The global passenger cars metal cords market continues to demonstrate robust growth, with its valuation reaching USD 3.2 billion in 2024. According to the latest industry analysis, the market is projected to grow at a CAGR of 4.8%, reaching approximately USD 4.5 billion by 2030. This growth is largely fueled by increasing vehicle production and the rising demand for high-performance tires across both developed and emerging economies.

 

Metal cords, primarily made from high-tensile steel, serve as critical reinforcement materials in tire manufacturing. These specialized cords enhance tire durability, load-bearing capacity, and resistance to wear - making them indispensable components for radial and bias tires. The market offers various product segments including Normal Tensile (NT), High Tensile (HT), and other specialized variants to meet diverse automotive requirements.

 

 

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Market Overview & Regional Analysis

Asia-Pacific dominates the global metal cords market with over 45% production share, driven by strong automotive manufacturing in China, India, and Southeast Asia. The region benefits from large-scale tire production facilities, rapid urbanization, and growing middle-class populations that are increasing vehicle ownership rates. China alone produces approximately 850 million tires annually, creating substantial demand for reinforcement materials.

 

North America's market growth is supported by premium vehicle production and stringent safety standards, with U.S. passenger vehicle production reaching about 8.6 million units in 2023. Europe maintains significant demand due to its advanced automotive sector and regulatory frameworks like EU Tire Labeling and REACH compliance. Emerging markets in Latin America and Africa show promising potential, though they currently face infrastructure and supply chain challenges.

 

 

Key Market Drivers and Opportunities

The market is primarily driven by the global expansion of automotive production, particularly in emerging economies where vehicle manufacturing is growing at 4-6% CAGR. The increasing demand for fuel-efficient vehicles is accelerating adoption of advanced tire technologies that incorporate high-performance metal cords. European Union's CO2 emission targets - aiming for 15% reduction by 2025 and 37.5% by 2030 - are further propelling innovation in this sector.

 

Significant opportunities exist in the development of specialized cords for electric vehicles, which require enhanced heat dissipation properties due to instant torque delivery and heavier battery weights. The growing EV market, projected to reach 30% penetration by 2030, is creating unique material requirements that manufacturers are addressing through innovations like brass-zinc alloy coatings.

 

 

Challenges & Restraints

The market faces challenges including fluctuating raw material prices and the industry's transition toward electric mobility, which requires different tire compositions. While high-tensile steel cords dominate the market, environmental concerns and recycling challenges present ongoing hurdles. Trade protectionism in some regions and economic volatility in emerging markets also pose risks to consistent growth.

 

Furthermore, the shift toward lightweight materials in vehicle manufacturing creates pressure on cord producers to develop solutions that maintain strength while reducing weight. The industry must balance these technical demands with cost considerations to remain competitive in a rapidly evolving automotive landscape.

 

 

Market Segmentation by Type

  • Normal Tensile (NT)

  • High Tensile (HT)

  • Others

 

 

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Market Segmentation by Application

  • Bias Tire

  • Radial Tire

 

 

Market Segmentation by Material Composition

  • Steel Cords

  • Copper-Coated Steel Cords

  • Brass-Coated Steel Cords

  • Others

 

 

Market Segmentation by Vehicle Type

  • Passenger Cars

  • Light Commercial Vehicles

  • Heavy Commercial Vehicles

 

 

Market Segmentation and Key Players

  • Bekaert

  • Jiangsu Xingda Steel Cord

  • Kiswire

  • 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

  • Kordsa Global

 

 

Report Scope

This report presents a comprehensive analysis of the global and regional markets for Passenger Cars Metal Cords, covering the period from 2024 to 2030. It includes detailed insights into the current market status and outlook across various regions and countries, with specific focus on:

  • Sales, sales volume, and revenue forecasts

  • Detailed segmentation by type and application

 

In addition, the report offers in-depth profiles of key industry players, including:

  • Company profiles

  • Product specifications

  • Production capacity and sales

  • Revenue, pricing, gross margins

  • Sales performance

It further examines the competitive landscape, highlighting the major vendors and identifying the critical factors expected to challenge market growth.

 

 

As part of this research, we surveyed Passenger Cars Metal Cords manufacturers and industry experts. The survey covered various aspects, including:

  • Revenue and demand trends

  • Product types and recent developments

  • Strategic plans and market drivers

  • Industry challenges, obstacles, and potential risks

 

 

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About 24chemicalresearch

Founded in 2015, 24chemicalresearch has rapidly established itself as a leader in chemical market intelligence, serving clients including over 30 Fortune 500 companies. We provide data-driven insights through rigorous research methodologies, addressing key industry factors such as government policy, emerging technologies, and competitive landscapes.

  • Plant-level capacity tracking

  • Real-time price monitoring

  • Techno-economic feasibility studies

With a dedicated team of researchers possessing over a decade of experience, we focus on delivering actionable, timely, and high-quality reports to help clients achieve their strategic goals. Our mission is to be the most trusted resource for market insights in the chemical and materials industries.

 

 

International: +1(332) 2424 294 | Asia: +91 9169162030

Website: https://www.24chemicalresearch.com/

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