Global Steel Wire Market Size to grow USD 163.44 Billion by 2030 | CAGR of 5.5%Category: Construction & Manufacturing
Global Steel Wire Market worth $163.44 billion by 2030
According to a research report published by Spherical Insights & Consulting, the Global Steel Wire Market Size to grow from USD 100.95 billion in 2021 to USD 163.44 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. The market for steel wires is predicted to grow as a result of rising demand for high-rise structures as steel is the main building blocks required in high-rise structures.
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Browse key industry insights spread across 203 pages with 110 market data tables and figures & charts from the report ”Global Steel Wire Market Size, Share, and COVID-19 Impact Analysis By Material (Carbon Steel, Stainless Steel and Alloy Steel), By Application Type (Construction, Automotive, Energy, Industrial, Agriculture and Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.“ in detail along with the table of contents. https://www.sphericalinsights.com/reports/steel-wire-market
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Carbon Steel segment to account for the largest market size during the forecast period
Based on the material, the global Steel Wire Market is categorized into Carbon Steel, Stainless Steel, and Alloy Steel. The Carbon Steel segment to account for the largest market size during the forecast period. Recyclability, safety when handling, and durability are all advantages of carbon steel wire. These qualities, together with the fact that they are widely used in the construction, railroad, industrial, and other related industries. These factors are expected to help in the growth of the Carbon Steel segment expansion.
The Construction segment to hold a higher CAGR during the forecast period
Based on the application, the Steel Wire Market is categorized into Automotive, Agriculture, Industrial, Energy, Construction, and Others. The Construction segment to hold a higher CAGR during the forecast period. During the forecast period, it is predicted that numerous uses of steel wire-based ropes, cables, strands, and cords in moving machinery, supporting structures, and various applications in the construction industry would contribute to the segment's dominance.
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Asia- Pacific is estimated to account for the highest market share in 2021.
The Global Steel Wire Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. The presence of raw material suppliers, producers, and end users accounts for the Asia Pacific region's dominance. Manufacturers located in Asia are increasing their output to meet demand from both domestic and foreign markets. North America to hold a higher CAGR during the forecast period.
Major vendors in the Global Steel Wire Market include Arcelor Mittal, Bekaert, JFE Steel Holdings, Kobe Steel Limited, LIBERTY Steel Group, Nippon Steel Corporation, Tata Steel Limited, VAN MERKSTEIJN INTERNATIONAL, Henan Hengxing Science & Technology Co., Ltd.,
and Tianjin Huayuan Metal Wire Products Co.Ltd.
Global Stainless Steel Market Size, Share & Trends 2030
Global Metal Abrasives Market Size, Share & Trends 2030
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