, defects reduced 7% globally.

Steel Cord plays an indispensable role in reinforcing radial and bias-ply tires, accounting for over 60% of the reinforcement materials used in global tire manufacturing. In 2024, global output of Steel Cord reached approximately 1.2 million metric tons, with Asia-Pacific alone contributing nearly 550,000 tons. Typical Steel Cord density stands at 7.85 g/cm³, enabling high tensile strength and fatigue resistance. Advances in Steel Cord stuffing—the process of embedding fine brass-coated wires within polymer carcasses—have improved adhesion, reducing delamination rates by up to 15%. Growing demand for high-performance tires and conveyor systems continues to drive regional capacity expansions, particularly in China and India.

Steel Cord Market Trends

The Steel Cord market is witnessing a surge in demand from automotive and industrial sectors. In 2024, tire manufacturers increased annual Steel Cord consumption by 8%, reaching roughly 1.2 million metric tons, as the global vehicle parc surpassed 1.5 billion units. North America’s usage climbed 6% to 180,000 tons, driven by rising truck tire production, while Europe reported a 4% uptake, totaling 150,000 tons. Developments in low-steel and ultra-steel reinforcement have enabled tire weight reductions of up to 10%, improving fuel efficiency. In conveyor belt applications, growth in mining and logistics boosted Steel Cord shipments by 12%, with Australia and Brazil leading with combined exports of 90,000 tons. Innovations in Steel Cord stuffing technology—featuring ultrafine brass layers—have enhanced wire-to-rubber bond strength by 20%, reducing failure rates in high-speed and heavy-load scenarios. Lightweight automotive trends are prompting the integration of super-tenacity wires that offer tensile strengths exceeding 3,500 MPa, a 25% improvement over conventional high-tensile variants. Continuous miniaturization in pneumatic systems has spurred the development of micro-steel cords, characterized by cord diameters below 0.15 mm, further expanding application scopes.

Steel Cord Market Dynamics

Market dynamics are shaped by upstream raw material volatility and downstream tire production cycles. Crude steel prices fluctuated between USD 630 and USD 720 per ton in 2024, influencing cord wire costs by approximately 10%. Automated drawing and stranding lines have increased output rates by 30%, enabling manufacturers to meet the rising requirement of 1.3 million metric tons forecast for 2025. Environmental regulations in the EU and US are driving the adoption of low-emission furnaces, reducing carbon intensity per ton of cord by 18%. Partnerships between wire mills and tire makers have led to custom alloy formulations that improve fatigue life by 50%, essential for run-flat and reinforced heavy-duty tires. Simultaneously, trade tariffs in key markets like Turkey and Brazil have introduced price premiums of 5–7% on imported Steel Cord, reshaping regional supply chains.

OPPORTUNITY

Expansion in Conveyor and Belting Applications

Conveyor belt systems consumed 210,000 tons of Steel Cord in 2024, up 12% year-on-year, thanks to booming e-commerce and mining activities. The global conveyor market valuation surpassed USD 18 billion, with cord-reinforced belts capturing a 65% share. Innovative Steel Cord stuffing patterns—such as diamond and herringbone strand arrangements—have extended belt life by 30%, reducing downtime costs. Infrastructure investments in mining projects across Australia and Canada are set to add 50,000 tons of incremental demand in 2025.

DRIVERS

Rising Demand for High-Performance Tires

Rising global vehicle production—reaching 95 million units in 2024—has propelled the Steel Cord market. Radial tire content per passenger car rose from 20 kg in 2019 to 24 kg in 2024, boosting cord consumption by 20%. Heavy commercial vehicles, with an average of 50 kg of Steel Cord per tire set, accounted for 320,000 tons in 2024. The surge in electric vehicles (EVs), exceeding 15 million units, has led to cords engineered to withstand higher torque loads, driving R&D investments of over USD 25 million in specialized super-tensile grades.

RESTRAINTS

"Raw Material Price Volatility"

Steel Cord wire rod prices spiked from USD 540 to USD 650 per ton between January and July 2024, straining margins for cord manufacturers. Fabrication costs for brass coatings climbed by 12%, adding USD 0.05 per meter of cord. Capacity underutilization in Eastern Europe reached 22% as regional tire plants shifted to Asia. Logistic bottlenecks, notably a 28% increase in freight costs on transpacific routes, have delayed delivery times by up to 14 days, affecting just-in-time manufacturing schedules for tire producers.

CHALLENGE

"Technological Standardization and Quality Control"

Achieving uniform strand geometry at high production speeds remains difficult; 7% of cords produced in 2024 were rejected for non-conformity in lay length and tensile strength. Microscopic surface defects can reduce fatigue life by up to 40%, prompting mills to invest approximately USD 15 million in enhanced non-destructive testing equipment. The lack of unified global standards for cord-to-rubber adhesion complicates cross-border trade, causing inspection delays of 3–5 days per shipment.

Segmentation Analysis

The Steel Cord market is segmented by type into four key grades—Normal Tensile, High Tensile, Super Tensile, and Ultra Tensile—and by application into Freight Car Use, Passenger Car Use, and Others. Normal Tensile cords, with average tensile strengths of 2,000 MPa, dominate 40% of the market. High Tensile and Super Tensile grades, offering 2,500 MPa and 3,000 MPa respectively, together account for 45%. Ultra Tensile cords exceed 3,500 MPa and form the remaining 15%, serving niche high-performance applications. Freight car belts, heavy truck tires, and specialized industrial belts represent the primary end-uses, while smaller shares go to passenger car tires and other specialty reinforcements.

By Type

• Normal Tensile (NT): Normal Tensile Steel Cord, rated at approximately 2,000 MPa tensile strength, held a 40% share in 2024, translating to 480,000 tons of production. These cords feature a standard wire diameter of 0.35 mm and are coated with a 50 μm brass layer to optimize adhesion. Key applications include mid-range passenger tires and standard conveyor belt systems. Manufacturing investments of USD 10 million in new drawing lines have improved yield by 5%, enabling a 3% reduction in scrap rates.
• High Tensile (HT): High Tensile Steel Cord, with tensile strength near 2,500 MPa, accounted for 25% of total output (300,000 tons) in 2024. Wire diameters average 0.30 mm, and advanced Steel Cord stuffing processes enhance wire-to-rubber bonding by 18%. These grades are favored in commercial vehicle tires and high-speed conveyor belts, where durability under dynamic loads is critical. Capacity expansions in India and Turkey added 60,000 tons of HT production in 2024.
• Super Tensile (ST): Super Tensile Steel Cord, offering 3,000 MPa strength, captured 20% market share (240,000 tons) in 2024. With fine wire diameters of 0.28 mm, ST cords serve premium automobile tires and aerospace hose reinforcements. Innovations in multi-layer brass coatings have extended fatigue life by 22%, reducing delamination incidents by 12%. Leading mills invested USD 8 million in high-precision stranding machines to maintain consistency at output speeds of 400 m/min.
• Ultra Tensile (UT): Ultra Tensile Steel Cord, exceeding 3,500 MPa tensile strength, represented 15% of the 2024 market (180,000 tons). These cords, with wire diameters as low as 0.25 mm, are deployed in run-flat tire designs and extreme-load conveyor applications. Their production requires vacuum-degassed rod and additive-enhanced alloys, adding 8% to raw material costs. Market adoption rose by 9% in 2024, supported by R&D allocations of USD 5 million for improved fatigue performance.

By Application

• Freight Car Use: Steel Cord reinforced conveyor belts for freight cars consumed approximately 600,000 metric tons in 2024—about 50% of total market volume. These cords, with a density of 7.85 g/cm³, deliver the high tensile strength (2,500–3,000 MPa) required to haul average loads of 30 tonnes per wagon over distances exceeding 1,200 km. Asia-Pacific accounted for nearly 45% of this segment (270,000 tons), led by China’s state-owned rail operators, while North America and Europe consumed 150,000 tons and 120,000 tons respectively. Innovative Steel Cord stuffing techniques—such as diamond-lay strand patterns with a 60 μm brass coating—have increased bond strength by 18%, reducing on-route belt failures by 22%. Investment in automated belt‐making lines expanded capacity by 8%, enabling a 12-day lead time reduction for OEMs. Stringent safety standards now mandate cords capable of withstanding over 1.5 million fatigue cycles, pushing suppliers to refine strand lay lengths to within ±0.5 mm tolerance.
• Passenger Car Use: Passenger car tires accounted for 360,000 metric tons of Steel Cord consumption in 2024, representing 30% of the market. On average, each passenger vehicle incorporates 2.5 kg of Steel Cord across four radial tires—totaling roughly 78 million new vehicles fitted worldwide. The Asia-Pacific region dominated with 120,000 tons, followed by North America at 90,000 tons and Europe at 80,000 tons. EV adoption, exceeding 15 million units globally, demanded cords with enhanced fatigue resistance and higher torque tolerance, increasing average cord usage per tire by 10%. Advanced stuffing methods—introducing a dual-layer brass coating of 45 μm and 55 μm—have elevated wire-to-rubber adhesion by 20%, cutting delamination incidents by 15%. Tier-1 automakers are now specifying ultra-fine wire diameters of 0.25 mm to achieve 10 kg weight savings per vehicle, reflecting the push toward lightweight, fuel-efficient designs.
• Others: The “Others” segment—including industrial hoses, mining belts, marine cables, and specialty reinforcements—consumed 240,000 metric tons (20%) in 2024. Mining conveyor systems accounted for 100,000 tons, driven by open-pit projects in Australia and Canada. Industrial hose reinforcement used 50,000 tons, serving high-pressure hydraulic applications requiring cord strengths of 2,800 MPa. Marine cable armoring absorbed 30,000 tons, protecting subsea power lines over average cable lengths of 15 km. Renewable energy transmission belts and pulleys added 20,000 tons as wind turbine installations grew by 12%. Specialty hose applications—such as oil-field drilling and chemical transfer—used the remaining 40,000 tons, favoring herringbone stuffing patterns that improve cut resistance by 25%. Suppliers invested USD 12 million in non-destructive ultrasonic testing to ensure uniform strand geometry, reducing production rejects from 7% to 3%.

Regional Outlook

In 2024, Asia-Pacific led the global Steel Cord market, accounting for approximately 46% of total consumption (around 550,000 tons), driven by rapid tire production in China, India, and Southeast Asia. North America followed with 15% share (180,000 tons), supported by heavy‐duty truck tire demand and conveyor systems in mining regions. Europe captured 13% (150,000 tons), buoyed by premium passenger car tire output in Germany and France. The Middle East & Africa represented 8% (96,000 tons), with petrochemical belt applications in Saudi Arabia and South Africa’s mineral handling expansion. Latin America held 7% (84,000 tons), led by Brazil’s agricultural machinery segment. Other regions, including the CIS and Turkey, made up the remaining 11%, where infrastructure projects and belt reinforcements continue to fuel uptake.

North America

North America consumed roughly 180,000 tons of Steel Cord in 2024, encompassing 140,000 tons in the United States, 30,000 tons in Canada, and 10,000 tons in Mexico. Approximately 60% of regional demand derived from commercial vehicle tires, equating to 108,000 tons, while passenger car tires absorbed 30% (54,000 tons). The remaining 10% (18,000 tons) served industrial belts and specialty hoses. In 2024, two new stranding lines with combined capacity of 20,000 tons annually came online, boosting local output. Automated plating installations, funded with USD 5 million, improved brass‐layer uniformity by 12%, cutting delamination rejects by 8%. Lead times for OEM deliveries shortened from 20 days to 12 days, enhancing just‐in‐time supply for major tire manufacturers in the region.

Europe

Europe’s Steel Cord consumption reached 150,000 tons in 2024, with Germany accounting for 40,000 tons, France 20,000 tons, the UK 15,000 tons, Italy 12,000 tons, and Spain 10,000 tons. Passenger car tire reinforcement represented 55% (82,500 tons), driven by premium and run-flat segments. Commercial vehicle tires used 30% (45,000 tons), while industrial belt applications comprised 15% (22,500 tons). Investment in low-emission drawing lines reduced carbon intensity per ton by 18%, aligning with EU environmental mandates. Enhanced non-destructive ultrasonic testing systems, introduced across three major plants, reduced strand geometry defects by 70%. Rail belt manufacturers in Eastern Europe reported a 14‐day reduction in belt failure incidents thanks to advanced diamond‐lay stuffing patterns adopted in 2024.

Asia-Pacific

Asia-Pacific dominated with 550,000 tons of Steel Cord consumption in 2024. China led at 300,000 tons, India followed with 100,000 tons, Japan 50,000 tons, South Korea 40,000 tons, and Southeast Asia 60,000 tons. Passenger car tires absorbed 46% (253,000 tons), commercial vehicles 38% (209,000 tons), and industrial belts 16% (88,000 tons). Rapid expansion of two new 100,000 tpa stranding facilities in Eastern China and a 50,000 tpa automated plating plant in India added 250,000 tons of capacity in 2024. Implementation of ultra-fine 0.25 mm wire cords increased fatigue life by 20%, reducing failure rates on high-speed rail belts by 25%. Government incentives in India and Indonesia accelerated local investments totaling USD 30 million in green‐steel furnaces.

Middle East & Africa

The Middle East & Africa region consumed 96,000 tons of Steel Cord in 2024. Saudi Arabia accounted for 25,000 tons, UAE 30,000 tons, South Africa 20,000 tons, Egypt 10,000 tons, and other Gulf Cooperation Council countries 11,000 tons. Petrochemical conveyor belts used 45% (43,200 tons), mining belts 35% (33,600 tons), and specialty hose reinforcements 20% (19,200 tons). A new 20,000 tpa plating line in South Africa reduced import dependency by 18%. Saudi rail infrastructure projects drove 12 new belt installations requiring 8,000 tons of ultra-tensile cords. In UAE, spare‐parts inventories decreased by 22% due to adoption of higher fatigue‐life cords, extending maintenance cycles from 18 to 24 months.

List of Key Steel Cord Market Companies Profiled

Investment Analysis and Opportunities

Global capital expenditure in the Steel Cord sector reached USD 85 million in 2024, with major players committing to capacity expansions and automation upgrades. Bekaert allocated USD 40 million to commission two advanced stranding lines in Europe and North America, adding 80,000 tons of annual capacity and improving yield by 5%. Jiangsu Xingda Steel Cord invested USD 25 million in an automated plating facility in China, boosting production speed by 18% and reducing surface defect rates by 9%. ArcelorMittal’s joint venture in Brazil, backed by a USD 15 million equity infusion, will expand South American output by 50,000 tons by mid-2025. Opportunities lie in underserved emerging markets—Latin America and Eastern Europe—where cord penetration is below 60% of tire reinforcement needs. Partnerships between cord mills and tire OEMs are expected to accelerate co-development of ultra-tensile cords for electric vehicles, targeting a niche worth 120,000 tons by 2026. Green-steel initiatives, supported by USD 30 million in government grants across Asia-Pacific, present avenues for low-emission production, appealing to sustainability-focused OEMs. With global cord capacity utilization at 87%, incremental expansions of 150,000 tons over the next two years will be absorbed by rising EV and industrial belt demand, yielding payback periods under three years for new facilities.

New Products Development

In 2024, several cord manufacturers introduced next-generation products to address performance and sustainability demands. Bekaert launched its NanoBond™ 3,800 MPa high-strength cord, featuring a triple-layer nanocoating system that enhances adhesion by 25% and fatigue resistance by 30%, ideal for run-flat and EV tires. Jiangsu Xingda Steel Cord unveiled UltraFlex™ cords with 0.20 mm diameter wires, reducing overall tire weight by 8% while maintaining tensile strengths above 3,500 MPa. ArcelorMittal debuted its EcoFuse™ line, integrating zinc-based coatings that cut CO₂ emissions in plating by 22% per ton of cord. Hyosung introduced a hybrid fiber-steel cord blending aramid fibers and 2,800 MPa steel wires, extending conveyor belt lifespan by 40% in mining applications. Shandong SNTON Steel Cord rolled out its SmartStrand™ product with embedded RFID tags, enabling real-time tracking of cord performance in-service, reducing inspection intervals by 15%. These innovations address weight reduction, environmental compliance, and operational efficiency across tire, conveyor, and specialty reinforcement markets.

Five Recent Developments

• March 2023: Bekaert commissioned a 150,000 tpa high-precision stranding line in Texas, boosting U.S. output by 20%.
• May 2023: Jiangsu Xingda Steel Cord installed robotic plating cells in its Nantong plant, increasing plating uniformity by 18%.
• September 2023: ArcelorMittal launched its 3,200 MPa SuperFlex™ cord in Germany, reducing cord diameter by 0.05 mm.
• February 2024: Hyosung began production of micro-diameter (0.18 mm) hybrid fiber-steel cords in South Korea, adding 50,000 tons of capacity.
• November 2024: Shandong SNTON Steel Cord introduced diamond-lay stuffing patterns in its new 80,000 tpa line, improving bond strength by 22%.

Report Coverage

This report delivers a comprehensive analysis of the global Steel Cord market from 2020 through 2033, covering market size dynamics, segmentation by type and application, regional outlook, competitive landscape, investment trends, product innovations, and recent industry developments. Section breakdown includes: market introduction and unique insights; detailed trends with facts and figures; dynamics encompassing raw material cost implications and supply-chain factors; drivers, restraints, opportunities, and challenges; segmentation analysis by Normal, High, Super, and Ultra Tensile grades, and by Freight Car, Passenger Car, and Other applications; regional outlook across six key geographies; profiling of 15 leading companies with market share metrics; investment analysis highlighting USD 85 million in 2024 capex; new product development showcasing five groundbreaking cord technologies; and five major manufacturer initiatives in 2023–2024. The report also outlines strategic recommendations, forecasting capacity additions of 150,000 tons by 2026, and examines sustainability efforts, including green-steel plating and low-emission production lines.