Steel Wire Market: Segmented: By Type (Carbon Steel, Alloy Steel, Stainless Steel), By Form (Non-rope, and Rope), By End-Use (Construction, Automotive, Energy, Agriculture, Industrial, and Others) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Steel Wire Market to surpass USD 190.1 billion by 2032 from USD 90 billion in 2021 at a CAGR of 6.1% in the coming years, i.e., 2022-32.
Steel Wire is a metal-based flexible and cylindrical strand made from carbon steel, stainless steel, or alloy steel. Carbon steel wire has a carbon content between 0.02- 0.20%. Alloy steel wire is made by the combination of steel wire with other alloying metals such as chromium, nickel, or copper. Stainless steel wire is made from stainless steel and has high chromium content which makes it corrosion-resistant. Steel wires are in the form of rope and non-rope wires. Steel wire has wide applications in various end-use industries such as construction, industrial, energy, and agriculture.
Steel Wire market is expected to project a notable CAGR of 6.1% in 2032.
Flourishing construction industry, recovery of automotive industry, rapid advancement in production and industrial technologies, and favorable government schemes are driving the growth of Steel Wire market.
Carbon Steel segment holds the largest market share
Steel Wire market is classified on the basis of type into Carbon Steel, Alloy Steel, and Stainless Steel. Carbon Steel segment is dominating the market with the largest market share. The growth is attributed to its high demand in construction industry owing to its properties such as high impact resistance and high tensile strength. Carbon steel wire is used in hoses, strands, tires, cords, and galvanized wires. Low-carbon steel is a prominent type of steel used for various purposes due to its low cost.
Construction segment holds the largest market share
Steel Wire market is classified on the basis of end-use into Construction, Automotive, Energy, Agriculture, Industrial, and Others. Construction segment is dominating the market with the largest share. Increased application of steel wire in the construction of commercial and residential buildings, roads, bridges, dams, airports, and railways is propelling the segment’s growth. Furthermore, Automotive segment is expected to grow at a significant rate during the forecast period owing to the growing demand of stainless steel.
Rapid Growth in the Construction Activities
The flourishing construction industry is driving the growth of Steel Wire market. Rapidly growing construction of high-rise buildings, highways, hospitals, schools, dams, bridges, flyovers, railways, and other projects have fueled the demand for steel wire as they are used as reinforcement in large-scale infrastructure. Steel wire has high resistance to corrosion, abrasion resistance, and deformation resistance, and high strength properties which makes it a suitable component in the construction process. Furthermore, Automotive industry is recovering from the covid-19 shock and the demand for finished steel products has increased significantly, which will drive the growth of Steel Wire market.
Advancements in Technology and Favorable Government Schemes
Market players are focusing on developing new, efficient, and advanced steel wires to expand their presence in the market and to cater to the growing customer demands. Rapid advancement in production and industrial technologies will accelerate product innovations in the steel wire market. Moreover, favorable government schemes by developing nations to boost their domestic production of steel have created new opportunities for the growth of Steel Wire market.
Emergence of Steel Wire Substitutes
The availability of steel wire substitutes like plastic and hybrid ropes is a major restraint in the market growth. Plastic and hybrid ropes have lower weight and higher strength in comparison to steel wire and hence are gaining attention among the end-users.
Steel Wire market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is dominating the global market with the largest share. Rising industrial activities and infrastructural development projects in the region are fueling market growth. Growing number of construction activities, expansion of automotive industry, increasing and presence of key manufacturers in the region are propelling the growth of Steel Wire market in the region.
Coronavirus pandemic has adversely affected economies around the globe. Nationwide lockdown regulations were imposed in many countries to control the spread of the virus and social distancing norms were strictly followed by the citizens. The pandemic disrupted the supply chains and procurement of raw materials. Automotive, Construction, and Industrial sector were badly affected by the covid-19 which led to a sharp decline in the demand for steel wire. Covid-19 had a negative impact on Steel Wire market. However, the market is expected to grow significantly in the post-pandemic situation.
Steel Wire Market is further segmented by region into:
Steel Wire Market Segments:
|Market size value in 2021||USD 90 billion|
|Revenue forecast in 2032||USD 190.1 billion|
|Growth Rate||CAGR of 6.1% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Form, End-Use, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||ArcelorMittal, HBIS Group, Nippon Steel Corporation, Bekaert, Tata Steel, JSW Steel, Kobe Steel, Ltd., JFE Steel Corporation, Insteel Industries, Inc., Fagersta Stainless AB, WireCo World Group Inc., Ferriere Nord S.p.a., Optimus Steel, The Heico Companies, Shagang Group Inc., and Other Prominent Players|
Steel Wire market size was estimated at USD 90 billion in 2021 and is expected to reach USD 190.1 billion in 2032.
Steel Wire is a metal based flexible and cylindrical strand made from carbon steel, stainless steel, or alloy steel.
Carbon Steel, and Construction segment accounted for the largest Steel Wire market share.
Key players: ArcelorMittal, HBIS Group, Nippon Steel Corporation, Bekaert, Tata Steel, JSW Steel, Kobe Steel, Ltd., JFE Steel Corporation, Insteel Industries, Inc., Fagersta Stainless AB, WireCo World Group Inc., Ferriere Nord S.p.a., Optimus Steel, The Heico Companies, Shagang Group Inc., and Other Prominent Players are the key players in the Steel Wire market.
Rapid growth in the construction activities and advancements in technology and favorable government schemes are the factors driving the steel wire market.
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