Steel Cords Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

Steel Cords Market Size

Steel Cords Market size will see noticeable growth over 2024-2032, driven by rapid advances in the automotive sector. Rising development of latest technologies, such AI, IIoT, and machine learning is redefining the manufacturing space, further fueling the demand for automated steel cord conveyor belts.  Moreover, advancements in technology have led to the development of specialized steel cord varieties with enhanced durability and strength, appealing to industries like mining and aerospace. These factors, coupled with the rising emphasis on sustainability and energy efficiency will stimulate the industry growth.
 

Steel Cords Market Trends

Amidst growing environmental consciousness, the steel cords industry is experiencing a noticeable shift towards sustainability and innovation. Manufacturers are focusing on R&D activities to devise eco-friendly alternatives and streamline production methods. The rising integration of recycled materials into steel cord production for reducing reliance on virgin resources and lowering carbon footprints will also create a positive industry outlook.
 

Steel Cords Market Analysis

By product type, the steel cords industry from the brass segment is expected to register a lucrative CAGR through 2024-2032, owing to the high corrosion resistance and outstanding strength of these solutions. Enhanced fuel efficiency, reduced expenses, increased load capacity, and extended durability are among the advantages offered by brass steel cords. The expanding trade and transportation sectors in developing economies are also driving the product adoption. 
 

With respect to application, the conveyor belts segment in the steel cords market is slated to accrue a significant growth rate between 2024 and 2032, as they are important in material handling processes across various sectors, such as mining, manufacturing, and logistics. Additionally, the increasing demand for conveyor belts in emerging economies, driven by infrastructure development and industrialization, is amplifying the need for robust steel cord reinforcements to meet the stringent performance requirements.
 

Europe steel cords industry size is set to garner substantial gains by 2032, owing to the growing consumption of green tires across Germany, Italy, Russia, and France. With the emergence of climate objectives, the European Union (EU) implemented a fresh labeling system for tires in May 2021. This scheme incorporated several new features including wet grip, fuel efficiency, ice grip rating, and snow grip rating, for offering consumers additional information to make more informed choices regarding tire selection. 
 

Steel Cord Market Share

Several participants in the steel cord industry are deploying latest technologies for manufacturing high-quality products. They are also offering customized solutions to cater to the application-specific demands of the end-users. For example, the Continental steelcord products, such as Flexsteel and Phoenix Phoenocord use steel cords of different sizes and numbers as per the desirable operating tension.
 

Some of the major steel cord manufacturers include:

• Bekaert
• Kordsa Global
• Somi Conveyer Beltings Ltd.
• Xingda International Holdings
• TOKUSEN KOGYO Co.
• DuPont
• Hyosung
• Usha Martin
• NRC.
• Apollo Conveyor Pvt. Ltd.
   

Steel Cord Industry News

• In September 2021, Bekaert S.A. spent USD 23 million in the tire cord production plant in Russia to address the rising demand in the region.
   
• In January 2023, Goodyear revealed a demo tire that was made of 90% sustainable materials, like Recycled-Polyethylene Terephthalate (R-PET), showing the production of tires using sustainable materials.
   

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