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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~9% |
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Base Year Market Size (2023) |
~ USD 106 Billion |
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Forecast Year Market Size (2035) |
~ USD 297 Billion |
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Regional Scope |
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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:
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Type |
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End Use Industry |
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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.
Author Credits: Mohd Shadab, Yashika Karodiwal
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