Steel Cord for OTR Tires Market latest Statistics on Market Size, Growth, Production, Sales Volume, Sales Price, Market Share and Import vs Export 

Steel Cord for OTR Tires Market – Summary Highlights 

The Steel Cord for OTR Tires Market is positioned as a structurally critical segment within the global off-the-road (OTR) tire value chain, directly linked to mining, construction, agriculture, and large-scale infrastructure activity. Demand growth is being driven by higher load ratings, extended tire life cycles, and increasing adoption of radial OTR tires across heavy-duty applications. Between 2025 and 2030, the Steel Cord for OTR Tires Market is forecast to expand steadily, supported by capital expenditure recovery in mining, accelerated infrastructure investment in Asia-Pacific, and OEM-driven tire performance upgrades. 

From a supply-side perspective, the market is characterized by high capital intensity, limited supplier concentration, and rising technological barriers associated with ultra-high tensile and corrosion-resistant steel cord grades. The Steel Cord for OTR Tires Market Size is projected to grow at a mid-single-digit CAGR through 2030, with volume growth outpacing value growth due to ongoing cost optimization and material efficiency initiatives. 

Steel Cord for OTR Tires Market – Statistical Summary  

• The Steel Cord for OTR Tires Market Size is estimated to exceed USD 5.8–6.1 billion in 2026, up from approximately USD 5.2 billion in 2024 (extrapolated). 

• Global demand volume for OTR steel cord is projected to grow at 4.8–5.3% CAGR during 2025–2030. 

• Mining tires account for nearly 42–45% of total Steel Cord for OTR Tires Market demand in 2025. 

• Asia-Pacific contributes over 48% of global consumption, led by China, India, and Southeast Asia. 

• Radial OTR tires represent more than 70% of steel cord demand by volume in 2026. 

• High-tensile steel cord grades (>3,500 MPa) are growing at 6%+ CAGR due to ultra-large haul truck tires. 

• Corrosion-resistant brass-coated steel cord penetration exceeds 85% in premium OTR tire segments. 

• OEM tire manufacturers account for nearly 78% of total steel cord procurement. 

• Average steel cord content per OTR tire increased by 6–8% between 2022 and 2025 due to higher load ratings. 

• Sustainability-driven lightweighting is reducing steel usage per ton of payload by 2–3% annually, partially offsetting volume growth. 

Steel Cord for OTR Tires Market: Mining Equipment Upscaling and Payload Intensification 

The Steel Cord for OTR Tires Market is experiencing sustained demand growth driven by the upscaling of mining equipment and increasing payload capacities. For instance, ultra-class haul trucks operating in surface mining have moved from 290–320 ton payloads toward 360–400 ton classes, requiring tires exceeding 4 meters in diameter. These tires incorporate significantly higher steel cord content, often 15–20% more per unit compared to previous generations. 

Between 2025 and 2028, global surface mining output is projected to grow at approximately 3.2% CAGR, while tire replacement demand is expanding faster at nearly 4.5% CAGR due to higher wear intensity. As a result, the Steel Cord for OTR Tires Market benefits from both higher unit steel consumption and increased replacement frequency. 

Steel Cord for OTR Tires Market: Transition Toward High-Tensile and Ultra-High-Tensile Cord Grades 

A major structural shift within the Steel Cord for OTR Tires Market is the accelerated adoption of high-tensile and ultra-high-tensile steel cord. These grades enable thinner cord diameters while maintaining tensile strength, directly improving tire durability and reducing heat buildup. 

By 2026, high-tensile steel cord is expected to account for over 62% of total market volume, compared to approximately 54% in 2023. For example, a 10% increase in tensile strength can extend tire service life by 6–9% under comparable operating conditions. This performance-driven demand is particularly evident in mining and port handling applications, where tire downtime costs can exceed USD 5,000 per hour. 

Steel Cord for OTR Tires Market: Radialization of OTR Tires Across Construction and Agriculture 

The Steel Cord for OTR Tires Market continues to benefit from the ongoing radialization of OTR tires, especially in construction and agricultural equipment. Bias tires, which rely on fabric reinforcement, are steadily being replaced by radial designs incorporating steel cord belts. 

In 2025, radial OTR tires represent approximately 68–70% of total installations, with penetration expected to reach nearly 78% by 2030. Each radial tire uses 25–35% more steel cord by weight than a comparable bias tire. For example, large wheel loaders in the 20–30 ton class require steel cord-reinforced belts capable of withstanding cyclical stress over extended duty cycles, directly expanding the Steel Cord for OTR Tires Market demand base. 

Steel Cord for OTR Tires Market: Infrastructure Investment and Construction Equipment Recovery 

Global infrastructure spending is acting as a foundational driver for the Steel Cord for OTR Tires Market. Between 2025 and 2027, global infrastructure investment is projected to grow at 4–5% annually, with Asia-Pacific and the Middle East accounting for more than 55% of incremental spending. 

For instance, increased deployment of articulated dump trucks, graders, and earthmovers directly translates into higher OTR tire demand. Construction equipment tire replacement cycles average 12–18 months under heavy usage, sustaining steady steel cord offtake. As a result, the Steel Cord for OTR Tires Market Size benefits from stable aftermarket demand even during periods of OEM cyclicality. 

Steel Cord for OTR Tires Market: Material Efficiency, Sustainability, and Lifecycle Optimization 

Sustainability considerations are reshaping procurement strategies within the Steel Cord for OTR Tires Market. Tire manufacturers are increasingly focused on lifecycle cost optimization rather than upfront material cost. For example, steel cord designs that reduce rolling resistance by 3–4% can lower fuel consumption by up to 2% in heavy equipment, generating measurable emissions reductions. 

Between 2025 and 2030, steel cord suppliers are expected to achieve 1.5–2.0% annual reductions in steel usage per tire through optimized filament geometry and coating technologies. While this slightly moderates volume growth, it supports higher-value product mix expansion, reinforcing revenue stability within the Steel Cord for OTR Tires Market. 

Steel Cord for OTR Tires Market – Geographical Demand Overview 

Geographical demand patterns in the Steel Cord for OTR Tires Market are closely aligned with mining output intensity, infrastructure spending cycles, and mechanization levels across construction and agriculture. Asia–Pacific continues to dominate global consumption, accounting for an estimated 48–50% share in 2026. For instance, China and India together represent more than 60% of regional demand, driven by sustained surface mining activity and large-scale transport infrastructure projects. Demand growth in Asia–Pacific is forecast at 5.5–6.0% CAGR during 2025–2030, exceeding the global average due to fleet expansion rather than replacement alone. 

North America contributes approximately 19–21% of global Steel Cord for OTR Tires Market demand. The region exhibits higher steel cord consumption per tire due to larger average tire sizes used in mining and earthmoving. For example, surface coal and copper mines in the United States and Canada predominantly use ultra-class haul truck tires, which incorporate 20–25% more steel cord content than mid-size mining tires. Regional demand growth remains moderate at 3.5–4.0% CAGR, supported primarily by replacement demand and tire premiumization. 

Steel Cord for OTR Tires Market – European Demand Dynamics 

Europe represents roughly 15–16% of global Steel Cord for OTR Tires Market demand in 2026. The region shows a structurally different demand profile, with limited new mining capacity but strong demand from construction, quarrying, and agricultural machinery. For instance, radial OTR tires in agricultural equipment now exceed 80% penetration across Western Europe, directly supporting steel cord usage. 

Eastern Europe shows comparatively higher growth momentum, with infrastructure spending increasing at nearly 4.5% annually through 2028. As a result, regional steel cord demand is forecast to grow at 3.8–4.2% CAGR. However, Europe remains highly sensitive to energy costs, which indirectly influence the Steel Cord for OTR Tires Price through production cost pass-through mechanisms. 

Steel Cord for OTR Tires Market – Demand in Latin America and Middle East & Africa 

Latin America accounts for approximately 7–8% of global Steel Cord for OTR Tires Market demand. Countries such as Brazil, Chile, and Peru are key contributors due to copper, iron ore, and lithium mining expansion. For example, copper mining output in the region is projected to grow at nearly 4% annually through 2030, driving parallel growth in ultra-large OTR tire usage. Steel cord demand growth in Latin America is estimated at 4.8–5.2% CAGR during 2025–2030. 

The Middle East & Africa region contributes around 6–7% of global demand but shows above-average growth potential. Infrastructure megaprojects and expanding open-pit mining operations are driving demand growth at 5.0–5.5% CAGR. Steel cord consumption per tire is also rising due to higher temperature-resistant and corrosion-resistant requirements, reinforcing the value growth of the Steel Cord for OTR Tires Market. 

Steel Cord for OTR Tires Market – Production Trend and Capacity Statistics 

Global Steel Cord for OTR Tires production is geographically concentrated in Asia–Pacific, which accounts for nearly 55% of total output in 2026. China remains the largest producer, followed by South Korea, Japan, and emerging capacity in India and Southeast Asia. Steel Cord for OTR Tires production capacity expanded by approximately 6% between 2023 and 2025, primarily focused on high-tensile grades. 

In 2026 alone, Steel Cord for OTR Tires production volume is estimated to exceed 1.9 million metric tons globally. Capacity utilization rates average 78–82%, reflecting disciplined supply additions. For instance, new Steel Cord for OTR Tires production lines are increasingly designed for flexible filament configurations, enabling rapid switching between mining and construction-grade cords. Over the forecast period, Steel Cord for OTR Tires production is expected to grow at 4.5–5.0% CAGR, broadly aligned with demand growth. 

Steel Cord for OTR Tires Market – Market Segmentation Highlights 

Segmentation by Application 

• Mining OTR tires: ~42–45% share in 2026 

• Construction equipment tires: ~30–32% share 

• Agricultural machinery tires: ~18–20% share 

• Port, industrial, and specialty OTR tires: ~5–7% share 

Segmentation by Tire Type 

• Radial OTR tires: ~70–72% of steel cord demand 

• Bias OTR tires: ~28–30%, declining steadily 

Segmentation by Tensile Strength 

• High-tensile and ultra-high-tensile steel cord: ~62–65% 

• Standard tensile steel cord: ~35–38% 

These segmentation trends collectively reinforce the structural resilience of the Steel Cord for OTR Tires Market, with value growth increasingly driven by performance-oriented segments. 

Steel Cord for OTR Tires Market – Price Structure and Cost Components 

The Steel Cord for OTR Tires Price is primarily influenced by raw material costs, energy pricing, and coating technology complexity. In 2025, average global prices range between USD 2,800 and USD 3,400 per metric ton, depending on tensile grade and coating specification. High-tensile cords command a 15–20% premium over standard grades due to tighter dimensional tolerances and higher processing intensity. 

Energy costs represent approximately 18–22% of total production cost, making regional electricity and gas pricing a critical determinant of the Steel Cord for OTR Tires Price. For example, Asian producers benefit from lower per-unit energy costs, enabling more competitive export pricing compared to European suppliers. 

Steel Cord for OTR Tires Market – Steel Cord for OTR Tires Price Trend Analysis 

The Steel Cord for OTR Tires Price Trend during 2025–2027 is expected to remain moderately upward, with annual increases of 2–3%. This reflects a balance between rising input costs and productivity improvements. For instance, automation and process optimization are reducing labor cost per ton by 1.5–2.0% annually, partially offsetting raw material inflation. 

By contrast, premium segments exhibit a steeper Steel Cord for OTR Tires Price Trend, with price growth closer to 3.5–4.0% annually due to strong demand for ultra-high-tensile and corrosion-resistant products. Contract pricing mechanisms with major tire OEMs further smooth short-term volatility in the Steel Cord for OTR Tires Price. 

Steel Cord for OTR Tires Market – Regional Price Differentials 

Regional pricing variation remains a defining feature of the Steel Cord for OTR Tires Market. Asia–Pacific prices are typically 8–12% lower than European averages, while North American prices remain 5–7% higher due to logistics and compliance costs. These differentials influence sourcing strategies for global tire manufacturers, particularly for mining tires with high steel content. 

Over the medium term, the Steel Cord for OTR Tires Price Trend is expected to converge gradually across regions as localized production capacity expands and logistics efficiency improves, though structural cost differences will persist. 

Steel Cord for OTR Tires Market – Competitive Landscape Overview 

The Steel Cord for OTR Tires Market is moderately consolidated, with a small group of global manufacturers controlling a significant share of high-performance and premium segments, while a broader base of regional producers competes in volume-driven applications. Market structure is shaped by high capital intensity, specialized metallurgical know-how, and long qualification cycles with OTR tire OEMs. As of 2025–2026, the top five manufacturers collectively account for an estimated 55–60% of global revenue within the Steel Cord for OTR Tires Market, reflecting strong entry barriers and customer stickiness. 

Leading suppliers differentiate primarily through tensile strength capability, fatigue resistance, corrosion protection, and consistency at large diameters required for mining and heavy construction tires. OEM sourcing strategies increasingly favor multi-year contracts with established suppliers, reinforcing market share stability at the top end. 

Steel Cord for OTR Tires Market – Leading Manufacturers and Positioning 

Bekaert – Market Leader in High-Performance Steel Cord 

Bekaert holds the largest individual share in the Steel Cord for OTR Tires Market, estimated at 18–20% in 2026. The company’s strength lies in super-tensile and ultra-high-tensile steel cord used in radial mining and earthmoving tires. Its product portfolio includes compact belt cords, high-fatigue carcass cords, and reinforced protection layers designed for ultra-class haul truck tires. 

Bekaert’s market position is reinforced by long-term supply relationships with global OTR tire OEMs and strong penetration in mining tires exceeding 49-inch rim diameter, where steel cord content per tire is structurally high. 

HS Hyosung Advanced Materials – Integrated Reinforcement Specialist 

HS Hyosung Advanced Materials is estimated to account for 14–16% of the Steel Cord for OTR Tires Market. The company operates as a fully integrated tire reinforcement supplier, combining steel cord, bead wire, and textile reinforcement capabilities. Its steel cord product lines focus on high-tensile belt constructions and corrosion-resistant brass-coated cords optimized for high-load and high-temperature mining environments. 

Hyosung’s strength lies in balanced exposure across mining, construction, and agricultural OTR segments, allowing volume stability even during cyclic downturns in specific end-use industries. 

Kiswire – Precision-Focused Steel Cord Supplier 

Kiswire holds an estimated 7–9% share of the Steel Cord for OTR Tires Market. The company emphasizes precision wire drawing, customized filament geometry, and enhanced fatigue performance. Kiswire’s steel cord offerings are widely used in large construction and quarrying tires, where consistent load distribution and reduced belt separation risk are critical. 

Kiswire benefits from a diversified geographic manufacturing footprint and strong penetration in Asia-Pacific and North America, particularly among premium and mid-tier tire manufacturers. 

Japanese and European Producers – Technology-Driven Niches 

Japanese and European steelmakers, including diversified steel and materials companies, collectively represent approximately 8–10% of the Steel Cord for OTR Tires Market. These suppliers focus on high-specification cords for specialized applications such as underground mining, port handling, and extreme-temperature operations. 

Their competitive advantage lies in metallurgical consistency, advanced coating technologies, and tight quality tolerances rather than volume scale. However, higher production costs limit aggressive pricing flexibility, constraining broader market share expansion. 

Chinese Manufacturers – Volume Expansion and Cost Leadership 

Chinese steel cord producers collectively account for approximately 25–30% of the Steel Cord for OTR Tires Market by volume and 20–23% by value. These manufacturers primarily supply standard and mid-tensile steel cord grades used in construction, agricultural, and mid-size mining tires. 

Rapid capacity expansion, competitive pricing, and improving quality consistency have enabled Chinese suppliers to increase export penetration, particularly in Southeast Asia, Latin America, and parts of Africa. However, penetration into ultra-high-tensile mining tire segments remains limited due to stringent OEM qualification requirements. 

Steel Cord for OTR Tires Market – Manufacturer Market Share Summary 

• Bekaert: ~18–20% 

• HS Hyosung Advanced Materials: ~14–16% 

• Kiswire: ~7–9% 

• Japanese & European producers (combined): ~8–10% 

• Chinese manufacturers (combined): ~20–23% by value 

• Other regional suppliers: ~8–10% 

This distribution highlights a clear divide between performance-driven leaders and volume-focused regional suppliers within the Steel Cord for OTR Tires Market. 

Steel Cord for OTR Tires Market – Competitive Strategy and OEM Relationships 

OEM tire manufacturers account for nearly 80% of total steel cord procurement in the Steel Cord for OTR Tires Market. Long qualification cycles, often exceeding 18–24 months, create high switching costs and favor incumbents. For example, mining tire OEMs prioritize cord suppliers with proven fatigue resistance data under extreme cyclic loading, limiting rapid market share shifts. 

As a result, market share changes are typically incremental and linked to capacity expansions, new tire platform launches, or regional sourcing diversification. 

Recent Industry Developments and Timeline 

• 2024–2025: Accelerated capacity upgrades toward high-tensile and ultra-high-tensile steel cord lines, particularly in Asia-Pacific. 

• Early 2025: Portfolio rationalization and asset divestments by select global suppliers to sharpen focus on high-margin tire reinforcement businesses. 

• Mid-2025: Increased export activity by Chinese steel cord manufacturers into emerging OTR tire markets. 
• 2026 Outlook: Expected consolidation of OEM sourcing, with fewer approved suppliers for ultra-large mining tire programs