Growth Forecast of Steel Tyre Cord Fabric Market Size (2022-2027)

With tire manufacturers developing more sustainable products, the use of steel wire for tire reinforcement is expected to increase.Steel tyre cord fabric reduces the overall weight and rolling resistance of tires, ensures longer tire life, and provides enhanced traction at a relatively low cost. Some car manufacturers are integrating high-strength ultra-high-strength products into their latest models, focusing on reducing fuel consumption.

Steel Tyre Cord Fabric Market Analysis

The global steel tyre cord fabric market is expected to register a compound annual growth rate (CAGR) of approximately 3.03% during the forecast period from 2022 to 2027.

In 2020, the COVID-19 pandemic had an impact. The COVID-19 pandemic affected the steel tyre cord fabric market due to lockdowns and restrictions on economic activities. Many factories producing materials for the automotive industry, mainly steel, were closed during the pandemic. Due to COVID-19, the World Steel Association predicts a 6.4% decline in steel consumption in 2020, partial recovery in 2021 with a growth of 3.8%. Supply chains were also disrupted, with priority shifting to the healthcare sector; the automotive and manufacturing sectors were temporarily put on hold. In the automotive industry, steel tyre cord fabric is mainly used as a reinforcement component in tires. They effectively reduce tire weight, fuel consumption, and production costs. They are primarily used in automotive tires, light truck tires, truck tires, heavy equipment tires, aircraft tires, and other rubber skeleton materials.

In the short term, increased automotive production and rising demand for sustainable tires are some driving factors stimulating market demand.

Fluctuations in alternatives to steel tyre cord fabric and raw material prices hinder market growth.

Increasing research and development activities on coating technologies for steel tyre cord fabric are likely to create opportunities in the market in the coming years on a global scale.

The Asia-Pacific region is expected to dominate the market and observe the highest compound annual growth rate during the forecast period.

Segmentation of the Steel Tyre Cord Fabric Industry

Steel tyre cord fabric is made from high-carbon steel surface with brass or special fine steel wire or rope. It reduces the weight and rolling resistance of tires, contributes to creating sustainable tires, and provides longer tire life, lower costs, and improved traction. Steel tyre cord fabric can be medium, high strength, or ultra-high strength and have open, closed, stretchable, or seismic properties.

When segmented by product type, the industry share can be divided into two parts: zinc coating and brass coating. The market share of brass-coated steel tyre cord fabric is expected to register a higher compound annual growth rate on the forecast timeline, attributed to the high corrosion resistance and excellent strength of these solutions. These components find extensive use in radial tires as they are less prone to punctures. Some product advantages include higher fuel savings, lower costs, increased load capacity, and longer lifespan. The expanding trade and transportation industry in developing countries contribute favorably to the adoption of these products.

When categorized by application, the market share of steel tyre cord fabric is divided into heavy equipment tires, automotive tires, light truck tires, aircraft tires, truck tires, conveyor belts, and others. Significant revenue is anticipated to accumulate from the conveyor belt sector on the evaluation timeline. High-performance steel tyre cord fabric is deployed on conveyor belts in heavy mining operations and other material handling applications, offering outstanding impact resistance, minimal internal friction, and reduced per ton material costs.

The European steel tyre cord fabric industry scale is growing annually, driven by the increasing consumption of green tires in Germany, Italy, Russia, and France. In alignment with its ambitious climate goals, the European Union (EU) implemented a new tire labeling scheme from May 2021. The new label includes aspects such as wet grip, fuel efficiency, ice grip symbol, and snow grip symbol.