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Steel Wire Market Analysis by Type (Stainless, Alloy, and Carbon Steel); and by End Use Industry (Industrial, Automotive, Construction, Energy, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

Buy Now Report ID: 4861 | Published Date: Apr 28, 2023

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

Steel Wire Market size is estimated to reach ~USD 297.3 Billion by the end of 2035 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of steel wire was ~USD 105.7 Billion. The growth of the market can be attributed to the increasing demand for steel wires for different applications. Moreover, these wires can be fused with different materials that are used in multiple industries. The mining industry is one of the major users of steel wire, owing to its presence in every step of the mining process. Therefore, it is predicted to rise the growth of the market.  As per the estimates, more than 12,000 active mines in the United States as of 2020.

In addition to these, 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. Moreover, the wire rope can also be formed with the steel wire, which can used for public as well as private sector industries. Therefore, all these factors are expected to provide opportunities for the growth of the market.


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Global Steel Wire Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~9%

Base Year Market Size (2022)

~ USD 105.7 Billion

Forecast Year Market Size (2035)

~ USD 297.3 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 the Middle East and Africa)

Global Steel Wire Market: Growth Drivers and Challenges

Market-Growth-Drivers

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, thus expected to boost the growth of the market.  The construction industry’s spending across the globe is expected to reach more than USD 19 Trillion by the end of 2035
  • 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. As per the reports, amusement park attracts more than 3 crore visitors in India per year.
  • 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. Moreover, 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. Therefore, all these factors are estimated to boost the growth of the global steel wire market over the forecast period.  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.  According to the Indian Brand Equity Foundation, central government provides financial support of USD 6 Billion for the smart cities mission over five 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. More than 50 percent of the hens are kept in cage production systems in Australia, as per the reports.

Challenges

  • 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. As a result, advances in the manufacturing of plastic ropes are projected to stymie market expansion in the approaching years.
  • Heavy Weight of the Steel Wire
  • Safety Concern Related to the Industrial Injury


Global Steel Wire Market Segmentation

 

The global steel wire industry is segmented and analyzed for demand and supply by type into stainless steel, alloy steel, and carbon steel. Out of the three types of steel wire, the carbon steel segment is estimated to gain the largest market share by the end of the year 2035. The growth of the segment can be attributed to the increasing use of high and low carbon steel in making wires that are used in automobiles, construction, surgical instruments, and other applications. In addition, high carbon steel is used in cutting tools, bridge cables, tire reinforcement materials, and others. Moreover, they are durable and safe to handle, thus it is anticipated to boost the growth of the segment in the market.

The global market is also segmented and analyzed for demand and supply by end use industry into industrial, automotive, construction, energy, and others. Amongst these three segments, the construction segment is expected to garner a significant share  by the end of the year 2035. This can be attributed to the rising adoption of carbon steel rope, wire, as support infrastructure in order to carry heavy equipment, and machinery needed for construction. Moreover, rapid industrialization is increasing the demand for new buildings and developed infrastructure, that is expected to surge the growth of the construction segment in the steel wire market. As per the estimated data, the construction industry needs to build more than 12,500 buildings each day until 2050 in order to support an anticipated population of more than 6.5 billion people living in cities.

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

        By Type 

  • Stainless Steel
  •  Alloy Steel
  • Carbon Steel

        By End Use Industry

  • Industrial
  • Automotive
  • Construction
  • Energy
  • Others
 

Global Steel Wire Market Regional Synopsis

regional-synopsis

The market share of steel wire in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the surging demand from increasing construction activities that include commercial and residential spaces. Moreover, the surging export and import of steel from countries such as India is further expected to expand the growth of the market in the region. In addition, the growing automotive industry, which requires steel wires for manufacturing various components of automobiles, is estimated to expand the market’s growth in the Asia Pacific region. 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.

The North America steel wire market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the surging development of infrastructure in the region, followed by a surge in the spending on construction activities. Moreover, there has been rapid adoption of advanced machinery for the development of countries such as U.S, which increases the demand for steel wire. Moreover, the rising demand from the various end users, is surging the consumption of steel wire in the region. Therefore, all these factors are anticipated to provide opportunities to rise the growth of the steel wire in the North America region over the forecast period. As per the reports, the United States is the world’s largest poultry meat producer with more than 16 percent of the global output. There is a need for large amount of space to keep the poultry for meat as well as egg production, and it is expected to surge the demand for steel wire for the cages.

Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the steel wire market  can be attributed majorly to the presence of key manufacturers of automobiles in European region, which has led to a rise in demand for steel wire. Moreover, the growing awareness related to the stainless steel environmental benefits that include recyclability, is one of the major factors that is expected to surge the growth of the steel wire in the market in the region in the upcoming years.

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Top Featured Companies Dominating the Global Steel Wire Market

top-features-companies
    • 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
    • KOBE STEEL, LTD.
    • ArcelorMittal
    • NV Bekaert SA
    • JFE Steel Corporation
    • Nippon Steel Corporation
    • VAN MERKSTEIJN INTERNATIONAL B.V.

In-the-news

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.

preview-analysis

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


Author Credits:  Mohd Shadab, Yashika Karodiwal


Key Questions Answered in the Report

1) What are the major factors driving the growth of the steel wire market?

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

2) What would be the CAGR of steel wire market over the forecast period?

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

3) What are the challenges affecting the steel wire market growth?

Ans: Heavy weight of the steel wire, and safety concern related to the industrial injury are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of steel wire market in future?

Ans: 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.

5) Who are the major players dominating the steel wire market?

Ans: : 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.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the steel wire market?

Ans: The market is segmented by type, end-use industry, and by region.

8) Which segment captures the largest market size in the type segment in the steel wire market?

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

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