Steel Wire Market

Steel Wire Market Research, 2032

[ 170 + Pages Research Report ] Steel Wire Market Research 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. 

Market Highlights

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.

Steel Wire Market: Segments

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.

Market Dynamics                                            

Drivers

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.

Restraint

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.

Recent Developments

• In February 2018, Gerdau SA’s Beaumont wire rod mill was acquired by Optimus Steel along with two downstream facilities based in Texas for approx. USD 92 Million.
• In March 2019, TURBOLITE M, was introduced by WireCo., which is a new 8-strand steel rope for underground mining applications.

Steel Wire Market: 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.
• Other Prominent Players

Steel Wire Market: Regions

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.

Impact of Covid-19 on Steel Wire Market

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:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Steel Wire Market report also contains analysis on:

Steel Wire Market Segments:

• By Type 
  • Carbon Steel
  • Alloy Steel
  • Stainless Steel 
• By Form
  • Non-Rope
  • Rope 
• By End-Use
  • Construction
  • Automotive
  • Energy
  • Agriculture
  • Industrial
  • Others 
• Steel Wire Market Dynamics
• Steel Wire Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Steel Wire Market Report Scope and Segmentation

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