The global steel wire market size was valued at USD 68.89 billion in 2023 and is projected to grow from USD 72.83 billion in 2024 to USD 114.58 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period. The COVID-19 pandemic has had an unprecedented and shattering impact on the world, and demand for steel wire has been lower than expected in all regions compared to pre-pandemic levels. Throughout the forecast period, market growth is anticipated to be aided by the expanding construction sector and infrastructure investments. Given that wire ropes and strands are utilized in a variety of construction and mining applications, it is projected that rising demand for these products will present the market with several opportunities. Fortune Business Insights presents this information in their report titled “Global Steel Wire Market Size Report, 2024-2032.”

List of Key Players Profiled in the Steel Wire Report:

  • ArcelorMittal S.A. (Luxembourg)
  • Bridon-Bekaert Ropes Group (Belgium)
  • Heico Companies’ Metal Processing Group (U.S.)
  • Optimus Steel (U.S.)
  • HBIS GROUP (China)
  • KOBE STEEL, LTD. (Japan)
  • WireCo WorldGroup Inc. (U.S.)
  • JFE Steel Corporation (Japan)
  • Nippon Steel Corporation (Japan)
  • Insteel Industries (U.S.)
  • SHAGANG GROUP Inc. (China)
  • Byelorussian Steel Works (Belarus)
  • GRUPPO PITTINI S.p.A. (Italy)

Steel Wire Industry Segments:

By Grade, Carbon Steel Segment to Gain Traction over 2022-2029

Based on grade, the market is segmented into carbon steel, stainless steel, and alloy steel.

Due to its remarkable qualities, including high wear resistance, hardness, strength, and toughness, carbon steel segment accounted for the highest part of the market. Carbon steel is frequently used in cutting tools, springs, high-strength wires, and dies. Due to its greater ductility, low-carbon steel is a common choice for strength wires and wire rods. Due to their remarkable strength, carbon steel-grade wires are used in construction and automotive applications.

Increased Product Use in Infrastructure Development will Lead Construction Industry

In terms of end-use industry, the market is segmented into automotive, construction, energy, agriculture, and others.

Due to the growing usage of carbon steel wires, ropes, and wire rods for extra infrastructural support as well as for transporting large machinery, equipment, and materials used in construction, the construction sector had a significant market share for steel wire. Market expansion is anticipated to be fueled by expanding construction activity and accelerated industrialization in emerging nations.

Steel Wire Report Coverage:

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into the regional developments.
  • List of major industry players.
  • Key strategies adopted by the market players.
  • Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Rising Demand from the Automotive Industry to Foster Market Growth

Since steel wire is required to strengthen tire bead, the automotive industry consumes a lot of it. It is a substance widely utilized in the automotive industry to give windscreens and other components performance, durability, and safety. These strands of wire that are twisted together to create a helix structure that is employed in production lines, hoists, and different cranes in the automobile sector. In wire rope isolators found in military vehicles, this wire is also essential. To endure the harsh environment, wire rope isolators are designed to tolerate strong vibrations and shocks. They are a perfect choice for military vehicles, such as jeeps, tanks, and planes that are subject to harsh terrain or explosions due to their functionality. These factors are anticipated to increase steel wire market growth.

However, plastic ropes are a preferred choice in the mining industry due to their superior performance. Advancements in plastic ropes can hamper the steel wire market growth.

Regional Steel Wire Insights:

Increasing Consumption from Construction and Machinery Applications to Propel the Asia Pacific Market

The Asia Pacific market was estimated at USD 39.69 billion in 2021. Due to the existence of significant steel-producing countries, such as China, India, and Japan, the Asia Pacific region is predicted to have the highest market share during the projected period along with being the fastest-growing region. Steel wire demand for component manufacture in the region is being driven by the region’s quickly expanding automotive sector. Additionally, the commodity is becoming more in demand due to its use in machinery and construction.

Competitive Landscape

Major Players Focus on Reducing CO2 Emission

Majority of the market’s producers are present around the world. The primary holding corporation oversees multiple companies. For instance, National Strand Products LP, Sivaco Inc., National Standard, and Davis Wire Corporation are brands under which the Metal Processing Group of Heico Companies sells steel wire and stranded wire products.

To meet sustainability objectives, many manufacturers are taking the initiative to cut CO2 emissions. For instance, Nippon Steel Corporation adopted the Carbon Neutral Vision 2050 and has made major investments in sustainability. By 2030, Nippon Steel wants to cut carbon emissions by 30% or more compared to 2013, and by the end of 2050, it wants to be carbon neutral.

Key Steel Wire Industry Development:

January 2019: GRUPPO PITTINI S.p.A. formed a new joint venture named “Pittini Siderprodukte AG” with Sipro Stahl Schweiz. The new joint venture will provide wire rod products to German customers.

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