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 (Freight Car Use, Passenger Car Use, Others) , and Regional Insights and Forecast to 2035

Steel Cord Market Size

The Global Steel Cord Market size was USD 5.85 billion in 2025 and is projected to reach USD 6.15 billion in 2026. It is expected to grow further to USD 6.46 billion in 2027 and hit USD 9.62 billion by 2035, exhibiting a CAGR of 5.1% during the forecast period from 2026 to 2035. The growth of the steel cord market is primarily driven by the increasing demand from the automotive sector, particularly from high-performance tires, where steel cords provide enhanced durability and strength. The market expansion is also fueled by the rising adoption of radial tires in both developed and emerging markets, contributing to a steady rise in market size year on year.

In the US, the Steel Cord Market is experiencing significant growth, with a market share of approximately 22% of the global total. The increased demand for high-strength steel cords, driven by the growth in the automotive and commercial vehicle sectors, plays a key role in this expansion. The US market has seen a 15% increase in steel cord consumption due to growing automotive production, with particularly strong demand for high-tensile and ultra-tensile steel cords. This growth is expected to continue in the coming years as the automotive sector shifts toward electric vehicles and high-performance tires.

Key Findings

• Market Size: $5.85 billion (2025), $6.15 billion (2026), $9.62 billion (2035) - 5.1% CAGR growth
• Growth Drivers: Significant rise in demand for high-performance tires and advanced steel cord formulations for improved durability.
• Trends: Increased adoption of high-tensile and ultra-tensile cords in radial tire manufacturing, particularly for commercial vehicles.
• Key Players: Bekaert, Jiangsu Xingda Steel Cord, ArcelorMittal, Hyosung, Shandong SNTON Steel Cord & more.
• Regional Insights: North America (25%), Europe (30%), Asia-Pacific (35%), Middle East & Africa (10%)—reflecting a global market presence.
• Challenges: Raw material cost fluctuations and growing competition in the high-performance tire segment impact market dynamics.
• Industry Impact: Increased demand for lightweight and durable tires across all regions contributes to market growth.
• Recent Developments: Market expansion due to strategic investments in R&D for high-strength and eco-friendly steel cord solutions.

The steel cord market is influenced by several factors, including technological advancements in tire manufacturing and growing automotive production. Demand is primarily driven by the increasing adoption of radial tires in both developed and emerging markets. The market is also shifting toward more durable, high-performance tire solutions, which require advanced steel cords. Additionally, there is a growing emphasis on sustainable production techniques, contributing to the development of eco-friendly steel cord formulations that support the transition to greener tire solutions.

Steel Cord Market Trends

The steel cord market is witnessing strong momentum driven by increasing tire reinforcement demand, especially across radial tire manufacturing, which now accounts for over 72% of total steel cord utilization globally. Improved tensile strength, higher fatigue resistance, and better bonding properties have led to a 38% rise in adoption across high-performance tire categories. Additionally, eco-efficient steel cord, engineered to reduce material consumption by up to 15%, is gaining traction among manufacturers shifting toward lightweight tire solutions. The market is also seeing a structural shift as high-tensile and ultra-tensile cords collectively capture more than 54% of total volume due to their enhanced load-bearing capability and durability.

Replacement tire production contributes nearly 48% of the overall consumption, supported by expanding automotive fleets and rising commercial vehicle usage. Moreover, automated cord coating and twisting technologies have enhanced production efficiency by approximately 26%, improving output consistency. With electric vehicle tire requirements increasing by nearly 31%, manufacturers are shifting toward steel cords with superior heat dissipation and wear resistance. These ongoing trends illustrate a growing preference for advanced tensile grades, optimized bonding performance, and sustainable reinforcement solutions in the global steel cord market.

Steel Cord Market Dynamics

OPPORTUNITY

Expansion of High-Performance Tire Manufacturing

High-performance tire production has increased significantly, with nearly 42% of tire manufacturers shifting toward advanced steel cord reinforcement to improve tensile strength and heat resistance. Demand for lightweight, durable cords has risen by 27% as automotive OEMs optimize tire efficiency and longevity. Approximately 33% growth in radial tire adoption across emerging economies has contributed to higher steel cord deployment. This expanding requirement for premium-strength cords creates a strong opportunity for producers specializing in high-tensile and ultra-tensile categories.

DRIVERS

Increasing Penetration of Radial Tires in Automotive Sector

Radial tires now account for over 76% of global tire usage, significantly driving steel cord consumption due to their structural dependence on steel reinforcement. Steel cord utilization has risen by 31% within commercial vehicle tire manufacturing owing to the need for higher load-bearing capacity. Passenger vehicle tires also show a 24% surge in demand for steel cords, supported by enhanced safety expectations and improved tread life. This expanding radialization trend continues to be one of the strongest market drivers.

RESTRAINTS

"Fluctuating Raw Material Quality and Supply Disruptions"

Variability in steel purity impacts nearly 29% of total steel cord production, leading to tensile inconsistency and reduced bonding performance. Manufacturers report that up to 18% of production loss occurs due to unstable raw material availability, which restricts the smooth scaling of output. Around 21% of producers face challenges meeting strict quality parameters due to irregularities in carbon composition, affecting the uniformity required for high-strength tire reinforcement applications.

CHALLENGE

"Rising Demand for Higher Tensile Specifications"

The market is experiencing escalating requirements for steel cords with up to 34% higher fatigue resistance and nearly 28% enhanced thermal stability to support next-generation tire designs. Manufacturers face technical limitations as about 19% struggle to achieve microstructural uniformity during the drawing and stranding process. Meeting evolving performance criteria, especially for EV tires and heavy-duty applications, increases operational complexity by nearly 22%, making it a critical challenge for steel cord producers worldwide.

Segmentation Analysis

The global steel cord market, valued at USD 5.85 Billion in 2025 and projected to reach USD 9.62 Billion by 2035, is expanding due to rising tire reinforcement applications and the increasing shift toward high-tensile and ultra-tensile cords. Each steel cord type demonstrates different adoption levels based on strength, load-bearing capacity, and application suitability. The market also reflects diverse consumption patterns across freight cars, passenger vehicles, and specialty segments. Market share distribution and growth rates vary significantly across both type and application categories.

By Type

Normal Tensile (NT)

Normal Tensile steel cord remains a preferred choice for standard tire categories, contributing to approximately 28% of the total market due to its balanced strength and cost efficiency. NT usage is strong across mid-range passenger tires and selected industrial applications where moderate load demands dominate. Its consumption has grown by nearly 14% due to steady demand from traditional automotive segments.

Normal Tensile steel cord market size in 2025 aligns with its share of 28% of the total global valuation, with a steady growth rate following the overall 5.1% CAGR through 2035 driven by demand in moderate-load tire categories.

High Tensile (HT)

High Tensile steel cord accounts for nearly 36% of the overall market, supported by a 30% increase in demand from radial tire manufacturing. It provides higher durability, reduced cord weight, and improved performance in high-stress conditions. HT cord’s adoption has strengthened with enhanced tire design requirements for both commercial and passenger vehicles.

High Tensile steel cord market size in 2025 corresponds to its 36% share, following the market’s projected expansion trajectory at a 5.1% CAGR as HT variants continue to dominate performance-driven applications.

Super Tensile (ST)

Super Tensile steel cord represents about 22% of total usage, driven by applications demanding up to 25% higher strength compared to HT variants. ST consumption has risen by 17% in heavy-duty and high-performance tires. Its enhanced fatigue resistance and superior bonding make it widely used in long-haul and industrial tire categories.

Super Tensile steel cord market size in 2025 aligns with its 22% market share, progressing in line with the overall 5.1% CAGR due to increasing adoption in premium and heavy-duty tire manufacturing.

Ultra Tensile (UT)

Ultra Tensile steel cord, with nearly 14% share, is the fastest-growing category due to its exceptional weight-to-strength performance. UT variants deliver up to 35% more tensile strength, supporting advanced tire engineering for EVs, high-speed vehicles, and specialty applications. Demand has surged by more than 21% as manufacturers continue optimizing lightweight tire construction.

Ultra Tensile steel cord market size in 2025 reflects its 14% share, expected to grow consistently within the overall 5.1% CAGR as UT segments expand into next-generation mobility applications.

By Application

Freight Car Use

Freight car applications account for around 34% of the steel cord market due to the rising need for high-durability tires capable of withstanding heavy loads. Steel cord consumption in this segment has increased by nearly 19% as logistics and freight activity expand globally. Enhanced tensile strength and fatigue performance are major selection criteria for these applications.

Freight Car Use steel cord market size in 2025 aligns with its 34% share, progressing at a growth rate consistent with the overall 5.1% CAGR supported by strengthening global freight movement.

Passenger Car Use

Passenger car applications dominate with nearly 49% of market share, driven by expanding vehicle ownership and spike in radial tire adoption. Steel cord demand in this segment has increased by about 26%, influenced by preferences for enhanced safety, longer tire life, and improved fuel efficiency. High-tensile and super-tensile cords are widely used here.

Passenger Car Use steel cord market size in 2025 corresponds to its 49% share, growing with the overall 5.1% CAGR as advanced tire technologies propel further consumption.

Others

The “Others” category, representing nearly 17% of the market, includes industrial tires, agricultural vehicles, specialty machinery, and niche applications requiring unique reinforcement properties. The segment has grown by approximately 12% due to rising use of specialty tires in infrastructure, mining, and construction sectors.

Other Applications steel cord market size in 2025 reflects its 17% share, maintaining upward movement within the global 5.1% CAGR supported by steady demand from industrial and specialty vehicle manufacturers.

Steel Cord Market Regional Outlook

North America

North America holds a significant share in the global steel cord market, accounting for approximately 25% of the total market. The region's steel cord market is primarily driven by the strong demand for high-performance tires, particularly in the automotive and commercial vehicle sectors. North America's increasing reliance on radial tires, especially in the replacement tire segment, fuels the consumption of steel cords. The market is also supported by technological advancements in tire manufacturing and a rising focus on eco-friendly and lightweight tire solutions.

North America Steel Cord Market size in 2026 is projected to be USD 6.15 Billion, accounting for 25% of the total market share. This region is expected to maintain its steady growth due to increased tire production, enhanced technological developments, and the growing demand for advanced steel cord formulations.

Europe

Europe holds a substantial share in the global steel cord market, contributing to approximately 30% of the overall market. The region's market growth is driven by the continuous expansion of the automotive industry, especially in terms of electric vehicle (EV) and hybrid vehicle tire production. Stringent safety and environmental regulations further encourage the use of high-quality steel cords in tire manufacturing. Additionally, the rise in commercial vehicle production and growing preference for radial tires among European consumers have helped boost steel cord demand.

Europe Steel Cord Market size in 2026 is projected to be USD 4.55 Billion, capturing 30% of the global market share. This growth is expected to continue, driven by the increasing adoption of advanced tires for both passenger and commercial vehicles, along with a shift towards sustainable tire solutions.

Asia-Pacific

The Asia-Pacific region leads the global steel cord market with a commanding share of approximately 35%. This growth is primarily driven by the booming automotive sector in countries like China and India, where automotive production and sales have significantly risen. The shift toward radial tires and the expanding automotive fleets, particularly in developing nations, play a crucial role in fueling steel cord demand. Furthermore, the growing industrial sector and infrastructure developments across the region also contribute to the rising consumption of steel cords.

Asia-Pacific Steel Cord Market size in 2026 is projected to be USD 6.55 Billion, representing 35% of the global market. The region's dominance in steel cord demand will continue, supported by a rapid increase in vehicle production and the growing demand for durable, high-performance tires.

Middle East & Africa

The Middle East and Africa region represents around 10% of the global steel cord market. While the market is smaller compared to other regions, it is growing steadily due to the increasing automotive production in key countries such as Saudi Arabia, South Africa, and the UAE. The demand for steel cords is being driven by the need for high-strength tires, especially for commercial vehicles operating in harsh and demanding environments. Additionally, the region's infrastructural development and the expansion of industrial sectors contribute to the increasing use of steel cords in specialized applications.

Middle East & Africa Steel Cord Market size in 2026 is projected to be USD 1.55 Million, accounting for 10% of the total global market share. This segment is expected to grow steadily, with the increasing demand for steel cords in commercial vehicles and construction applications.

List of Key Steel Cord Market Companies Profiled

Investment Analysis and Opportunities in Steel Cord Market

The steel cord market offers significant investment opportunities driven by increasing demand from the automotive industry, particularly for high-performance and eco-friendly tires. Over 45% of investment in the sector is directed towards enhancing production efficiency, focusing on advanced coating techniques and automation. Companies are also increasing investments in research and development (R&D) to innovate new steel cord formulations with improved strength-to-weight ratios, contributing to a 28% rise in high-performance tire manufacturing. Additionally, investments are being made in capacity expansion across emerging markets like India and China, with these regions contributing nearly 35% of the total investment value in steel cord production. These factors create promising opportunities for market players to cater to growing demands while improving manufacturing processes and product offerings.

New Products Development

New product development in the steel cord market is being driven by technological advancements aimed at improving tire durability, reducing rolling resistance, and enhancing fuel efficiency. About 38% of product innovations focus on developing ultra-tensile steel cords, which offer up to 25% higher strength, making them ideal for use in electric vehicles (EVs). Additionally, more than 30% of the market's new product offerings are dedicated to producing lightweight steel cords to meet the demands of modern commercial and passenger vehicles, contributing to a 22% growth in lightweight tire production. Companies are also introducing eco-friendly steel cords that reduce material waste by approximately 18%, catering to growing sustainability trends in the automotive industry.

Recent Developments

• Bekaert: Recently expanded its production capacity in Europe to meet the growing demand for high-performance tire solutions. The company has increased its market presence by 15% in the region.
• Jiangsu Xingda Steel Cord: Launched a new line of super-tensile steel cords designed to improve tire strength and reduce wear. The product has been adopted by major tire manufacturers, contributing to a 20% increase in market share.
• ArcelorMittal: Announced the development of a new, eco-friendly steel cord product that reduces CO2 emissions during production by up to 10%. The product has received significant attention from both OEMs and tire manufacturers.
• Hyosung: Invested in advanced R&D to produce more lightweight and durable steel cords for the EV tire market. The new product development aims to meet the specific requirements of high-speed electric vehicles, increasing its market penetration by 18%.
• Bridgestone: Partnered with a leading global tire manufacturer to develop a new high-strength steel cord that enhances tire life and performance. This development has strengthened its position in the premium tire segment.

Report Coverage

The Steel Cord Market report covers comprehensive details on market trends, key drivers, and competitive strategies that shape the industry landscape. The SWOT analysis reveals that the steel cord market is dominated by leading players, with approximately 60% of the market share held by top manufacturers. Strengths include strong industry demand from the automotive sector and technological advancements in tire production.

However, weaknesses such as fluctuating raw material costs and limited production capacity in emerging markets pose challenges. Opportunities lie in the growing need for high-performance, lightweight, and eco-friendly tire solutions, while threats include increased competition from newer market entrants and raw material price volatility. The report also highlights regional analysis, competitive strategies, and key market players contributing to market growth.