Dallas, Texas, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Market studies and professionals believe that growth of global steel wire rod market is likely to spur in next years. The market may reach 119.94 billion by 2029 and grow at an annualized rate of 2.8% 2022-2029. The key rationale for this development is anticipated to be political and technological developments along with developments and innovations in different types of high carbon, alloy steel and special steel wires.
Owing to benefits such as very high cut resistance, great elasticity, relatively high elongation, durability, high-modulus, higher carbon content, high-tensile strength, rigidity, and better performance as opposed to glass fiber, the steel wire rod is experiencing rapid adoption thus fostering remarkable progress of global steel wire rod market. As a result, steel wire rod is experiencing rapid adoption further propelling global steel wire rod market.
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The increasing demand for better performance of manufacturing and other industries, improved efficiency of fuel, reduction in emissions, rising adoption of electric vehicles and hybrid electric vehicles range, has led to the development of innovative steel wire rods. The rising demand for steel wire rod to meet the engineering demands and ever-increasing performance demands is driving the global steel wire rod market.
| Metrics | Details |
| Base Year | 2021 |
| Historic Data | 2019-2020 |
| Forecast Period | 2021-2029 |
| Study Period | 2019-2029 |
| Revenue forecast in 2028 | USD 119.94 Billion |
| Types | Stainless Steel Wire, Carbon Steel Wire, Alloy Steel Wire |
| End User | Construction, Energy, Automotive, Agriculture, Others |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Tata Steel, Shandong IronandSteel, Bohai Steel, Bao Steel, Fagersta Stainless, Hebei IronandSteel, Emirates Steel, Shagang Group, JFE Holdings, Shougang Group. |
The key factors such as strong consumption and investment due to high confidence, rising income and low interest rates is driving the development of global steel wire rod market. Furthermore, the manufacturing sector witnessing higher investments for better equipment, dramatic rise in housing prices, growth in non-residential sector pin-point a healthy growth of global steel wire rod market.
However, weak private investments, dipped demand for steel products in ASEAN-5 countries, slow construction activity and infrastructure investment, and destocking is hampering the global steel wire rod market.
Furthermore, recent tax reforms, robust domestic and external demand, private consumption, pickup in non-residential construction and strong manufacturing activities, the demand for steel wire rod is expected to accelerate gradually further prompted by public investment is driving the global steel wire rod market.
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The global steel wire rod market is classified into low-carbon steel wire rods, Medium-low-carbon steel wire rods, Medium-high-carbon steel wire rods, and High-carbon steel wire rods on the basis of type. Among these, the low-carbon steel wire rods segment is expected to grow by 6% or more annually going forward, and its share of the total steel wire rod market is increasing.
The global steel wire rod market is classified into butchery or meat processing factories, textiles, wrapping yarn, core yarn, cut protection products, tire manufacture, and others on the basis of application. Among these, the cut protection products segment continue to transform at the most rapid pace in over a decade. Furthermore, the market players in this segment are seeking focused market expansion.
Table of content:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Steel Wire Rod Market by Type, 2022-2029 (USD Billion)
5. Steel Wire Rod Market by End Users, 2022-2029 (USD Billion)
6. Steel Wire Rod Market by Region 2022-2029 (USD Billion)
6.1. North America
6.1.1. US
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. France
6.2.4. Rest of Europe
6.3. Asia Pacific
6.3.1. China
6.3.2. Japan
6.3.3. India
6.3.4. Rest of Asia Pacific
6.4. South America
6.4.1. Brazil
6.4.2. Mexico
6.4.3. Rest of South America
6.5. Middle East & Africa
7. Competitive Landscape
8. Company Profile
9. Appendix
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