Dublin, Nov. 21, 2025 (GLOBE NEWSWIRE) -- The "Steel Wire Market: 2025 Edition" has been added to ResearchAndMarkets.com's offering.
The global steel wire market value stood at US$110.04 billion in 2023, and is expected to reach US$155.13 billion by 2029. The market is expected to grow at a CAGR of 5.89% over the projected period of 2024-2029.
Steel wire is a flexible, cylindrical strand made of steel. The global steel wire market refers to the global industry engaged in the production, processing, distribution, and sale of various types of steel wires, and steel wire products including, wire ropes, mesh and fencing wire, binding wire, etc.
Increased demand for steel wires across various end user industries, burgeoning urbanization & population growth, rising demand for automobiles, increasing manufacturing activities, global push for electrification in rural and remote areas, and increased construction activity in China and India, as well as replacement demand in mature markets such as the US and Europe, has been positively contributing to the growth of global steel wire market over the years.
In addition, the market is largely fueled by rising infrastructure development activities in emerging economies, and increasing government investments in public infrastructure. Governments and private entities are heavily investing in the construction of residential buildings, commercial spaces, educational institutes, and other infrastructure projects, thereby driving the demand for steel wire in the market.
Asia pacific is the largest segment of global steel wire market owing to rising urbanization rates, the presence of major steel producing countries such as China, Japan, and India, fast-paced electronics industry, rapidly developing energy transfer infrastructure, positively expanding industrial manufacturing sector, rapidly developing automobile sector, growing electricity consumption, and surged construction activities, particularly in the commercial and residential sectors.
Within Asia Pacific, China dominates the steel wire market owing to large production of steel, strong manufacturing sector, increasing investment in aerospace and defense, rapidly growing automotive sector, increased construction activity, and rise in investment by government in China's infrastructure during the 14th Five-Year Plan.
North America is the fastest growing region of global steel wire market owing to strong presence of steel wire manufacturers, well established end user industries, rapid adoption of advanced machinery, ongoing boom in residential and commercial construction projects, increasing focus on the use of electric vehicles, growing emphasis on infrastructure development and industrial expansion, increasing renewable energy projects, positive shift towards sustainable construction practices and the use of recyclable materials in various construction activities, including renovation and restoration of residential and commercial space.
Market Segmentation Analysis: By Material:
The report provides the bifurcation of the global steel wire market into four segments on the basis of material, namely, carbon steel, stainless steel, alloy steel, and others. Carbon steel is the largest segment of global steel wire market owing to increasing number of large-scale infrastructure projects, rapid industrialization, fast growing housing market and commercial building construction, high recyclability of carbon steel, rapid growth of metal fabrication industry, increasing focus on sustainability, and increasing applications of high carbon steel wires in cutting silicon ingots for the PV industry, bridge cables, tire reinforcement materials, and musical instruments.
Stainless steel is the fastest growing segment of global steel wire market owing to rising popularity of stainless steel kitchenware and utensils, increasing demand for luxury and premium residential and commercial buildings, rising demand in the automotive industry, growing application in the medical and pharmaceutical sector, supportive government initiatives to boost the demand for electronic products, and ongoing research and development activities in stainless steel alloys.
By Application:
The report provides the bifurcation of the global steel wire market into six segments on the basis of application: construction, automotive, energy, industrial, agriculture, and other applications. Construction is the largest segment of global steel wire market owing to rapid industrialization and urbanization, increasing renovation projects globally, thriving real estate market, surge in establishment of industrial parks and manufacturing facilities, growing demand for housing, and ongoing innovations in construction methods, such as precast concrete & modular buildings.
Energy is the fastest growing segment of global steel wire market as a result of growing energy demand, surge in use of wires to store and transmit energy, increasing demand for efficient power distribution, positive shift towards cleaner and sustainable energy sources, and increasing use of steel wires in the construction and maintenance of drilling equipments and offshore drilling platforms, including subsea pipelines.
Competitive Landscape:
The market is characterized by the presence of numerous manufacturers, suppliers, and distributors operating on a global scale. Most of the businesses are investing substantially in R&D activities to expand their product portfolio and increase their steel wire market share. The market is highly competitive owing to high demand, the presence of established players, and integration across the value chain. In order to stay competitive, major players in the market are adopting a variety of competitive strategies, such as mergers and acquisitions of smaller brands and domestic companies, to accommodate emerging markets and expand their geographical footprint. For instance, on April 14, 2022, ArcelorMittal announced that the company has signed an agreement to acquire an 80% shareholding in voestalpine's hot briquetted iron.
The global steel wire market is highly fragmented, with large number of companies, ranging from established brands to smaller regional players and niche manufacturers catering to the industry demand.
Market Dynamics
Drivers
- Rapidly Expanding Construction Industry
- Robust Growth in Automotive Sector
- Rapid Urbanization and Rising Population
- Rising Demand for Low Carbon Steel Wire
- Increasing Focus on Sustainability and Recycling
Challenges
- Fluctuating Steel Prices
- Emergence of Close Substitutes
Market Trends
- Rising Demand of Electric Vehicles
- Increasing Number of Smart City Projects
- Increasing Use of Steel Wire in Renewable Energy Infrastructure
- Ongoing Technological Advancements in Steel Wire Production
Company Profiles
- ArcelorMittal
- Tata Group (Tata Steel)
- Bekaert
- Insteel Industries, Inc.
- The Heico Companies
- LIBERTY Steel Group
- Tianjin Posco Group
- Van Merksteijn International B.V.
- Henan Hengxing Technology Co., Ltd.
- Tianjin Huayuan Group (Tianjin Huayuan Metal Wire Products Co. Ltd.)
- Marcegaglia (Fagersta Stainless AB)
- CMP Capital Management-Partners GmbH (Gustav Wolf GmbH)
- Bharat Wire Ropes Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/5ouxb4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
