The Main Trends of the Steel Tyre Cord Fabric Market

Steel tyre cord fabric is formed by twisting multiple steel wires together to form a cord structure. The steel is coated with brass or zinc material. The product has various categories including ordinary, high, ultra, and ultra-high tensile strengths. Furthermore, the steel cord fabric has puncture resistance and wear resistance. It also has characteristics of strong safety, low noise, good absorption, high flexibility, and durability. As a reinforcement material, this product is used in various different applications. Steel tyre cord fabric has a wide range of applications, including passenger vehicles, trucks, off-road tires, and conveyor belts.

The growing demand for steel tyre cord fabric in the automotive industry will drive market growth. This product, as a reinforcement material, helps reduce the weight and rolling resistance of tires, thus creating sustainable tires. Furthermore, it can improve adhesion and extend the service life of tires at a lower cost. This product is highly suitable for a variety of commercial and passenger vehicles. The rapid growth of the automotive industry and the increasing research and development activities for automotive tires will drive product consumption. Therefore, this is expected to drive market growth during the forecast period.

However, despite this, the market is still filled with opportunities as the demand for sustainable and high-performance tires increases.

Increasing Demand in the Tire Industry

Steel tyre cord fabric is the fastest-growing cord fabric in the tire industry. They are used to reinforce tires, enhancing their strength and resistance to expansion during tire rotation, and withstanding any deformations caused by obstacles or bumps on the road.

In 2019, the global automotive tire manufacturing market was approximately $112 billion, and it is projected to grow to $154 billion by 2027.

The automotive industry's research and development activities continue to increase, aiming to introduce new tire designs and manufacturing processes to enhance tire performance. In 2021, China had an accumulated fleet of approximately 8 million new energy vehicles, with a penetration rate of 12.7%. Consequently, tire companies, both domestic and international, are actively planning and introducing distinctive new tire products to support the development of the new energy vehicle industry.

The outstanding performance of steel tyre cord fabrics, such as its strong bonding reinforcement mechanism, has enhanced its applications in the tire sector.

Due to all these factors, the steel tyre cord fabric market is expected to witness growth globally during the anticipated period (2023-2028).

Asia Pacific to Dominate the Market

Asia Pacific is expected to dominate the market. China is the largest economy in the region based on GDP calculation. China and India are among the fastest-growing emerging economies in the world.

According to the China Customs Administration, in the months of January to November in 2021, China exported 5.54 million tons of automotive tires, valued at $12.82 billion, a year-on-year increase of 13.9% and 22.4%, respectively.

In 2020, the China Rubber Industry Association issued the "14th Five-Year Plan Development Outline." According to the plan, by 2025, the annual tire production is expected to reach 704 million units, comprising 527 million units of passenger radial tires, 148 million units of commercial vehicle radial tires, 29 million units of bias-ply truck tires, 20,000 units of extra-large industrial tires, and 12 million units of agricultural and aviation tires.

India currently boasts the world's fifth-largest passenger car market, the largest motorcycle market, and the third-largest commercial vehicle market globally. The country's highways host over 250 million scooters/motorcycles, 40 million cars, and 10 million commercial vehicles. Due to the extensive presence of operating vehicles, known as the PARC (Park and Ride Count), original equipment manufacturer (OEM) demand in India's tire market constitutes one-third of the replacement volume.

In 2021, India's total tire production was approximately 169 million units, with an expected fourfold increase by 2026.

Considering all these factors, the steel tyre cord market in the region is anticipated to exhibit stable growth during the forecast period.