Steel Tire Cord Market Report Scope & Overview:

The Steel Tire Cord Market size is valued at USD 5.11 Billion in 2025 and is projected to reach USD 9.56 Billion by 2035, growing at a CAGR of 6.59% during the forecast period 2026–2035.

The Steel Tire Cord Market Analysis Report presents an in-depth assessment of the industry dynamics, innovative products and applications in addition to opportunities and challenges in the market. Increase in production of cars, preference for radial and tubeless tires, growing demand for steel tire cords from HCVs and off-the-road vehicles, and advancements in ultra tensile cord material technology, are driving market growth in the forecast period of 2026-2035.

Steel tire cord shipments surpassed 3.5 million metric tons in 2025, supported by expanding OEM supply chains and steady aftermarket replacement demand, with production capacity expansions.

Market Size and Forecast:

• Market Size in 2025: USD 5.11 Billion

• Market Size by 2035: USD 9.56 Billion

• CAGR: 6.59% from 2026 to 2035

• Base Year: 2025

• Forecast Period: 2026–2035

• Historical Data: 2022–2024

Steel Tire Cord Market Trends:

• Shift toward radial and tubeless tires as OEMs and consumers prioritize durability, fuel efficiency, and safety.

• Rising demand from heavy commercial and off‑the‑road vehicles, driven by logistics, mining, construction, and agriculture expansion.

• Advances in ultra‑tensile cord technology enabling stronger, lighter, and more sustainable tire reinforcement.

• Sustainability push with eco‑friendly coatings (cobalt‑free, zinc alternatives) gaining traction under stricter environmental regulations.

• Steady aftermarket replacement demand in mature markets such as North America and Europe, ensuring consistent revenue streams.

• Capacity expansions and strategic partnerships among leading manufacturers to secure supply chains and meet rising demand.

• Volatility in steel prices influencing profitability and encouraging innovation in alternative reinforcement materials.

U.S. Steel Tire Cord Market Insights:

The U.S. Steel Tire Cord Market is projected to grow from USD 2.06 Billion in 2025 to USD 4.11 Billion by 2035, at a CAGR of 7.98%. The growth of the industry has been driven by high levels of car manufacturing, high penetration rates for radial and tubeless tires, rising demand from heavy commercial vehicles and off-the-road vehicles, and ongoing investment in ultra-tensile cords and green coatings.

Steel Tire Cord Market Growth Drivers:

• Rising vehicle production and tire demand driving adoption of high-performance steel tire cords

The increasing vehicle manufacturing activities and higher demand for strong and efficient tires have emerged as the major driving factors behind the growth in the steel tire cord market. With the advent of innovative steel tire cords that are now being utilized by OEMs, tire companies, and after-market companies to improve the strength, toughness, and load-carrying capacity of their products, the adoption of these cords is witnessing significant growth. This has been fueled by the growing adoption of radial tires, logistics and transportation infrastructure development, and rising requirements for heavy-duty and fuel-efficient vehicles. The advancements in high-tensile and ultra-tensile cords and coatings such as brass are also contributing to growth in the market.

Over 60% of tire production in 2025 utilized steel-reinforced radial structures, highlighting strong and sustained demand for steel tire cord across both OEM and replacement markets.

Steel Tire Cord Market Restraints:

• Volatility in raw material prices restraining market growth

Fluctuations in prices of raw materials, especially high-carbon steel and its alloys, represent one of the key barriers for the steel tire cord market. Rising expenses caused by the instability of the steel market, rising energy prices, and supply chain disruptions affect production and pricing strategies. As tire companies and OEMs become increasingly price-sensitive, their purchasing policies and contracts have become more stringent, creating barriers to flexible pricing for steel tire cords. Furthermore, reliance on international steel supply chains and geopolitics add another layer of complexity to procurement practices.

Approximately 30% of production costs in steel tire cord manufacturing are linked to raw materials, making price volatility a critical constraint for industry players.

Steel Tire Cord Market Opportunities:

• Growing electric vehicle (EV) adoption creating opportunities for advanced steel tire cords

The fast pace at which the number of electric cars (EVs) is rising offers ample potential for the steel tire cord industry. Electric car makers and tire manufacturers will have to find high-quality reinforcement materials that can withstand greater loads, immediate torque delivery, and longer lifetimes. Tire cord makers are working hard to produce high tensile and ultra tensile cords designed specifically for use in EV tires. Moreover, there is an increasing focus on designing more innovative and environmentally friendly coatings for the cords.

With global EV eqipmemts expected to sold around 19.68 millions units through 2035, demand for specialized steel tire cord solutions is projected to rise significantly, creating new revenue streams and long-term growth opportunities for market participants.

Steel Tire Cord Market Segmentation Analysis:

• By Tire Type, Radial Tires held the largest market share of 57.48% in 2025, while they are also expected to grow at the fastest CAGR of 6.96% during 2026–2035.

• By Application / Vehicle Type, Passenger cars (PC) dominated with 43.41% market share in 2025, whereas Off-the-road (OTR) vehicles are projected to record the fastest CAGR of 9.05% through 2026–2035.

• By Material Type / Tensile Strength, High tensile (HT) steel cord accounted for the highest market share of 34.53% in 2025, while Ultra tensile (UT) steel cord is expected to grow at the fastest CAGR of 7.76% during the forecast period.

• By Coating Type, Brass-coated steel cord dominated with a 62.61% share in 2025, while Cobalt-free / eco-friendly coatings are anticipated to expand at the fastest CAGR of 8.25% through 2026–2035.

By Tire Type, Radial Tires Dominate and Continue to Lead Market Growth:

The Radial Tire segment holds the dominant share in the market, driven by its outstanding features such as greater fuel efficiency, increased durability, superior traction, and longer tread life than traditional tires. The popularity of radial tires in both passenger and commercial vehicles, and sports cars, makes them the preferred choice in current automobile manufacturing processes.

The Radial Tire segment is also expected to exhibit the fastet growth rate owing to the trend toward replacing bias tires with more efficient and durable radial tires. Increased production of automobiles and the rise of electric vehicles are propelling the growth of the radial tire segment.

By Application / Vehicle Type, Passenger Cars (PC) Dominate While Off-the-Road (OTR) Vehicles Grow Rapidly:

The Passenger Car (PC) segment was a dominant market player due to the large number of vehicles produced and the increasing usage of radial tires, which require reinforcement with steel tire cords. The growth in the OEM and aftermarket tire segments, together with the growing demand for durability and safety, has resulted in continued consumption.

The Off-the-road (OTR) segment is the fastest-growing segment owing to the increased construction activities, mining operations, and mechanization of agriculture in developing nations. The OTR segment requires highly durable steel tire cords that can withstand heavy-duty loads, rough terrains, and long periods of operation.

By Material Type / Tensile Strength, High Tensile (HT) Steel Cord Dominates While Ultra Tensile (UT) Steel Cord Grows Rapidly:

The High Tensile (HT) steel cord segment enjoyed market dominance owing to its ideal strength-flexibility-cost combination that made it widely applicable in passenger cars, light commercial vehicles, and conventional radial tires. Tire manufacturers heavily relied on HT steel cords for improved performance, greater fatigue resistance, and increased loading capabilities at the same time ensuring production efficiencies.

The Ultra Tensile (UT) steel cords have been recording the fastest growth rate among other segments owing to the rising preference for high-performance and high-load tires in commercial and off-the-road vehicles. UT steel cords are known to exhibit better strength properties coupled with reduced weight and higher stress endurance compared to other types.

By Coating Type, Brass-Coated Steel Cord Dominates While Cobalt-Free / Eco-Friendly Coatings Grow Rapidly:

Steel cord coated with brass was the dominating segment within the market owing to its high adhesiveness with rubber compounds, which helped achieve higher bonding strength and longevity. This type of coating is considered the gold standard in the tire industry due to its high effectiveness, affordability, and suitability for manufacturing tires at industrial scale.

Eco-friendly / Cobalt-free coatings were the fastest growing segment of the market due to the introduction of stricter regulations within the industry and companies' efforts to switch to sustainable manufacturing techniques. The trend toward using different kinds of coatings to eliminate dependence on cobalt materials continues.

Steel Tire Cord Market Regional Analysis:

Asia-Pacific Steel Tire Cord Market Insights:

The Asia-Pacific region is the leading player in the market for tires made from steel cord, having a market share of 47.66%. This reflects its domination in the industry, accounting for the largest market share along with the highest growth rate at a CAGR of 7.03% during the period until 2035. The high growth rates can be attributed to increasing production in automobiles in countries such as China, India, Japan, and South Korea, along with increased demand for passenger cars, two wheelers, and heavy-duty commercial vehicles. Additionally, rising investments in sustainable manufacturing and advanced tire reinforcement technologies further accelerate the region’s competitive advantage.

China Steel Tire Cord Market Insights:

China dominates among Asia-Pacific countries with regard to its high consumption levels of steel tire cords, driven mainly by the large automobile production industry in China coupled with its high export levels. Passenger automobiles and heavy trucks are among the biggest users of steel tire cords while projects initiated by the Chinese government improve the use of off-road tires.

North America Steel Tire Cord Market Insights:

North America accounts for a major portion of the tire cord steel market owing to constant replacement and superior tires' consumption. The United States accounts for a majority due to the established automobile sector, efficient logistics infrastructure, and demand for heavy vehicle tires. Canada adds to its contribution via replacement markets and international logistics. Environmental measures and green coatings are being emphasized, whereas OEMs prefer performance tires. Although North America is witnessing relatively slow growth compared to other regions such as the Asia-Pacific, it still represents a profitable market segment.

U.S. Steel Tire Cord Market Insights:

The U.S. steel cord for tires market holds the lead in terms of North American shares, making it a region with high demand. The market is boosted by the need for tire replacements in passenger cars and trucks, along with premium tires. The major players in tire manufacture and tire cord are integrated into the supply chain, which provides immunity from global instability. Eco-friendly tire cords are also innovated in line with regulations. Growth in the region is steady but below that of Asia.

Europe Steel Tire Cord Market Insights:

The European market for steel tire cords can be considered as an established market, with the demand being steady due to replacement tires and premium cars. In Europe, Germany is the leading market player due to the presence of automotive manufacturing in the country. Regulations related to sustainability support the use of eco-friendly coatings and innovative steel tire cords. Passenger vehicles account for the major share of consumption; however, the logistics and freight industry maintain the demand for commercial truck tires.

Germany Steel Tire Cord Market Insights:

Germany plays an important part in the European market for steel tire cords. Germany's dominance in the auto sector is one reason behind its prominence in this market; another reason could be that Germany's technology is world renowned. The market has demand coming mainly from passenger cars and luxury vehicles, while the demand in heavy vehicles is substantial too. Germany leads in developing environmentally-friendly coatings and high-tensile steel tire cords for compliance with EU regulations.

Latin America Steel Tire Cord Market Insights:

The Latin American steel tire cord industry is growing due to the increasing number of passenger cars and light trucks being produced. Additionally, the rise in the number of vehicles used for construction and mining projects further increases the consumption of the off-the-road tires that are made using steel tire cords. While manufacturing facilities in Latin America are few, the imports come mainly from Asia and North America. Latin America offers significant room for growth despite economic instability.

Middle East & Africa Steel Tire Cord Market Insights:

The Middle East & Africa Tire Cord steel market is relatively smaller compared to other markets, but it is growing slowly with the help of development of infrastructure, construction, and mining projects. Demand from heavy trucks and other off the road vehicles is quite high. There is an increased demand of passenger cars as well, due to increased ownership of vehicles in the region. The supply chain is still under threat from the unstable political environment. Eco-friendly coatings and tensile strength cords are slowly gaining popularity in the region.

Steel Tire Cord Market Competitive Landscape:

Bekaert

Bekaert is one of the best manufacturers of steel wire coating solutions, based in Belgium. The firm dominates the steel tire cord industry, producing a wide variety of products, including high tensile and ultra-tensile cords. Bekaert has achieved this success through robust OEM relationships and research and development activities. Investments in green coatings, increased production capacity in Asia and Europe, and tire manufacturer collaborations further strengthen the company’s competitive position, while recent innovations in ultra‑tensile cord technology highlight its commitment to sustainability and performance.

• In September 2025, Bekaert’s Ultra & Mega Tensile Steel Cord Solutions won the 2025 China Green Point Award for advancing low‑carbon tire manufacturing. The innovation reduces rolling resistance, improves fuel efficiency, and incorporates recycled steel to support circular economy principles.

Bridgestone Corporation

Bridgestone is a leading tire company from Japan that specializes in producing both passenger tires and tires for commercial vehicles. The company plays a prominent role in the steel tire cord industry due to its vertical integration, manufacturing tire cords in-house to support its premium tire portfolio. Bridgestone emphasizes durability, performance, and innovation, leveraging advanced steel tire cord technologies to enhance safety and fuel efficiency. Ongoing investments in eco‑friendly reinforcement solutions, sustainability initiatives, and OEM collaborations further strengthen Bridgestone’s competitive position in the market.

• In January 2026, Bridgestone announced new eco‑friendly tire reinforcement initiatives, integrating cobalt‑free coatings into selected product lines to align with sustainability standards.

Hyosung Advanced Materials

Hyosung Advanced Materials Company operates out of South Korea and specializes in tire reinforcement solutions. The company manufactures both steel tire cords and polyester tire cords, with a strong focus on high tensile and ultra‑tensile products supported by advanced manufacturing technologies. Hyosung has been expanding through research and development, environmentally friendly coatings, and new market openings, positioning itself as a key supplier to OEMs. Strategic investments in Asia-Pacific, particularly in Vietnam and India, along with sustainability initiatives, reinforce Hyosung’s competitive edge and strengthen its role as a growth driver in the steel tire cord industry.

• In November 2025, Hyosung announced a USD 30 million investment to establish its first tire cord plant in Maharashtra, India. This strategic move marks Hyosung’s entry into India’s fast‑growing automotive supply chain, aimed at serving both domestic OEMs and manufacturers operating in the region.

Steel Tire Cord Market Key Players:

Some of the Steel Tire Cord Market Companies are: 

• Bekaert

• Bridgestone Corporation

• Hyosung Advanced Materials

• Jiangsu Xingda Steel Tyre Cord Co., Ltd.

• Tokusen Kogyo Co., Ltd.

• Kiswire Ltd.

• Sumitomo Electric Industries Ltd.

• Saarstahl AG

• Shougang Century Holdings Limited

• Daye Co. Ltd.

• Henan Hengxing Science & Technology Co. Ltd.

• Hubei Fuxing Technology Co. Ltd.

• Junma Group

• Qingdao HL Group Ltd.

• Shandong Xinhao Tire Materials Co. Ltd.

• Tokai Carbon Co. Ltd.

• Usha Martin Ltd.

• WireCo WorldGroup

• Zhejiang Tianlun Steel Cord Co. Ltd.

• ArcelorMittal