New York, United States, Nov. 07, 2022 (GLOBE NEWSWIRE) -- 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.
Key Insights
- 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 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.
“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
Report Scope
| Report Metric | Details |
| Market Size 2030 | USD 163.44 Billion |
| CAGR | 5.5% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Segments Covered | By Material, By Application Type, By Region, COVID-19 Impact Analysis |
| Report Coverage | Drivers, Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, the Middle East, Africa and Rest of the World |
| Key Companies Profiled/Vendors | Arcelor Mittal, Bekaert, JFE Steel Holdings, Kobe Steel Limited, LIBERTY Steel Group, Nippon Steel Corporation, Tata Steel Limited, VAN MERKSTEIJN INTERNATIONAL, |
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Market Segment
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
- Construction
- Automotive
- Industrial
- Agriculture
- Energy
- Others
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.
Regions Covered
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
List of Key Market Players:
- 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.
- Tianjin Huayuan Metal Wire Products Co.Ltd.
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Table of Content
- Introduction
- Objectives of the Study
- Market Definition
- Research Scope
- Research Methodology and Assumptions
- Executive Summary
- Premium Insights
- Porter’s Five Forces Analysis
- Value Chain Analysis
- Top Investment Pockets
- Market Attractiveness Analysis By Material
- Market Attractiveness Analysis By Application
- Market Attractiveness Analysis By Region
- Industry Trends
- Market Dynamics
- Market Evaluation
- Drivers
- Increase investments
- Restraints
- Increasing substituents
- Opportunities
- Rise in government initiatives
- Challenge
5.5.1. Maintenance cost
- Global Steel Wire Market Analysis and Projection, By Material
- Segment Overview
- Carbon Steel
- Stainless Steel
- Alloy Steel
- Global Steel Wire Market Analysis and Projection, By Application
- Segment Overview
- Construction
- Automotive
- Industrial
- Agriculture
- Energy
- Others
- Global Steel Wire Market Analysis and Projection, By Regional Analysis
- Segment Overview
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South America
- Brazil
- Middle East and Africa
- UAE
- South Africa
- Global Steel Wire Market-Competitive Landscape
- Overview
- Market Share of Key Players in the Steel Wire Market
- Global Company Market Share
- North America Company Market Share
- Europe Company Market Share
- APAC Company Market Share
- Competitive Situations and Trends
- Coverage Launches and Developments
- Partnerships, Collaborations, and Agreements
- Mergers & Acquisitions
- Expansions
- Company Profiles
- Arcelor Mittal
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Coverage Portfolio
- Recent Developments
- SWOT Analysis
- Arcelor Mittal
- Bekaert
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Coverage Portfolio
- Recent Developments
- SWOT Analysis
- JFE Steel Holdings
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Coverage Portfolio
- Recent Developments
- SWOT Analysis
- Kobe Steel Limited
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Coverage Portfolio
- Recent Developments
- SWOT Analysis
- LIBERTY Steel Group
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Coverage Portfolio
- Recent Developments
- SWOT Analysis
- Nippon Steel Corporation
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Coverage Portfolio
- Recent Developments
- SWOT Analysis
- Tata Steel Limited
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Coverage Portfolio
- Recent Developments
- SWOT Analysis
- VAN MERKSTEIJN INTERNATIONAL
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Coverage Portfolio
- Recent Developments
- SWOT Analysis
- Henan Hengxing Science & Technology Co., Ltd.
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Coverage Portfolio
- Recent Developments
- SWOT Analysis
Get a Details TOC of This Report @ https://www.sphericalinsights.com/table-of-contents/steel-wire-market
Market News
- 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).
Have a Look at the Related Research 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
Global Metal Abrasives Market Size, Share, and COVID-19 Impact Analysis By Material (Steel and Others), By Application (Automotive, Metalworking, Machinery & Equipment, Construction and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030
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FAQs are covered of Steel Wire Market
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About the Spherical Insights
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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