Newark, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The Steel wire market was estimated at around USD 94.56 billion in 2021, growing at a CAGR of nearly 4.6% during 2022-2030. The market is projected to reach approximately USD 142.5 billion by 2030.
The solid, stranded, or braided types of steel wires are cylindrical metal constructions that have been stretched. Iron, Carbon, Silicone, and Manganese are combined to produce the alloy that forms them. They can be produced in many shapes, including square, round, and many more, including rectangular. Steel wires feature a number of distinct physical characteristics, including high tensile strength, flexibility, a higher modulus, and lower contact pressure. Wire netting, mesh, and ropes are all frequently made from steel wires. A significant driver propelling the expansion of the steel wire market is the surge in the use of steel wires in a variety of industries, including manufacturing, construction, aviation, and cars. This widespread use of steel wire is attributable to its many advantages, including high tensile strength, flexibility, and high resistance properties.
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The need for steel wire globally is being significantly boosted by the growing infrastructure development in emerging countries, which includes residential areas, educational facilities, commercial structures, and other developments. As a result of these nations' expanding economies, governments in various other nations are boosting their investments in infrastructure development.
Growth Factors
The steel wire market is expanding due to its application in the automotive and aviation industries. Additionally, it is projected that advantages including improved performance, cost effectiveness, and upgraded production technology will propel the market's expansion.
One of the biggest drivers driving the expansion of the global steel wire market is the expansion of the automotive sector in countries like India and China, the US, Germany, and the UK. Businesses including BMW, Tata Motors, Honda Motor, Volkswagen, and Daimler are investing large sums of cash to set up their production plants in China and India. Governments are promoting the sales of EVs in response to growing environmental concerns about the use of fossil fuel vehicles. The automotive industry serves as the main final consumer of large amounts of steel wires utilized in production operations. As a result, the expansion of the automotive industry, which is mostly driven by the growth of EVs, will be the primary factor driving the growth of the concerned market throughout the anticipated timeframe.
Huge amounts of government money are spent on the construction industry. New government efforts, such as those to create new roads and bridges, are numerous and pertain to the construction industry. Construction of suspension bridges to boost infrastructure and connectivity has led to an increase in the utilization of steel wire. Every weight put on the bridge causes tension on the steel cables that support the highway. The steel cables are hung by steel wire ropes. It is projected that rising construction investment will increase demand for steel wires. The American Society of Civil Engineers estimates that over the next ten years, the U.S. will need to spend more than USD 2.6 trillion on infrastructure repairs. In November 2021, the government approved USD 550 billion in funding for infrastructure improvements as part of the Infrastructure Investment and Jobs Act. Many American communities intend to use their fair share of funding to fix roads and bridges and give priority to projects that will improve the nation's transportation infrastructure. In 2021 alone, the nation started work on a number of bridge-related projects.
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Segmental Overview
The market for steel wire market is segmented into the material, and application. According to the material, the carbon steel segment is expected to increase at the quickest rate. Wires, which are typically utilized in sectors including construction, automotive, and the military, are made from both low-carbon and high-carbon steel. From 0.2 mm to 8 mm, a wide range of diameters are possible. The PV industry uses high carbon steel wire to cut silicon ingots, and it is also used to make musical instruments, bridge cables, and tire reinforcement materials. Comparatively speaking to low carbon, these are stronger but less ductile. Recycling, handling safety, and durability are just a few further advantages of carbon steel wire. These qualities are expected to spur segment expansion, as well as their widespread application across the construction, railroad, equipment, and other related industries.
Throughout the projected period, stainless steel is expected to increase at the quickest rate. Wires made from this material are used to create hardware, metallic nets, cables, screws, and springs. It is highly sought-after in the cookware, electronics, and oil industries because of properties including outstanding pressure resistance, corrosion resistance, hygienic design, aesthetic appeal, resistance to heat, and longevity. It has a minimal market share because of how expensive it is in compared to other materials.
During the forecast period, the steel wire market by application is expected to be dominated by the construction sector. Because steel wire-based ropes, strands, cables, and cords are frequently used in moving equipment, supporting structures, and a variety of applications in the construction industry, the segment's leadership is anticipated to be maintained over the projected period.
Regional Overview
In the steel wire market, Asia-Pacific represented the largest market share of the whole market. The region has the largest market share for steel wires as a result of rising demand from construction and infrastructure projects, increasing vehicle production, expanding energy transfer infrastructure, and increasing industrial manufacturing. There are many tire manufacturing nearby, and power consumption is increasing, which opens up a lot of opportunities for steel wire markets in these sectors. Sales and consumption of steel wire rope are highly large throughout the Asia Pacific area, but especially in China, Indonesia, and India.
It is projected that North America would become the region of the global market with the fastest rate of growth. During the projected period, it is anticipated that increasing investments in the industrial, energy, and construction sectors will boost product demand in the area. For instance, the American company WTEC declared plans to build a new production plant in Chamberino, New Mexico, in October 2021. Steel wire cables made by the company are used in solar and wind energy systems.
Report Scope
| Base Year | 2021 |
| Forecast period | 2022-2030 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) | USD Billion |
| Steel wire Market CAGR | 4.6% |
| Segments Covered | By Material By Application |
List of the prominent players in the Global Steel wire market:
• Arcelor Mittal
• Bekaert
• Nippon Steel Corporation
• Tata Steel Limited
• VAN MERKSTEIJN INTERNATIONAL
• Kobe Steel Limited
• LIBERTY Steel Group
• Tianjin Huayuan Metal Wire Products Co.Ltd.
• Henan Hengxing Science & Technology Co., Ltd.
• JFE Steel Holdings
The global Steel wire market is segmented as follows:
By Material
• Carbon Steel
• Stainless Steel
• Alloy Steel
By Application
• Construction
• Automotive
• Industrial
• Agriculture
• Energy
• Others
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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