Steel Tire Cord Market by Type, Application

List of Tables

The Steel Tire Cord Market was valued at USD 3.36 billion in 2023, expected to reach USD 3.63 billion in 2024, and is projected to grow at a CAGR of 8.54%, to USD 5.97 billion by 2030.

The scope and definition of the steel tire cord market encompass the manufacturing, distribution, and utilization of steel cords designed specifically for reinforcing vehicle tires, enhancing their strength, durability, and performance. These steel cords are integral in producing radial tires for automobiles, trucks, and aircraft, therefore playing a crucial role in the automotive and transportation industries. The necessity of steel tire cords lies in their ability to significantly improve tire lifespan, resistance to punctures, and overall vehicular safety. Their application extends across various sectors including passenger vehicles, commercial vehicles, and even bicycles, with the end-use primarily in tire manufacturing companies that cater to both original equipment manufacturers (OEMs) and the aftermarket.

KEY MARKET STATISTICS
Base Year [2023]	USD 3.36 billion
Estimated Year [2024]	USD 3.63 billion
Forecast Year [2030]	USD 5.97 billion
CAGR (%)	8.54%

The market is driven by influential factors such as rising automotive production, growing demand for durable and efficient tires, and advancements in tire technology which necessitate the reinforcement provided by steel cords. There is a notable trend towards environmentally friendly and high-performance tires, creating potential opportunities in developing sustainable materials and innovative production techniques. Entering partnerships with automobile manufacturers for cutting-edge tire development or investing in R&D for recycled steel materials could present profitable avenues.

Nonetheless, the market faces challenges including fluctuating raw material prices, stringent regulations around tire disposability and recycling, and technological advancements in alternative materials such as composite and synthetic fibers. These factors can hinder market growth by affecting production costs and market entry barriers.

Innovation areas ripe for exploration include the development of eco-friendly and lightweight steel cords, enhancing recycling processes, and exploring hybrid cord materials that combine steel with other high-strength fibers to balance strength with flexibility. As the market is subject to rapid technological changes, maintaining an agile approach to innovation and sustaining strong collaborations with both upstream and downstream sectors within the automotive supply chain will be key to leveraging the full growth potential in this evolving market.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Steel Tire Cord Market

The Steel Tire Cord Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Increasing automotive production and sales worldwide
- Growing product penetration in heavy commercial vehicles
- Rise in trend of electric vehicles, luxury & premium cars, and self-driving cars
Market Restraints
- Fluctuation in the prices of raw materials
Market Opportunities
- Expanding R&D activities for coating technologies of steel tire cords
- Emerging popularity of sustainable tires
Market Challenges
- Availability of various substitutes

Porter's Five Forces: A Strategic Tool for Navigating the Steel Tire Cord Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Steel Tire Cord Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Steel Tire Cord Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Steel Tire Cord Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Steel Tire Cord Market

A detailed market share analysis in the Steel Tire Cord Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Steel Tire Cord Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Steel Tire Cord Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Steel Tire Cord Market

A strategic analysis of the Steel Tire Cord Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Steel Tire Cord Market, highlighting leading vendors and their innovative profiles. These include Bridgestone Corporation, CODA Development, Continental AG, Dana Incorporated, DENSO CORPORATION, EnPro Industries, Inc., Haltec Corporation, Hankook Tire, Hendrickson USA, L.L.C., HL group ltd, Hyosung Corporation, Kolon Industries Inc., Kordsa Teknik Tekstil A.S., Meritor, Inc., and N.V. Bekaert S.A..

Market Segmentation & Coverage

This research report categorizes the Steel Tire Cord Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Type, market is studied across Brass Coated, Copper Coated, and Zinc Coated.
Based on Application, market is studied across Aircraft Tires, Commercial Vehicle Tires, Industrial Tires, Passenger Vehicle Tires, and Two Wheeler Tires.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-957C47F9415D

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing automotive production and sales worldwide
  - 5.1.1.2. Growing product penetration in heavy commercial vehicles
  - 5.1.1.3. Rise in trend of electric vehicles, luxury & premium cars, and self-driving cars
- 5.1.2. Restraints
  - 5.1.2.1. Fluctuation in the prices of raw materials
- 5.1.3. Opportunities
  - 5.1.3.1. Expanding R&D activities for coating technologies of steel tire cords
  - 5.1.3.2. Emerging popularity of sustainable tires
- 5.1.4. Challenges
  - 5.1.4.1. Availability of various substitutes
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Steel Tire Cord Market, by Type

6.1. Introduction
6.2. Brass Coated
6.3. Copper Coated
6.4. Zinc Coated

7. Steel Tire Cord Market, by Application

7.1. Introduction
7.2. Aircraft Tires
7.3. Commercial Vehicle Tires
7.4. Industrial Tires
7.5. Passenger Vehicle Tires
7.6. Two Wheeler Tires

8. Americas Steel Tire Cord Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Steel Tire Cord Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Steel Tire Cord Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
11.4. Strategy Analysis & Recommendation

Companies Mentioned

1. Bridgestone Corporation
2. CODA Development
3. Continental AG
4. Dana Incorporated
5. DENSO CORPORATION
6. EnPro Industries, Inc.
7. Haltec Corporation
8. Hankook Tire
9. Hendrickson USA, L.L.C.
10. HL group ltd
11. Hyosung Corporation
12. Kolon Industries Inc.
13. Kordsa Teknik Tekstil A.S.
14. Meritor, Inc.
15. N.V. Bekaert S.A.