Pune, July 10, 2024 (GLOBE NEWSWIRE) -- The Steel Wire Market Share is projected to reach USD 172.73 billion by 2032 and grow at a CAGR of 5.52% over the forecast period of 2024-2032.
The rising usage of Steel Wire in the construction and automobile industry drives the Market growth.
The types of construction and procedures taking place on the site have a significant impact on the applications of steel wires in construction. Suspension bridges are among the product's well-known applications in the construction sector. Because steel wires have a great tensile strength, engineers may create enormous spans that can support large weights. The remarkable use of strength and endurance of the product in the construction sector is exemplified by the Golden Gate Bridge and the Akashi Kaikyō Bridge in Japan.
The U.S. increasing construction expenditures are expected to increase the nation's need for steel wires. The U.S. will require more than USD 2,600 billion over the course of the next ten years to meet its infrastructure repair needs, according to the American Society of Civil Engineers.
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Market Players Covered in this Report:
- ArcelorMittal
- Bekaert
- JFE Steel Holding
- Nippon Steel Co
- Tianjin Huayuan Metal Wire Products Co. Ltd.
- VAN MERKSTEIJN INTERNATIONAL.
- Tata Steel
- Kobe Steel Limited
- Insteel Industries
- WireCo WorldGroup Inc.
In November 2021, the government approved USD 550 billion in funding for infrastructure improvements under the Infrastructure Investment and Jobs Act.
Moreover, various industries have focused on the green environment product strategy The rising sales of construction all over the globe drive the market growth. For instance, global construction industry is increased up to USD 1.5 billion by 2030 mostly in U.S., China and India. Therefore, the increase in the construction industry fuels the demand for wires used in it which increases the Steel Wire market growth
There will be several challenges associated with this, market i.e., high cost of product and the availability of substitutes. Despite these challenges, SNS Insider forecasts the growth of the market due to the rising investments for expansion and plans to improve the overall landscape.
“Growing demand for electric vehicles globally drives the market growth.
The rising sales of electric vehicles all over the globe drive the market growth. Steel wires is used in the charging cables that are used for charging electric vehicles. For instance, by 2035, Mitsubishi plans for all of its sales worldwide to come from electric vehicles (EVs), and it will also be launching four new EV models during that period. According to Mitsubishi, two EVs will be released by 2035: one from its partnership with Nissan and the other from its partnership with Renault. This expansion helps to increase the EV sales which drive the steel wire growth.
Steel Wire Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 113.13 billion |
| Market Size in 2032 | USD 172.73 billion |
| CAGR (2024-2032) | 5.52% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segmentation Analysis
Carbon Steel type holds the largest share in the Material segment.
The carbon steel dominated the steel wire market with the highest revenue share of more than 66% in 2023 and it is projected that this tendency holds throughout the upcoming period. Wires are made from both low- and high-carbon steel and are mostly utilized in the construction, automotive, and military industries. A wide range of diameters, from 0.2 mm to 8 mm, can be drawn into them. High carbon steel wire is used in cutting silicon ingots for musical instruments, solar industry, bridge cables, and tire reinforcement materials.
Based on the End-User segment Construction segment holds the largest share.
The construction segment held the highest revenue share of more than 42.54% in 2023. The segment's dominance is expected to be sustained during the forecast period by the widespread usage of steel wire-based ropes, cables, strands, and cords in moving equipment, supporting structures, and other applications in the construction industry.
Over the course of the projection period, energy is expected to increase at the quickest rate of any application segment. Massive investments in the energy sector are being driven by the expanding need for power and distribution, which is good for market expansion.
Regional Landscape:
Asia Pacific led the Steel Wire market with the highest revenue share of around 58.45% in 2023. The presence of producers, end users, and raw material suppliers accounts for the region's strength. Asia's manufacturers are producing more to satisfy the needs of their home and international markets.
It is projected that the region with the quickest rate of growth in the worldwide market would be North America. Increasing investments in the energy, industrial, and construction sectors are expected to boost product demand in the region during the course of the projected period. In October 2021, for example, the American company WTEC announced that it would be establishing a new production facility in Chamberino, New Mexico. The business manufactures steel wire cables for wind and solar energy systems
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Recent Developments
In 2024, Van Merksteijn has resumed its plans for a new greenfield wire rod factory in the Netherlands, with construction set to begin this year. Production is scheduled to with an estimated investment of USD 344 million.
In July 2023, KOBE Steel has launched Kobenable Steel, and Japan is the first country where autos made of low-CO2 blast furnace steel have chosen to use unique steel wire rods.
Key Takeaways:
- The Steel Wire Market size will increase due to the growing application in electric vehicle, construction, and others.
- Key players are implementing market development strategies, mostly targeting the developing economies of the APAC region.
- Key players have taken initiatives to invested more in production plant will have a major impact on overall market growth.
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