Growing Urbanization and Automotive Industry and Infrastructure Projects: A Guide to Top Steel Cord Companies In The World

Rising consumption of EVs, rapid growth in the automotive industry, and infrastructure development are some of the major factors for generating the demand for steel cords. The product is known to have resistance to deformation, shock and wear resistance, high bearing capacity, and rust and corrosion resistance. These factors makes them stand-out from other materials.

As per a report by Fortune Business Insights™, the market for steel cord reached USD 5.30 billion in 2023 and is set to reach USD 7.75 billion by 2030 with a CAGR of 5.6% during the forecast period of 2023-2030. The market also reached USD 5.03 billion in 2023. Top steel cord companies in the world are taking their swing towards new product launches, production capacity expansion, strategic acquisitions, partnerships, and capacity expansion. This is all for expansion of product portfolio and widening of production capacities for gaining competitive edge within its value chain. 

Fortune Business Insights™ Profiles Top 10 Key Steel Cord Companies in the Global Market

1. Sumitomo Electric Industries, Ltd.

Sumitomo Electric Industries, Ltd, a global company for the market is known to operate in numerous domains which includes environment and energy, info-communications, automotive, electronics, industrial materials, etc. Steel cord products is one of the major offerings in its product portfolio. The company holds a strong presence in the R&D activities with an investment of USD 1 billion and in turn the company generated a revenue of USD 26.76 billion in 2022. With its strong presence in North America, South America, the Middle East & Africa, Asia, Oceania, and Japan, the organization currently has 414 subsidiaries.   

2. HYOSUNG ADVANCED MATERIALS

HYOSUNG ADVANCED MATERIALS, a part of Hyosung Group offers carbon materials, aramid yarns, tire cords, industrial yarns, airbags, and carpets. The company offers steel cord products in China, Vietnam, the U.S., and Luxembourg with its manufacturing plants in Korea, China, North America, and Vietnam. It also has established technical center for steel wire for the development of production technology and steel products which includes steel cords, wire roads, and bead wires.

3. Henan Hengxing Science & Technology Co., Ltd.

Being part of Hengxing Group, Henan Hengxing Science & Technology Co., Ltd. provides about 40 products in over six categories. These are used in end-use applications such as power cables, automobile tires, high-speed railways, and ports. It offers steel cords and products with ISO9001：2008, ISO14001：2004, and OHSAS 18001: 2007 product qualification certificates.

4. Bekaert

Bekaert, a global company operates in numerous businesses including tire & automotive, energy & utilities, construction, consumer goods, agriculture, equipment, and essential materials. The company makes use of material science of steel wire transformation and coating technologies. The company offers steel cords for tire reinforcement, timing belts, bumper, and elevator belts.  Company serves in more than 130 countries globally, 75 production plants, and over 2100 patents and patent rights in their name.

5. TOKUSEN KOGYO CO., LTD

TOKUSEN KOGYO CO., LTD. is an amalgamation of seven companies which majorly sells and manufactures bead wire and steel cord for automobile tires and other types of shaped piano wire, wire, and other special metal wire. It is also one of the leading suppliers to mainly automotive industry but it also serves to office equipment, electrical appliances, and textile machinery sectors. It is known to have products which have exceptional toughness and micron-level precision to support the stability and development of modern society in a vast range of fields. The company also gained global recognition for opting innovative methods for the processing. 

6. Forech

Forech, one of the leading steel and fabric-reinforced rubber conveyor belts manufacturers. The company has a production capacity of 20,000 meters of steel cord belts per month with widths up to 2,500 mm. The company caters to demand from several industries including construction, thermal power, mining & materials, ports, steel, and recycling. The key customers for Forech’s Steel Cord Conveyor Belts are India Oil, Associated Cement Companies, Larsen & Toubro Ltd, BHUSHAN, and Aditya Birla. It operates with its distribution network in U.S., U.K., Mexico, India, and Australia and two manufacturing facilities in India and South Africa.

7. ContiTech Deutschland GmbH

ContiTech Deutschland GmbH is a German organization focusing on rubber and plastic technology by providing industrial solutions and technical products. The steel cord produced by the company are used in construction, automotive, and industrial applications and they put their main focus on reinforcing tires, conveyor belts, and other mechanical rubber goods.

In February 2023, the company introduced steel cord reinforced polyurethane belts under the name Synchromotion which are regarded to be extremely flexible, durable, and abrasion resistant. The cover ensures a better efficient power transmission compared to other materials.

8. Bridgestone Corporation

Bridgestone Corporation is one of the leading tire and rubber organizations with a wide range of products including tires for trucks, passenger vehicles, construction equipment, aircraft, industrial rubber, and chemical products. The company is known for its innovation and development of advanced tire technology, including run-flat tires and eco-friendly tire options. The company markets steel cords under its subsidiary Bridgestone (SHENYANG) Steel Cord Co., Ltd. It has a strong presence in Japan, the Americas, EMEA, India, Russia, Asia Pacific, and China with its sales and manufacturing facilities. 

9. Qingdao HL Group Ltd. 

Qingdao HL Group Ltd. is an exporter and manufacturer for tire and conveyor belt framework materials for the industrial sector. The company exports its products in Indonesia, India, Pakistan, South Africa, Russia, the Czech Republic, Germany, Portugal, and others with its offerings such as bead wire, tire steel cord, tire cord fabric, hose wire, NN fabric, and new chemical material. The company has established itself in the market and caters to demand from tire liner fabric, filter cloth and filter bag, and labor protection gloves.

10. ArcelorMittal S.A.

ArcelorMittal S.A. is a steel manufacturing corporation with it offering; steel cords, hose wire, and bead wire for tire application. ArcelorMittal provides steel products to industries such as oil & gas, power generation, renewable energies, chemicals & petrochemicals, and construction & infrastructure. The company has 200 trademark products and 700 patent families to its name and it has shipped 55.9 million tonnes of steel in 2022.

How Urbanization Is Giving Rise To Development Of Infrastructure Projects

Product utilization has changed drastically as there have been changes in urbanization and immigration rate. Increasing number of infrastructure projects and investments in these projects is generating the demand for backhoes, bulldozers, excavators, and graders. Steel cords are primarily adopted in the automobile industry owing to their remarkable benefits as compared to other materials.