Steel Cord Market Forecast (2024-2031)
The Steel Cord Market is expected to register a CAGR of 7% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by By Product (Brass Coated, Zinc Coated, and Others). The report is also segmented based on Type (Normal Tensile, High Tensile, Super Tensile, Ultra Tensile, and Others) and Application (Tire Reinforcement, Conveyor Belts, and Others). The report scope covers 5 regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America and key countries under each region. The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Steel Cord Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Steel Cord Market Segmentation
Product- Brass Coated
- Zinc Coated
- Normal Tensile
- High Tensile
- Super Tensile
- Ultra Tensile
- Tire Reinforcement
- Conveyor Belts
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Steel Cord Market Growth Drivers- Rising Demand for High-Performance Tires: The increased demand for high-performance tires is the major driver in the market for steel cord. The application of steel cords in the manufacturing of tires is done to provide improved strength, durability, and performance to the tires. With the automotive industry increasingly striving for quality, long-lasting tires, the demand for steel cord has skyrocketed.
- Enhancing Safety, Fuel Efficiency, and Traction in Automotive Applications: The increased safety, better fuel efficiency, and improved traction have become the reasons why car makers and tire manufacturers prefer to use steel-reinforced tires. Steel cords offer the strength needed to sustain high speed and heavy loads and thus are preferred for cars, especially high-performance cars and commercial vehicles.
- Escalating Demand for Electric and Premium Cars: Furthermore, the increased demand for electric vehicles and premium cars has strongly enhanced the requirement for advanced tires. These cars require high-performance tires that can endure more weight and provide more mileage. Consequently, the market for steel cord is going to grow continuously as conventional as well as electric vehicles are demanding high-performance, long-lasting tires.
- Increasing Focus on Sustainability: A dominant trend in the steel cord market is the shift toward sustainable and eco-friendly steel cord manufacturing. Increasing environmental awareness and regulatory pressures are making tire manufacturers seek ways to reduce the carbon footprint of their products. Innovations in green steel cord production have been a result of this.
- Green Steel Cord Manufacturing: They also create more eco-friendly, sustainable steel cords. Many focus on how to reduce their energy intake and use the steel produced as recycled when cord-producing them. This tendency reflects a global push that attempts to lower industrial emissions of emission towards making these industries greener-in a better manner, such as manufacturing or even automotive.
- Eco-Friendly Consumer Demand: Consumer demand for environmentally friendly products is also driving the need for sustainable steel cords. Today, automakers are seeking a greener approach to auto manufacturing, from design to final products, including tires. Increased demand for sustainability is shifting all the way up to affect the entire tire value chain to open up new sources for innovation in steel cord production processes, which are now becoming increasingly important.
- Rising Demand from Emerging Markets: An important opportunity for the steel cord market lies in the expansion of the automotive industry in emerging markets. Rapid urbanization, growth in disposable incomes, and high population growth in middle-income households in regions like the Asia-Pacific, Africa, and Latin America is thereby propelling demand for the automobile, which in turn elevates the demand for good quality tires.
- Rising Demand for High-Performance Tires in Developing Regions: There is a growing demand for durable and fuel-efficient vehicles in these emerging markets that demand high-performance tires reinforced with steel cords. As the regions keep experiencing infrastructure development and economic growth, the automotive sector will thrive, which increases the requirement for advanced tire technologies and materials, including steel cords.
- Strategic Opportunities in Emerging Markets: More importantly, local manufacturers in emerging markets are increasingly using global standards for tire production. This gives an opportunity to the established steel cord producers to increase their market presence by offering products specifically suited to the needs of these rapidly growing automotive sectors. If strategic investments are made, this upward trend can be capitalized on by the steel cord market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Steel Cord Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Steel Cord Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Steel Cord Market is estimated to witness a CAGR of 7% from 2023 to 2031
Increasing demand for high-performance tires is driving the market growth
Shift toward sustainable and eco-friendly steel cords is one of the key trends for the market growth.
Bakaert, Nippon Steel Corporation, Sumitomo Electric Industries Ltd, Arcelormittal, Hyosung Advanced Materials, Tokusen Kogyo Co Ltd, SAARSTAHL, Jiangsu Xingda Steel Tyre Cord Co Ltd, Forech, and Bridgestone Corporation are among the leading players operating in the steel cord market.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
Based on geography, Asia Pacific is expected to register the fastest CAGR from 2023 to 2031.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Steel Cord Market - By Product
1.3.2 Steel Cord Market - By Application
1.3.3 Steel Cord Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. STEEL CORD MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. STEEL CORD MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. STEEL CORD MARKET - GLOBAL MARKET ANALYSIS
6.1. STEEL CORD - GLOBAL MARKET OVERVIEW
6.2. STEEL CORD - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. STEEL CORD MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. BRASS COATED
7.3.1. Overview
7.3.2. Brass Coated Market Forecast and Analysis
7.4. ZINC COATED
7.4.1. Overview
7.4.2. Zinc Coated Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. STEEL CORD MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. CONVEYOR BELTS
8.3.1. Overview
8.3.2. Conveyor Belts Market Forecast and Analysis
8.4. TIRE REINFORCEMENT
8.4.1. Overview
8.4.2. Tire Reinforcement Market Forecast and Analysis
8.5. OTHERS
8.5.1. Overview
8.5.2. Others Market Forecast and Analysis
9. STEEL CORD MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Steel Cord Market Overview
9.1.2 North America Steel Cord Market Forecasts and Analysis
9.1.3 North America Steel Cord Market Forecasts and Analysis - By Product
9.1.4 North America Steel Cord Market Forecasts and Analysis - By Application
9.1.5 North America Steel Cord Market Forecasts and Analysis - By Countries
9.1.5.1 United States Steel Cord Market
9.1.5.1.1 United States Steel Cord Market by Product
9.1.5.1.2 United States Steel Cord Market by Application
9.1.5.2 Canada Steel Cord Market
9.1.5.2.1 Canada Steel Cord Market by Product
9.1.5.2.2 Canada Steel Cord Market by Application
9.1.5.3 Mexico Steel Cord Market
9.1.5.3.1 Mexico Steel Cord Market by Product
9.1.5.3.2 Mexico Steel Cord Market by Application
9.2. EUROPE
9.2.1 Europe Steel Cord Market Overview
9.2.2 Europe Steel Cord Market Forecasts and Analysis
9.2.3 Europe Steel Cord Market Forecasts and Analysis - By Product
9.2.4 Europe Steel Cord Market Forecasts and Analysis - By Application
9.2.5 Europe Steel Cord Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Steel Cord Market
9.2.5.1.1 Germany Steel Cord Market by Product
9.2.5.1.2 Germany Steel Cord Market by Application
9.2.5.2 France Steel Cord Market
9.2.5.2.1 France Steel Cord Market by Product
9.2.5.2.2 France Steel Cord Market by Application
9.2.5.3 Italy Steel Cord Market
9.2.5.3.1 Italy Steel Cord Market by Product
9.2.5.3.2 Italy Steel Cord Market by Application
9.2.5.4 United Kingdom Steel Cord Market
9.2.5.4.1 United Kingdom Steel Cord Market by Product
9.2.5.4.2 United Kingdom Steel Cord Market by Application
9.2.5.5 Russia Steel Cord Market
9.2.5.5.1 Russia Steel Cord Market by Product
9.2.5.5.2 Russia Steel Cord Market by Application
9.2.5.6 Rest of Europe Steel Cord Market
9.2.5.6.1 Rest of Europe Steel Cord Market by Product
9.2.5.6.2 Rest of Europe Steel Cord Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Steel Cord Market Overview
9.3.2 Asia-Pacific Steel Cord Market Forecasts and Analysis
9.3.3 Asia-Pacific Steel Cord Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Steel Cord Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Steel Cord Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Steel Cord Market
9.3.5.1.1 Australia Steel Cord Market by Product
9.3.5.1.2 Australia Steel Cord Market by Application
9.3.5.2 China Steel Cord Market
9.3.5.2.1 China Steel Cord Market by Product
9.3.5.2.2 China Steel Cord Market by Application
9.3.5.3 India Steel Cord Market
9.3.5.3.1 India Steel Cord Market by Product
9.3.5.3.2 India Steel Cord Market by Application
9.3.5.4 Japan Steel Cord Market
9.3.5.4.1 Japan Steel Cord Market by Product
9.3.5.4.2 Japan Steel Cord Market by Application
9.3.5.5 South Korea Steel Cord Market
9.3.5.5.1 South Korea Steel Cord Market by Product
9.3.5.5.2 South Korea Steel Cord Market by Application
9.3.5.6 Rest of Asia-Pacific Steel Cord Market
9.3.5.6.1 Rest of Asia-Pacific Steel Cord Market by Product
9.3.5.6.2 Rest of Asia-Pacific Steel Cord Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Steel Cord Market Overview
9.4.2 Middle East and Africa Steel Cord Market Forecasts and Analysis
9.4.3 Middle East and Africa Steel Cord Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Steel Cord Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Steel Cord Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Steel Cord Market
9.4.5.1.1 South Africa Steel Cord Market by Product
9.4.5.1.2 South Africa Steel Cord Market by Application
9.4.5.2 Saudi Arabia Steel Cord Market
9.4.5.2.1 Saudi Arabia Steel Cord Market by Product
9.4.5.2.2 Saudi Arabia Steel Cord Market by Application
9.4.5.3 U.A.E Steel Cord Market
9.4.5.3.1 U.A.E Steel Cord Market by Product
9.4.5.3.2 U.A.E Steel Cord Market by Application
9.4.5.4 Rest of Middle East and Africa Steel Cord Market
9.4.5.4.1 Rest of Middle East and Africa Steel Cord Market by Product
9.4.5.4.2 Rest of Middle East and Africa Steel Cord Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Steel Cord Market Overview
9.5.2 South and Central America Steel Cord Market Forecasts and Analysis
9.5.3 South and Central America Steel Cord Market Forecasts and Analysis - By Product
9.5.4 South and Central America Steel Cord Market Forecasts and Analysis - By Application
9.5.5 South and Central America Steel Cord Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Steel Cord Market
9.5.5.1.1 Brazil Steel Cord Market by Product
9.5.5.1.2 Brazil Steel Cord Market by Application
9.5.5.2 Argentina Steel Cord Market
9.5.5.2.1 Argentina Steel Cord Market by Product
9.5.5.2.2 Argentina Steel Cord Market by Application
9.5.5.3 Rest of South and Central America Steel Cord Market
9.5.5.3.1 Rest of South and Central America Steel Cord Market by Product
9.5.5.3.2 Rest of South and Central America Steel Cord Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. STEEL CORD MARKET, KEY COMPANY PROFILES
11.1. BEKAERT
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. TATA STEEL
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. SUMITOMO ELECTRIC INDUSTRIES, LTD.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. ARCELORMITTAL
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. JIANGSU XINGDA STEEL TYRE CORD CO., LTD.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. HENAN HENGXING SCIENCE AND TECHNOLOGY CO., LTD.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SWR LTD.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. ORMISTON WIRE LTD.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. JIAXING EASTERN STEEL CORD CO., LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. XINGHUA TIANLI STAINLESS STEEL PRODUCTS CO.,LTD
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Bekaert
2. Tata Steel
3. Sumitomo Electric Industries, Ltd.
4. ArcelorMittal
5. Jiangsu Xingda Steel Tyre Cord Co., Ltd.
6. Henan Hengxing Science and Technology Co., Ltd.
7. SWR Ltd.
8. Ormiston Wire Ltd.
9. Jiaxing Eastern Steel Cord Co., Ltd.
10. Xinghua Tianli Stainless Steel Products Co.,Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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