The global steel wire marketsize is expected to grow from USD 93.1 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0% during the forecast period. This growth can be attributed to the increasing demand for steel wires in various industries, such as construction, automotive, and manufacturing, due to its strength and durability. The rising demand for steel wires in the automotive industry for applications such as engine components, transmission components, exhaust systems, and other vehicle parts is expected to drive the market. Additionally, the increasing use of steel wires in the construction industry for reinforcing concrete is expected to propel market growth. The growing use of steel wires in manufacturing and other industries, such as electrical and electronics, is also expected to drive the market. Furthermore, the increasing use of galvanized steel wires and stainless-steel wires is expected to have a positive impact on the market.
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Non-rope form of steel wire comprises a major share of the steel wire market in terms of value and volume.
Non-rope form of steel wire is used in a variety of applications such as in the automotive industry for suspension systems and body frames, in the construction and engineering industry for reinforcing concrete, in the electrical industry for overhead and underground cables, in the medical industry for surgical instruments, and in the oil and gas industry for industrial hoses and drill pipes. It is also used for various other applications such as in mechanical springs, fasteners, fishing lines, and filters. The demand for non-rope form of steel wire is expected to increase over the forecast period due to its increased usage in various industries. The growing demand for automobiles and infrastructure construction is expected to drive the market. Additionally, the increasing production of electric vehicles is expected to further propel the demand for non-rope form of steel wire.
The carbon steel type accounts for the largest market share in the global steel wire market during the forecasted period
Carbon steel wire is the most used type of steel wire, accounting for the largest market share during the forecast period. Carbon steel wire is widely used in a variety of applications such as springs, ropes, cables, fasteners, and automotive components. Its properties such as high strength, ductility, and durability make it a preferred choice among various industries. Moreover, its cost-effectiveness further boosts its demand.
The construction end-use industry accounted for the largest market share in the global steel wire market during the forecast period in terms of value and volume.
The construction industry is the leading consumer of steel wire products, due to their wide applications in construction activities such as reinforcing concrete structures, building frameworks, and constructing fences and wire mesh. Moreover, the development of new construction projects, especially in the residential and commercial sectors, is a major driver of the steel wire market. The use of steel wire products in other end-use industries such as transportation, packaging, and agriculture is also expected to drive the growth of the market during the forecast period.
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APAC is expected to account for the largest market share in the steel wire market during the forecast period.
The steel wire market in APAC is growing rapidly due to the increasing demand for steel in the manufacturing, construction, and automotive industries. The region is home to some of the world’s largest steel producers including China, India, and Japan, which are driving the growth of the market. Rapid industrialization and urbanization in the region are further boosting the demand for steel wire products. Additionally, the presence of numerous small and medium-sized enterprises engaged in the production of steel wires is further propelling the growth of the market. The rising disposable incomes of the population in the region are further stimulating the demand for steel wires for various applications.
The key players in the steel wire market include,
- ArcelorMittal SA (Luxembourg)
- Nippon Steel Corporation (Japan)
- POSCO (South Korea)
- Ansteel Group (China)
- Steel Authority of India Limited (India)
- United States Steel Corporation (US)
- JFE Steel Corporation (Japan)
- Tata Steel Limited (India)
- Baosteel Group Corporation (China)
- Shagang Group (China)