Steel Wire Market Size & Share, by Type (Stainless, Alloy, Carbon Steel); End-user (Industrial, Automotive, Construction, Energy) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4861
  • Published Date: Apr 28, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Steel Wire Market size is anticipated to surpass USD 297 Billion by the end of 2035, expanding at a CAGR of 9% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of steel wire was over USD 106 Billion. The growth of the market can be attributed to the increasing demand for steel wires for different applications such as mining industry. This growth is owing to the presence of steel wire in every step of the mining process. Therefore, it is predicted to rise the growth of the market. 

Furthermore, steel wire is also valuable in commercial, industrial, and military uses, such as cleaning, spring-loaded devices, reinforcement, structural integrity, and even music production. However, not all wire can be utilized for anything. Steel wire is produced in a variety of strengths, elasticity, and thicknesses for a variety of applications. Therefore, all these factors are expected to provide opportunities for the growth of the market.

Steel Wire Market
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Steel Wire Sector: Growth Drivers and Challenges

Growth Drivers

  • Surging Investment in Construction Activities- Steel wire is used in the construction of roads, flyovers, railway bridges, slabs, high rise buildings, and others. Moreover, it is used for lifting heavy things such as machinery, cement blocks, or even people in the lift. Therefore, the rising investment in construction activities is increasing the demand for steel wire. This is expected to boost the growth of the market. 
  • Rising Demand in the Entertainment Industry – Steel wire has become useful in the entertainment industry, as it is used for the majority of movie stunts. Moreover, it is also used in carrying equipment between takes, and scenes. In addition, the versatility of steel wires has let them become useful in amusement park rides, and safety. It provides protection to the visitors of the amusement parks. Therefore, it is predicted to surge the growth of the global steel wire market by the end of 2035.
  • Growing Demand for Electric Vehicles – Steel wires are used as a wire armor for the production of charging cables that are used for charging electric vehicles. They are extensively used in the production of parts, such as positioning equipment, moving heavy loads, supplying parts, and directly contributing to the creation of various automotive parts. As per the International Energy Agency, the sales of electric vehicles nearly doubled from the previous year accounting for 6.6 million in the year 2021.
  • Growing Smart Cities Concept– The ongoing development projects of cities in different countries across the globe are surging the demand for steel wires. The cities are converted into smart cities through the development of infrastructure, and developing smart residential and commercial areas, and this is anticipated to rise the market’s growth in the upcoming years. 
  • Rising Concern for Security– Steel wire fence are used to cover a property without using complex systems such as metal wire. These wires can be shaped into circles, squares, to protect certain areas.  In addition, it is used for the poultry cages, so that the animals do not cross a particular area.


  • Availability of Substitutes- Sustainability and cost-effectiveness have pushed some small-scale manufacturers to move to plastic ropes, which provide benefits such as reduced product weight, increased stability, and less manufacturing waste.
  • Heavy Weight of the Steel Wire
  • Safety Concern Related to the Industrial Injury

Steel Wire Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2023)

~ USD 106 Billion

Forecast Year Market Size (2035)

~ USD 297 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Steel Wire Segmentation

The carbon steel segment in the steel wire market is slated to register the largest revenue share by 2035. The segmental growth is attributed to the increasing use of high and low carbon steel in making wires. Steel wires are widely used in automobiles, construction, surgical instruments, and other applications. The high carbon steel is used in cutting tools, bridge cables, tire reinforcement materials. Moreover, they are durable and safe to handle, thus it is poised to boost the growth of the segment in the market.

End-user (Industrial, Automotive, Construction, Energy)

The construction segment is expected to garner a significant share by the end of the year 2035. This growth is influenced by the rising adoption of carbon steel rope, wire, as support infrastructure in order to carry heavy equipment, and machinery needed for construction. The rapid industrialization is increasing the demand for new buildings and developed infrastructure. This is set to surge the growth of the construction segment in the steel wire market.

Our in-depth analysis of the global market includes the following segments:


  • Stainless
  • Alloy
  • Carbon Steel

  End Use Industry

  • Industrial
  • Automotive
  • Construction
  • Energy

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Steel Wire Industry - Regional Synopsis

APAC Market Analysis

The market share of steel wire in Asia Pacific is expected to be the largest with a share of 35% by 2035. The market growth is influenced by the surging demand from increasing construction activities. Additionally, the increasing export and import of steel from countries such as India is further expected to expand the growth of the market in the region. The growing automotive industry, requires steel wires for manufacturing various components of automobiles.  According to the data, China is the world’s largest producer of cars with manufacturing more than 21 million cars and more than 4 million commercial vehicles in the year 2021.

North American Market Forecast

The North America steel wire market is slated to register a share of 24% by 2035. The market growth is propelled by the increasing development of infrastructure in the region. Added to this is the surge in the spending on construction activities. The rapid adoption of advanced machinery for the development of countries such as U.S, also increases the demand for steel wire. The rising demand from the various end users, is fueling the consumption of steel wire in the region.

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Steel Wire Market Share
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Companies Dominating the Steel Wire Landscape

    • Sivaco Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
    • Davis Wire Corporation
    • Tata Sons Private Limited
    • HEICO Corporation
    • ArcelorMittal
    • NV Bekaert SA
    • JFE Steel Corporation
    • Nippon Steel Corporation


In The News

  • JFE Steel announced the development of a thin version of their AFD (anti-fatigue-damage) steel with better fatigue resistance. The thin-walled form of AFD steel is expected to be used in a wider range of applications, including bridge structural parts that are prone to cracking over time. The new product (KT-220231-A) has been registered with Japan's Ministry of Land, Infrastructure, Transport, and Tourism's New Technology Information System (NETIS).
  • ArcelorMittal announced the investment of USD 36 Million in Boston Metal. It is the largest single initial investment through XCarb Innovation Fund till date.

Author Credits:  Mohd Shadab, Yashika Karodiwal

  • Report ID: 4861
  • Published Date: Apr 28, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising demand in the entertainment industry, and growing demand for electric vehicles are the major factors driving the market growth.

The market size of steel wire is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023-2035.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Davis Wire Corporation, Tata Sons Private Limited, HEICO Corporation, KOBE STEEL, LTD., ArcelorMittal, NV Bekaert SA, JFE Steel Corporation, Nippon Steel Corporation, VAN MERKSTEIJN INTERNATIONAL B.V., and others.

The carbon steel segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The availability of substitutes and the heavy weight of the steel wire are the major challenges that affect the steel wire market.

Steel wire is used in many industries to make conveyer belts, transmission belts, automotive flame, protective apparel and others.

Steel wire market is estimated to reach USD 106 billion by 2022 and USD 297 billion by 2035.
Steel Wire Market Report Scope

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