Steel Wire Market Trends

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.
• 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.

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.
• Heavy Weight of the Steel Wire
• Safety Concern Related to the Industrial Injury