How big is the Steel Cord Market | Industry Analysis, Trends & Forecast 2031

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Code: MTA9264

Publication Date: Sep 2025

What is the size of Steel Cord Market?

According to 6Wresearch internal database and industry insights, the Global Steel Cord Market was valued at USD 5.6 Billion in 2024 and is expected to reach USD 7.9 Billion by 2031, growing at a compound annual growth rate of 5.7% during the forecast period (2025-2031).

The market is projected to grow as more tire manufacturers utilize high-performance steel cords for increased strength, flexibility, and safety in radial tires. Expanding automotive production, increasing demand for heavy-duty vehicles, and stricter durability requirements for construction and mining machinery continue to drive steady market growth.

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Growth Factors for Steel Cord Industry

Growing demand for radial tires in passenger and commercial vehicles.
Increase in automotive production along with growing transportation networks.
Increase in steel cord adoption for durability in mining and construction machinery.
Increased emphasis on tire performance, safety, and fuel efficiency.
Advances in cord coating and bonding technologies for improved life of tires.

Steel Cord Market Trends

The trends in the Steel Cord Market indicate considerable adoption for tire reinforcement applications, with manufacturers investing in even more advanced steel alloys and bonding technologies. The continued demand for performance tires and increased safety regulations in the automotive industry is impacting the direction of steel cords. Another trend these days with manufacturers is creating lighter products without compromising strength, reducing rolling resistance, and improving sustainability in tire manufacturing. The differences in regional demand for industrial vehicles and passenger car demand also further illustrate changing trends in consumption.

Emerging Developments in the Steel Cord Market

The Steel Cord Market developments reveal progress in advanced surface treatment technologies to strengthen bonding between cords and rubber. Enhanced production processes are also creating cords with higher fatigue resistance and longer service life, supporting efficiency in both passenger and heavy-duty tires. Furthermore, companies are focusing on capacity expansion and strategic partnerships with tire manufacturers to secure long-term contracts. Digital monitoring of cord strength, process automation, and eco-friendly steel cord production methods are also gaining importance in the industry landscape.