Global Steel Wire Market Insights Forecasts to 2030
- The global Steel Wire Market was valued at USD 100.95 billion in 2021.
- The market is growing at a CAGR of 5.5% from 2021 to 2030
- The global Steel Wire Market is expected to reach USD 163.44 billion by 2030
- The North America is expected to grow the fastest during the forecast period
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The global Steel Wire Market is expected to reach USD 163.44 billion by 2030, at a CAGR of 5.5% during the forecast period 2021 to 2030. 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.
A kind of wire made from stainless steel is called stainless steel wire. Although it can be more brittle than other forms of steel wire, the high chromium concentration makes it corrosion-resistant. Stainless steel wire is typically used in applications where it won't come into contact with air or water (such as internal wiring for appliances), but it may also be useful in some environments, including petrochemical processing plants and some dairy farms because they don't have access to corrosive materials there. Steel wire is used in constructions as reinforcement. Steel wires are used as reinforcement because they give large-scale infrastructure, such as bridges, buildings, and other structures, the strength to hold itself up if it weren't for them. Steel wire is used in ships to make hoops and springs, which are both directly related to tension. Steel wire is a crucial component of railway line construction. It offers some flexibility and also aids in preventing track buckling. The need for steel wires in various industries (such as oil and gas, power generation, and mining) is expanding, one of the resources required in the market's expansion. Another is the rising demand for infrastructure and buildings. Another important driver of the rise in metal usage worldwide is the requirement to lower carbon emissions from machinery powered by fossil fuels. Additionally, industrialization facilitates easier access to markets abroad by lowering labour costs and increasing productivity. Another important end-use for the market is automotive, where steel wire ropes are used to move loads, position equipment, and create various auto parts. Fasteners, exhaust lines, wire pads, cables, radial vehicle tyres, etc., are a few further ends uses. The market is expected to benefit from the increased focus on increasing auto production. Given the availability of alternatives like plastic ropes, the market's growth is predicted to be limited. Some small-scale businesses have switched to using plastic ropes because they are more cost- and environmentally-friendly and provide advantages like lighter products, better stability, and reduced production waste. Therefore, it is anticipated that in the years to come, the development of plastic ropes would make it more difficult to expand the Steel Wire market.
This research report categorizes the market for global Steel Wire based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Steel Wire market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global Steel Wire Market sub-segments.
Global Steel Wire Market Report Coverage
|Market Size in 2021:||USD 100.95 billion|
|Forecast Period 2021-2030 CAGR:||5.5%|
|2030 Value Projection:||USD 163.44 billion|
|Historical Data for:||2017-2020|
|No. of Pages:||203|
|Tables, Charts & Figures:||110|
|Segments covered:||By Material, By Application Type, By Region, COVID-19 Impact Analysis|
|Companies Covered:||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.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the Carbon Steel segment dominated the market with the largest market share of 47.1% and market revenue of 47.54 billion.
Based on the material, the global Steel Wire Market is categorized into Carbon Steel, Stainless Steel, and Alloy Steel. In 2021, the Carbon Steel segment dominated the market with the largest market share of 60.1% and market revenue of 47.54 billion. 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 growth of Carbon Steel segment expansion.
- In 2021, the Construction segment accounted for the largest share of the market, with 29.3% and market revenue of 29.57 billion.
Based on the application, the Steel Wire Market is categorized into Automotive, Agriculture, Industrial, Energy, Construction and Others. In 2021, the Construction segment accounted for the largest share of the market, with 39.3% and a market revenue of 29.57 billion. 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.
Regional Segment Analysis of the Steel Wire Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific emerged as the largest market for the global Steel Wire market, with a market share of around 53.5% and 54.0 billion of the market revenue in 2021.
- Asia Pacific emerged as the largest market for the global Steel Wire market, with a market share of around 53.5% and 54.0 billion of the market revenue in 2021. 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.
- The North America market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing encouragement and benefits for foreign businesses to enter the region. During the projected period, it is anticipated that increasing investments in the industrial, energy, and construction sectors will increase product demand in the area.
The report offers the appropriate analysis of the key organizations/companies involved within the global Steel Wire Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Arcelor Mittal
- JFE Steel Holdings
- Kobe Steel Limited
- LIBERTY Steel Group
- Nippon Steel Corporation
- Tata Steel Limited
- VAN MERKSTEIJN INTERNATIONAL
- Henan Hengxing Science & Technology Co., Ltd.
- Tianjin Huayuan Metal Wire Products Co.Ltd.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In October 2021- Rajratan Global Wire Limited, an Indian company, announced plans to build a production plant in Chennai, Tamil Nadu, with a 60-kiloton annual capacity to meet domestic demand and markets in the United States and Europe. The company currently has a 1 lakh tons manufacturing capacity across its two sites in Thailand and Pithampur, M.P. It makes high-carbon steel wire and tire beads.
- In October 2021- WTEC, a company based in the United States announced plans to build a new production plant in Chamberino, New Mexico. Steel wire cables made by the company are used in solar and wind energy systems.
- In January 2022- A new greenfield steel wire rod mill with a capacity of 580 kilotons will be built in Eemshaven by the Netherlands-based VAN MERKSTEIJN INTERNATIONAL by 2024 at an estimated cost of EUR 300 million (USD 305.4 million).
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Steel Wire Market based on the below-mentioned segments:
Global Steel Wire Market, By Material
- Carbon Steel
- Stainless Steel
- Alloy Steel
Global Steel Wire Market, By Application
Global Steel Wire Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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