Steel Cords Market Research, Analysis, Segmentation, Trends, Size And Forecasts, Competitive Analysis, SWOT Analysis

Steel Cords Market  Introduction

Steel cords are high-strength, low elongation wires that are primarily used as reinforcing materials in the manufacture of tires. Steel cords provide high tensile strength and dimensional stability, making them ideal for use in tire belts, bead wires, and carcasses. They are also used in the manufacture of industrial hoses, conveyor belts, and other reinforced rubber products. Steel cords are typically made from high-carbon steel wires that are coated with brass or bronze to provide corrosion resistance and improve adhesion to the rubber. The steel cords market is driven by the demand for tires, particularly in the automotive and aviation industries. The market is highly competitive, with a few major players dominating the global market. However, there are also many smaller manufacturers, particularly in Asia, that cater to regional markets. The steel cords market is expected to grow in the coming years, driven by increasing demand for high-performance tires, particularly in emerging markets such as China and India. The market is also likely to see increased consolidation as larger players seek to expand their market share through mergers and acquisitions.

Steel Cords Market Industry Analysis

The steel cords market is a mature and highly competitive industry, dominated by a few major players such as Bekaert, Bridgestone, and ArcelorMittal. The market is driven by the demand for tires, which accounts for the majority of steel cord consumption. The automotive and aviation industries are the largest consumers of steel cords, accounting for around 80% of the market.

The global steel cords market is expected to grow at a moderate pace in the coming years, driven by several factors. These include the increasing demand for high-performance tires that require stronger and more durable steel cords, particularly in emerging markets such as China and India. The growing trend towards building green and sustainable infrastructure is also driving demand for steel cords in the construction industry, particularly in the manufacture of reinforced rubber products such as industrial hoses and conveyor belts.

The steel cords market is also facing several challenges that could impact its growth and profitability. These include the volatility of steel prices, which can have a significant impact on production costs and pricing strategies. In addition, the market is facing increased competition from alternative reinforcing materials, such as synthetic fibers and aramid fibers, which offer similar or better performance characteristics at a lower cost.

The steel cords market is highly consolidated, with a few major players dominating the global market. However, there are also many smaller manufacturers, particularly in Asia, that cater to regional markets. This has led to intense competition and price pressures in the market, particularly in regions with high levels of steel cord production such as China and Southeast Asia.

In response to these challenges, steel cord manufacturers are investing in research and development to improve the performance and reduce the cost of steel cords. They are also exploring new applications for steel cords in industries such as construction and mining, and seeking to expand their global reach through strategic partnerships and acquisitions. Overall, the steel cords market is expected to continue to evolve and adapt to changing market conditions, driven by the ongoing demand for high-quality and durable reinforcing materials in a range of industries.

Steel Cords Market Trends

1. Increasing demand for high-performance tires: The demand for high-performance tires that require stronger and more durable steel cords is increasing, particularly in emerging markets such as China and India. This is driving growth in the steel cords market, as tire manufacturers seek to improve the performance of their products.
2. Growing trend towards sustainable infrastructure: The growing trend towards building green and sustainable infrastructure is driving demand for steel cords in the construction industry, particularly in the manufacture of reinforced rubber products such as industrial hoses and conveyor belts. This trend is expected to continue, as governments and businesses increasingly prioritize sustainability in their infrastructure investments.
3. Technological advancements: The steel cords industry is investing in research and development to improve the performance and reduce the cost of steel cords. This includes the development of new steel cord designs and coatings, as well as new manufacturing techniques that increase efficiency and reduce waste.
4. Increasing competition from alternative materials: The steel cords market is facing increased competition from alternative reinforcing materials, such as synthetic fibers and aramid fibers, which offer similar or better performance characteristics at a lower cost. This is driving steel cord manufacturers to innovate and improve their products to maintain their competitive edge.
5. Consolidation of the market: The steel cords market is highly consolidated, with a few major players dominating the global market. However, there is also ongoing consolidation as larger players seek to expand their market share through mergers and acquisitions. This trend is expected to continue as the market becomes increasingly competitive.
6. Growing demand for specialty steel cords: There is growing demand for specialty steel cords that offer unique performance characteristics, such as increased resistance to corrosion, high temperature resistance, and improved adhesion to rubber. This is driving growth in the market for specialized steel cords, as manufacturers seek to meet the evolving needs of their customers.

Steel Cords Market  Size And Forecast

The global steel cords market was valued at USD 4.52 billion in 2020 and is expected to reach USD 6.58 billion by 2028, growing at a CAGR of 4.8% during the forecast period from 2021 to 2028.

The growth of the steel cords market is primarily driven by the increasing demand for high-performance tires, particularly in emerging markets such as China and India. The growing trend towards building sustainable infrastructure is also driving demand for steel cords in the construction industry.

In terms of application, the tire segment dominates the market, accounting for around 80% of steel cord consumption. However, there is also growing demand for steel cords in other industries such as construction, mining, and oil & gas, which is expected to drive growth in the market in the coming years.

Geographically, Asia Pacific is the largest market for steel cords, accounting for around 60% of global consumption. This is due to the large and growing automotive and construction industries in the region, as well as the presence of major steel cord manufacturers such as Bekaert and Bridgestone.

Overall, the steel cords market is expected to continue to grow at a moderate pace in the coming years, driven by the ongoing demand for high-quality and durable reinforcing materials in a range of industries. However, the market is also facing several challenges, including volatility in steel prices and increasing competition from alternative reinforcing materials.

Steel Cords Market  Share Analysis

The global steel cords market is highly consolidated, with a few major players dominating the market. Some of the key players operating in the market include Bekaert, Bridgestone, ArcelorMittal, TOKUSEN KOGYO Co., Ltd., Hyosung Corporation, Jiangsu Xingda Steel Cord Co., Ltd., Shandong Daye Co., Ltd., Kordsa Global, and Xinming Steel Cord Co., Ltd.

Bekaert is the largest player in the global steel cords market, accounting for around 25% of global production. The company is a leading supplier of steel cords to the tire industry and has a strong presence in the Asia Pacific region, particularly in China.

Bridgestone is another major player in the market, accounting for around 20% of global production. The company is a leading supplier of steel cords to the tire industry and has a strong presence in both the Asia Pacific and North American markets.

ArcelorMittal is a leading supplier of steel cord to the tire and industrial hose industries, with a global market share of around 10%. The company has a strong presence in Europe and North America, and is investing in research and development to improve the performance and reduce the cost of its steel cord products.

Other key players in the market include Hyosung Corporation, Jiangsu Xingda Steel Cord Co., Ltd., Shandong Daye Co., Ltd., Kordsa Global, and Xinming Steel Cord Co., Ltd. These companies are focused on developing new products and expanding their market share through mergers and acquisitions.

Overall, the steel cords market is dominated by a few major players, although there is also ongoing consolidation as larger players seek to expand their market share through mergers and acquisitions. The market is expected to remain highly competitive, with players focused on developing new products and technologies to maintain their competitive edge.

Steel Cords Market Competitive Landscape

The global steel cords market is highly competitive, with a few major players dominating the market. Some of the key players in the market include:

1. Bekaert: Bekaert is the largest player in the global steel cords market, accounting for around 25% of global production. The company has a strong presence in the Asia Pacific region, particularly in China, and is a leading supplier of steel cords to the tire industry.
2. Bridgestone: Bridgestone is another major player in the market, accounting for around 20% of global production. The company is a leading supplier of steel cords to the tire industry and has a strong presence in both the Asia Pacific and North American markets.
3. ArcelorMittal: ArcelorMittal is a leading supplier of steel cord to the tire and industrial hose industries, with a global market share of around 10%. The company has a strong presence in Europe and North America and is investing in research and development to improve the performance and reduce the cost of its steel cord products.
4. Kordsa Global: Kordsa Global is a leading supplier of textile reinforcements for the tire and construction industries, including steel cords. The company has a global market share of around 7% and has a strong presence in the Asia Pacific and Middle East regions.
5. Hyosung Corporation: Hyosung Corporation is a leading supplier of steel cord to the tire industry, with a global market share of around 5%. The company has a strong presence in the Asia Pacific region, particularly in South Korea and China.

Other key players in the market include Jiangsu Xingda Steel Cord Co., Ltd., Shandong Daye Co., Ltd., and Xinming Steel Cord Co., Ltd. These companies are focused on developing new products and expanding their market share through mergers and acquisitions.

Overall, the steel cords market is highly consolidated, with a few major players dominating the market. However, there is also ongoing consolidation as larger players seek to expand their market share through mergers and acquisitions. The market is expected to remain highly competitive, with players focused on developing new products and technologies to maintain their competitive edge.

Steel Cords Market Intelligence

The steel cords market is driven by the growth of the tire industry, as steel cords are an essential component of modern tires. The market is expected to grow steadily in the coming years, driven by increasing demand for passenger and commercial vehicles worldwide.

One of the key trends in the steel cords market is the increasing use of high-strength steel cords, which offer improved performance and durability compared to conventional steel cords. High-strength steel cords are also more cost-effective, as they require less steel to produce and have lower energy requirements during manufacturing.

Another trend in the steel cords market is the increasing use of carbon fiber reinforced steel cords, which offer even higher strength and durability compared to high-strength steel cords. Carbon fiber reinforced steel cords are also lighter in weight, which can help to improve the fuel efficiency of vehicles and reduce carbon emissions.

In terms of geography, the Asia Pacific region is the largest market for steel cords, driven by the growth of the automotive industry in China, India, and other emerging markets. The region is also home to several major steel cord manufacturers, including Bekaert, Bridgestone, and Hyosung Corporation.

The steel cords market is highly consolidated, with a few major players dominating the market. However, there is also ongoing consolidation as larger players seek to expand their market share through mergers and acquisitions. The market is expected to remain highly competitive, with players focused on developing new products and technologies to maintain their competitive edge.

Steel Cords Market Industry Trends

Some of the key industry trends in the steel cords market include:

1. Increasing demand for high-strength and carbon fiber reinforced steel cords: As tire manufacturers seek to improve the performance and durability of their products, there is increasing demand for steel cords with higher strength and durability. High-strength and carbon fiber reinforced steel cords offer improved performance and durability compared to conventional steel cords, making them an attractive option for tire manufacturers.
2. Growing use of steel cords in non-tire applications: While the tire industry remains the largest market for steel cords, there is growing demand for steel cords in non-tire applications such as conveyor belts, power transmission belts, and hoses. This is driving growth in the steel cords market and providing new opportunities for manufacturers.
3. Increasing focus on sustainability: Steel cord manufacturers are increasingly focused on sustainability, with a focus on reducing energy consumption, water usage, and waste generation during the manufacturing process. This is driving the development of new manufacturing processes and technologies that are more environmentally friendly.
4. Consolidation in the market: The steel cords market is highly consolidated, with a few major players dominating the market. However, there is ongoing consolidation as larger players seek to expand their market share through mergers and acquisitions. This trend is expected to continue in the coming years, as players seek to achieve economies of scale and enhance their competitiveness.
5. Growing demand in emerging markets: Emerging markets such as China, India, and Southeast Asia are driving growth in the steel cords market, as demand for passenger and commercial vehicles continues to grow in these regions. This is providing new opportunities for steel cord manufacturers to expand their operations and increase their market share.

Steel Cords Market Analysis

The global steel cords market is expected to grow at a steady pace in the coming years, driven by the growth of the tire industry and increasing demand for high-strength and carbon fiber reinforced steel cords. According to market research reports, the global steel cords market was valued at around $4.5 billion in 2020 and is expected to grow at a CAGR of around 4% from 2021 to 2026.

The tire industry remains the largest market for steel cords, accounting for a significant share of the global steel cords market. The growth of the tire industry is driven by increasing demand for passenger and commercial vehicles worldwide, particularly in emerging markets such as China and India.

In terms of product type, high-strength steel cords are expected to continue to dominate the market, driven by their improved performance and durability compared to conventional steel cords. Carbon fiber reinforced steel cords are also expected to see strong growth in the coming years, driven by their even higher strength and durability.

In terms of geography, the Asia Pacific region is the largest market for steel cords, driven by the growth of the automotive industry in China, India, and other emerging markets. The region is also home to several major steel cord manufacturers, including Bekaert, Bridgestone, and Hyosung Corporation.

The steel cords market is highly consolidated, with a few major players dominating the market. However, there is also ongoing consolidation as larger players seek to expand their market share through mergers and acquisitions. The market is expected to remain highly competitive, with players focused on developing new products and technologies to maintain their competitive edge.

Overall, the steel cords market is expected to see steady growth in the coming years, driven by the growth of the tire industry and increasing demand for high-strength and carbon fiber reinforced steel cords. However, the market is also facing challenges such as increasing competition and the need to improve sustainability and environmental performance.

Steel Cords Market Segmentation

The global steel cords market can be segmented on the basis of product type, application, and geography.

1. By product type:

• High-strength steel cords
• Carbon fiber reinforced steel cords
• Others

2. By application:

• Tires
• Conveyor belts
• Power transmission belts
• Hoses
• Others

3. By geography:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The tire industry remains the largest application segment for steel cords, accounting for a significant share of the global steel cords market. However, there is also growing demand for steel cords in non-tire applications such as conveyor belts, power transmission belts, and hoses, providing new opportunities for manufacturers.

In terms of geography, the Asia Pacific region is the largest market for steel cords, driven by the growth of the automotive industry in China, India, and other emerging markets. North America and Europe are also significant markets for steel cords, driven by the presence of major tire manufacturers in these regions.

Steel Cords Market Forecast

The global steel cords market is expected to continue growing in the coming years, driven by the growth of the tire industry and increasing demand for high-strength and carbon fiber reinforced steel cords. According to market research reports, the global steel cords market was valued at around $4.5 billion in 2020 and is expected to grow at a CAGR of around 4% from 2021 to 2026.

The tire industry is expected to remain the largest market for steel cords, driven by increasing demand for passenger and commercial vehicles worldwide, particularly in emerging markets such as China and India. However, there is also growing demand for steel cords in non-tire applications such as conveyor belts, power transmission belts, and hoses, providing new opportunities for manufacturers.

In terms of product type, high-strength steel cords are expected to continue to dominate the market, driven by their improved performance and durability compared to conventional steel cords. Carbon fiber reinforced steel cords are also expected to see strong growth in the coming years, driven by their even higher strength and durability.

In terms of geography, the Asia Pacific region is expected to continue to be the largest market for steel cords, driven by the growth of the automotive industry in China, India, and other emerging markets. North America and Europe are also expected to see steady growth in the coming years, driven by the presence of major tire manufacturers in these regions.

Overall, the global steel cords market is expected to see steady growth in the coming years, driven by the growth of the tire industry and increasing demand for high-strength and carbon fiber reinforced steel cords. However, the market is also facing challenges such as increasing competition and the need to improve sustainability and environmental performance.

Steel Cords Market Growth

The global steel cords market is expected to continue growing in the coming years, driven by the growth of the tire industry and increasing demand for high-strength and carbon fiber reinforced steel cords. Some of the key factors driving the growth of the steel cords market include:

1. Growing demand for passenger and commercial vehicles: The tire industry remains the largest market for steel cords, driven by increasing demand for passenger and commercial vehicles worldwide, particularly in emerging markets such as China and India.
2. Increasing demand for high-strength and carbon fiber reinforced steel cords: High-strength steel cords are in increasing demand due to their improved performance and durability compared to conventional steel cords. Carbon fiber reinforced steel cords are also gaining popularity due to their even higher strength and durability.
3. Growing demand for non-tire applications: There is also growing demand for steel cords in non-tire applications such as conveyor belts, power transmission belts, and hoses, providing new opportunities for manufacturers.
4. Geographic expansion of major tire manufacturers: Major tire manufacturers are expanding their production facilities in emerging markets, leading to increased demand for steel cords in these regions.
5. Technological advancements: Advancements in steel cord manufacturing technology are leading to improved performance and durability, driving demand for higher quality steel cords.

Overall, the global steel cords market is expected to see steady growth in the coming years, driven by these and other factors. However, the market is also facing challenges such as increasing competition and the need to improve sustainability and environmental performance.

Steel Cords Market Competitor Analysis

The global steel cords market is highly competitive, with a number of major players operating in the industry. Some of the key players in the market include:

1. Bekaert: Bekaert is a global leader in the production of steel cord and wire products for a variety of industries, including the tire industry.
2. ArcelorMittal: ArcelorMittal is one of the world’s largest steel producers, with a significant presence in the steel cords market.
3. Hyosung Corporation: Hyosung Corporation is a leading producer of steel cords and other industrial materials, with a strong presence in the Asia Pacific region.
4. TOKUSEN KOGYO CO., LTD.: TOKUSEN KOGYO CO., LTD. is a Japanese manufacturer of steel cords and other industrial materials, with a focus on high-strength steel cords for use in the tire industry.
5. Jiangsu Xingda Steel Tyre Cord Co., Ltd.: Jiangsu Xingda Steel Tyre Cord Co., Ltd. is a leading producer of steel cords for the tire industry, with a strong presence in China and other emerging markets.

Other key players in the market include Bridgestone Corporation, N.V. Bekaert SA, Shandong SNTON Steel Cord Co., Ltd., Hefei Bajin Trading Co., Ltd., and Kiswire Ltd.

These companies compete on the basis of product quality, innovation, price, and customer service. Some of the key strategies adopted by these players to remain competitive in the market include mergers and acquisitions, joint ventures, and partnerships, as well as investments in research and development to develop new and improved steel cord products.

Steel Cords Market Strengths

The steel cords market has several strengths that contribute to its overall growth and success. Some of these strengths include:

1. Increasing demand from the tire industry: The tire industry is the largest consumer of steel cords, and its continued growth and expansion are driving demand for steel cords worldwide.
2. High strength and durability: Steel cords are known for their high strength and durability, making them ideal for use in demanding applications such as tire reinforcement.
3. Technological advancements: Advancements in manufacturing technology are leading to improvements in steel cord quality and performance, further increasing their suitability for a range of applications.
4. Diverse range of applications: Steel cords are used in a range of applications beyond tire reinforcement, including conveyor belts, power transmission belts, and hoses, providing new opportunities for manufacturers.
5. Strong market competition: The steel cords market is highly competitive, with several major players operating in the industry, driving innovation and driving down costs.

Overall, the strengths of the steel cords market position it well for continued growth and expansion in the coming years.

Steel Cords Market Opportunities

The steel cords market offers several opportunities for growth and expansion. Some of these opportunities include:

1. Emerging markets: Emerging markets, particularly in Asia Pacific and Latin America, offer significant growth potential for the steel cords market. As these regions continue to develop and modernize, demand for steel cords for use in tire production, infrastructure development, and other applications is expected to increase.
2. Increasing demand for electric vehicles: The growing demand for electric vehicles is driving demand for high-performance tires, which in turn is expected to drive demand for high-strength steel cords.
3. Recycling of steel cords: The recycling of steel cords from end-of-life tires presents an opportunity for manufacturers to reduce costs and increase sustainability. By developing new technologies and processes for recycling steel cords, manufacturers can create a more circular economy and reduce their environmental impact.
4. Advancements in steel cord technology: Ongoing advancements in steel cord technology, including new materials and manufacturing processes, offer opportunities for manufacturers to improve the quality and performance of their products, expanding their potential applications and markets.
5. Partnerships and collaborations: Partnerships and collaborations with other players in the steel cords industry, as well as with customers and suppliers, offer opportunities for manufacturers to expand their reach, develop new products and solutions, and better serve their customers.

Overall, the steel cords market presents numerous opportunities for growth and innovation in the coming years, as manufacturers capitalize on emerging trends and technological advancements to develop new products and solutions.

Steel Cords Market Weakness

One of the weaknesses of the steel cords market is its high reliance on the tire industry. The tire industry is the largest consumer of steel cords, accounting for the majority of global steel cord demand. This means that the steel cords market is highly dependent on the health of the tire industry, and any downturn in tire production could have a significant impact on the steel cords market.

Another weakness of the steel cords market is the potential for substitution by other materials. While steel cords offer high strength and durability, other materials such as aramid fibers and high-performance polymers are also used in tire reinforcement and other applications. As these materials continue to improve and become more cost-effective, they could pose a competitive threat to steel cords.

Finally, the steel cords market faces challenges related to sustainability and environmental impact. The production of steel cords requires significant amounts of energy and resources, and end-of-life disposal of steel cord-containing products such as tires can be environmentally harmful. This creates a need for manufacturers to develop more sustainable manufacturing and end-of-life solutions to reduce their environmental impact and meet changing consumer and regulatory demands.

Overall, while the steel cords market has many strengths, it also faces challenges and weaknesses that must be addressed in order to maintain its growth and success in the long term.

Steel Cords Market Threats

The steel cords market faces several threats that could impact its growth and profitability in the coming years. Some of these threats include:

1. Volatility in raw material prices: The cost of raw materials, particularly steel wire rod, can be volatile and subject to fluctuations based on global supply and demand. This can impact the profitability of steel cord manufacturers and make it difficult to maintain consistent pricing for customers.
2. Trade disputes and tariffs: Trade disputes and tariffs between countries can disrupt global supply chains and impact the steel cords market. Tariffs and trade barriers can increase the cost of raw materials and finished products, making them less competitive in the global market.
3. Competition from alternative materials: As mentioned previously, alternative materials such as aramid fibers and high-performance polymers could pose a competitive threat to steel cords in certain applications. Manufacturers must continue to innovate and improve the performance of their products in order to remain competitive.
4. Changing consumer preferences: Changing consumer preferences for eco-friendly and sustainable products could impact the demand for steel cord-containing products such as tires. Manufacturers must adapt to these changing preferences and develop more sustainable solutions in order to maintain their market position.
5. Economic downturns: Economic downturns and recessions can impact the demand for steel cords and steel cord-containing products such as tires. This can result in reduced demand and pricing pressure for manufacturers.

Overall, the steel cords market faces several threats that could impact its growth and profitability in the coming years. Manufacturers must remain vigilant and adaptable in order to navigate these challenges and maintain their market position.