Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Steel Wire Market, By Type; By Form; By Coating Type; By Thickness; By End User - Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Steel Wire Market has been on a steady upward trajectory, from a market value of USD 79.09 billion in 2022 to an expected surge of USD 179.85 billion by 2030, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 11.11%. The market volume, pegged at 81.25 million tons in 2022, is projected to grow at a CAGR of 6%.
Growth Influencers
- Construction and Automotive Industries: The growing construction industry, where steel wires are essential components of construction materials, significantly contributes to market growth. The automotive industry's increasing demand for steel wires in vehicle manufacturing also drives the market.
- Constraints: The market does face constraints, including fluctuating prices and the availability of substitutes, which could potentially hinder its growth.
Segment Overview
- Type: Carbon steel, alloy steel, and stainless steel are the main segments, with stainless steel projected to be the fastest-growing segment with a CAGR of 11.94%.
- Form: Rope and non-rope forms are present, with ropes holding the largest market share (58% in 2022).
- Coating Type: Zinc-coated steel wires are predominant, and stainless steel coating is the fastest-growing segment.
- Thickness: The thickness category of 0.8 mm to 1.6 mm is expected to surpass the USD 58.31 billion mark by 2027.
- End User: The construction industry holds the largest market share among end-users (22% in 2022), while manufacturing is the fastest-growing segment.
Regional Overview
- Asia Pacific: The region holds the largest market share (approximately 50% in 2022) and is forecasted to grow at the highest CAGR of 11.66%. This is largely due to booming construction and manufacturing industries in countries like China and India.
- Other Regions: North America, Europe, Middle East & Africa, and South America also constitute significant market shares, each with diverse growth prospects.
Competitive Landscape
The market is competitive, with the top six players holding a combined market share of around 32%. Key players include ArcelorMittal, Bekaert SA, Bharat Wire Ropes Limited, China Baowu Group, CSN Steel, and Ferrier Nord, among others.
A selection of companies mentioned in this report includes
- ArcelorMittal
- Bekaert SA
- Bharat Wire Ropes Limited
- China Baowu Group
- CSN Steel
- Ferrier Nord
- Gustav Wolf GmbH
- HBIS Group
- JFE Steel Corporation
- Jianglin Stainless
- JSW Steel Ltd.
- Kobe Steel, Ltd.
- Nippon Steel
- POSCO
- SHAGANG GROUP Inc.
- TATA Steel Limited
- Teufelberger
- Usha Martin
Conclusion
The Global Steel Wire Market is experiencing substantial growth due to factors like the construction and automotive industries' demand. Stainless steel is expected to be a major growth driver. Asia Pacific dominates in terms of market share and growth rate, driven by robust industries in China and India. While challenges like fluctuating prices exist, key players are adopting strategies to maintain their market positions. This report offers comprehensive insights into the market's direction, helping stakeholders make informed decisions based on the supply and demand trends in the steel industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 248 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $79.09 Billion |
| Forecasted Market Value (USD) by 2030 | $179.85 Billion |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/srbzc1
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