Steel Cord Market Size & Share Analysis - Growth Trends & Forecast 2024 - 2031
The "Steel Cord Market" has experienced impressive growth in recent years, expanding its market presence and product offerings. Its focus on research and development contributes to its success in the market.
Steel Cord Market Overview and Report Coverage
Steel cord is a type of wire composed of thin steel filaments twisted together to form a cord. It is commonly used in the reinforcement of rubber products, particularly in the manufacturing of tires for vehicles. The steel cord provides strength, stability, and durability to the tires, making them suitable for various applications.
The future outlook of the Steel Cord Market looks promising, with a projected growth at a CAGR of % during the forecasted period(2024 - 2031). The market is expected to witness significant growth due to increasing demand for automotive vehicles, particularly in emerging economies. The rising focus on safety and performance of tires is also driving the demand for steel cord in the market.
Current market trends indicate a shift towards technological advancements in steel cord manufacturing, leading to improved product quality and performance. Manufacturers are focusing on developing innovative solutions to meet the evolving needs of the automotive industry. Additionally, the growing emphasis on sustainability and environmental concerns is leading to the adoption of eco-friendly materials in steel cord production.
Overall, the Steel Cord Market is poised for steady growth in the coming years, driven by increasing demand from the automotive sector and advancements in technology.
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Market Segmentation
The Steel Cord Market Analysis by Types is segmented into:
Normal Tensile (NT)
High Tensile (HT)
Super Tensile (ST)
Ultra Tensile (UT)
Steel cord market types are classified based on their tensile strength. Normal Tensile (NT) steel cords have standard strength suitable for general applications. High Tensile (HT) cords offer greater tensile strength for more demanding conditions. Super Tensile (ST) cords provide even higher strength, ideal for heavy-duty operations. Ultra Tensile (UT) cords offer the strongest tensile strength, designed for extreme conditions where maximum performance is required. Each type caters to specific needs in various industries such as automotive, construction, and mining.
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The Steel Cord Market Industry Research by Application is segmented into:
Freight Car Use
Passenger Car Use
Others
Steel cord is commonly used in the manufacturing of tires for various applications. In the freight car use market, steel cord is utilized to reinforce the tires of heavy-duty trucks and trains for enhanced durability and load-bearing capacity. In the passenger car use market, it is used in car tires to ensure safety and stability on the roads. Moreover, steel cord is also used in other applications such as in industrial machinery and construction equipment for added strength and resilience.
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In terms of Region, the Steel Cord Market available by Region are:
North America:
United States
Canada
Europe:
Germany
France
U.K.
Italy
Russia
Asia-Pacific:
China
Japan
South Korea
India
Australia
China Taiwan
Indonesia
Thailand
Malaysia
Latin America:
Mexico
Brazil
Argentina Korea
Colombia
Middle East & Africa:
Turkey
Saudi
Arabia
UAE
Korea
The steel cord market in North America is currently driven by the increasing demand for high-performance tires in the automotive industry. In Europe, countries like Germany and France are leading the market due to the presence of key players such as Bekaert and ArcelorMittal. The Asia-Pacific region, particularly China and Japan, is experiencing significant growth in the steel cord market, fueled by the expanding automotive and construction industries. Latin America, especially Brazil and Mexico, is also emerging as a key market for steel cords. In the Middle East & Africa, countries like Turkey and Saudi Arabia are witnessing growth in the steel cord market. Key players in the industry include Jiangsu Xingda Steel Cord, Hyosung, and Bridgestone. These players are focusing on product innovation and strategic partnerships to gain a competitive edge in the market.
Steel Cord Market Emerging Trends
The emerging trends in the global steel cord market include increasing demand from the automotive industry due to the growing use of steel cords in tire reinforcement, as well as the rising demand for steel cords in the construction sector for applications such as bridges and buildings. Additionally, the market is witnessing a shift towards advanced technologies and materials to enhance the performance and durability of steel cords. Current trends in the market include the growing focus on sustainability and environmentally friendly manufacturing processes, as well as the increasing adoption of steel cords in the aerospace and defense industries for critical applications.
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Major Market Players
Bekaert
Jiangsu Xingda Steel Cord
ArcelorMittal
Hyosung
Shandong SNTON Steel Cord
Bridgestone
Shougang Century
Tokusen
Tokyo Rope MFG
Hubei Fuxing New Material
BMZ
Henan Hengxing
Junma Tyre Cord
Sumitomo Electric Industries
Sodetal
Bekaert is a key player in the global steel cord market, offering a wide range of steel cord products for various applications such as tire reinforcement, industrial belting, and ropes. The company has a strong market presence with a global footprint and a focus on innovation and technological advancements. Bekaert has been experiencing steady growth in the steel cord market driven by increasing demand for high-performance steel cord products in the automotive and industrial sectors.
ArcelorMittal is another prominent player in the steel cord market, known for its high-quality steel cord products and a diverse product portfolio catering to various industries. The company has a strong presence in key markets such as Europe, North America, and Asia, and has been investing in expanding its production capacities to meet the growing demand for steel cord products.
Hyosung is a leading player in the global steel cord market, offering a wide range of steel cord products for tire reinforcement and industrial applications. The company has a strong focus on research and development to introduce innovative products that meet the evolving needs of customers. Hyosung has been experiencing significant growth in the steel cord market, driven by increasing demand for high-performance steel cord products in the tire industry.
In terms of sales revenue, Bridgestone, one of the largest tire manufacturers in the world, reported sales of $ billion in 2020. ArcelorMittal, one of the largest steel producers globally, reported sales of $53.27 billion in the same year. Sodetal, a leading manufacturer of steel cord products, reported sales of $1.24 billion in 2020.
Overall, the global steel cord market is witnessing steady growth driven by increasing demand for high-performance steel cord products in various industries. Key players such as Bekaert, ArcelorMittal, and Hyosung are at the forefront of this market growth, with a focus on innovation, expanding their product portfolios, and strengthening their market presence.
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