Steel Wire Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Steel Wire Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Steel Wire Market

The global steel wire market size was valued at USD 68.89 billion in 2023 and the market is now projected to grow from USD 72.83 billion in 2024 to USD 114.58 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period.

Due to the outbreak of COVID-19 many countries-imposed restrictions on fabric distribution and transportation, affecting the value chain of metallic wire manufacturers. End-use industries were severely impacted at some point in the pandemic because of labour and raw material shortages, delivery chain disruptions, and strict government guidelines. This, in flip, reduced the product intake in these industries even further. However, the steel wire market growth has increased due to the growing product adoption inside the automobile and construction industries.

Strong wires or strands are broadly utilized in a creation website. Engineers and employees put sturdy wires to suitable use wherein fibrous ropes fail to work. They use those wires for lifting heavy substances, which include machinery, cement blocks, or even workers in the lift. Steel wires also are used in the production itself, serving as extra assistance. The construction packages of those wires depend greatly on the sort of construction and procedures taking place on the site. For instance, one of the iconic uses of the product within the construction enterprise is suspension bridges. The high tensile power of wires allows engineers to generate vast spans that could lower back heavy masses. The Golden Gate Bridge and the Akashi Kaikyō Bridge in Japan showcase the staggering use of strength and durability of the product in the creation zone. These drive the steel wire market share.

Incorporating metallic-based cords with distinctive substances or sizes has been used for a long time. The rising technological advancements inside the automotive, production, and mining industries are paving a direction for exceptional alloys and growing possibilities for marketplace increase. For instance, these are used in suspended bridges to support the weight, and the weight imparted at the bridge is translated into tension in the metal cables. These suspended metallic cables can endure tough situations and feature high tensile energy, extended load-bearing capacities, and flexibility. Massive infrastructure improvement spending, attributed to a basic countrywide increase, has triggered the demand. Infrastructure projects, consisting of bridges, tunnels, sewers, electric grids, and roads, require those wires for construction.

Comprehensive Analysis of Steel Wire Market

The steel wire market and chemicals and advanced materials industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the metals & minerals industry. These segmentations are methodically segregated By Grade Analysis and By End-use Industry Analysis. Based on grade, the market is segmented into carbon steel, chrome steel, and alloy metal. The carbon steel section accounted for the most important marketplace percentage because of its amazing homes, including excessive put on resistance, hardness, electricity, and longevity. Carbon steel is mainly utilized in reducing tools, springs, excessive power wires, and dies. Low-carbon metal is a famous choice for power wires and wire rods as a result of its higher ductility. Carbon metallic grade wires exhibit terrific electricity and therefore are utilized in car and construction applications. In terms of the end-use industry, the marketplace is segmented into automotive, construction, energy, agriculture, and others. The construction segment held a main metal wire marketplace percentage in 2023 because of the growing adoption of carbon steel wires, ropes, and cord rods for extra infrastructure assistance and sporting heavy equipment, gadgets, and materials used in production. Growing construction sports supported via speedy industrialization in rising international locations are anticipated to drive market increase.

The market in Asia Pacific was valued at USD 44.62 billion in 2023. Asia Pacific is estimated to keep the biggest marketplace proportion for the duration of the forecast length and is the fastest-growing location attributable to the presence of major metallic-producing international locations, including China, India, and Japan. The rapidly growing automotive industry is fuelling the region's product intake for aspect production. Furthermore, the call for metal cords is rising because of production and equipment applications.

The top players in the market play a crucial role in the chemicals and advanced materials industry assuring industrial prospectus growth and setting market standards. These players include, ArcelorMittal S.A. (Luxembourg), Bridon-Bekaert Ropes Group (Belgium), Heico Companies’ Metal Processing Group (U.S.), Optimus Steel (U.S.), HBIS GROUP (China), KOBE STEEL, LTD. (Japan), WireCo WorldGroup Inc. (U.S.), JFE Steel Corporation (Japan), Nippon Steel Corporation (Japan), Insteel Industries (U.S.), SHAGANG GROUP Inc. (China), Byelorussian Steel Works (Belarus) and GRUPPO PITTINI S.p.A. (Italy).

In December 2022, The Insteel Company placed an investment of USD 15.9 million in plants and information systems were set aside to support the cost and productivity improvement initiatives and to widen the manufacturing capabilities. In 2023, the company expects the capital investment to exceed USD 30 million since three new production lines are to be accepted by the company during the second fiscal quarter of the year. These investments are strategized toward the improvement of the quality, product capacity, and the reduction of the production cost.

Segmentation Table

Attribute Details

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.8% during 2024-2032

Unit Value (USD Billion), Volume (Kiloton)

Segmentation By Grade

Carbon Steel

Stainless Steel

Alloy Steel

By End-use Industry

Automotive

Construction

Energy

Agriculture

Others

By Geography

North America (By Grade, By End-use Industry, By Country)

- U.S. (By Grade, By End-use Industry)

- Canada (By Grade, By End-use Industry)

Europe (By Grade, By End-use Industry, By Country)

- Germany (By Grade, By End-use Industry)

- France (By Grade, By End-use Industry)

- U.K. (By Grade, By End-use Industry)

- Italy (By Grade, By End-use Industry)

- Spain (By Grade, By End-use Industry)

- Russia (By Grade, By End-use Industry)

- Rest of Europe (By Grade, By End-use Industry)

Asia Pacific (By Grade, By End-use Industry, By Country)

- China (By Grade, By End-use Industry)

- Japan (By Grade, By End-use Industry)

- India (By Grade, By End-use Industry)

- South Korea (By Grade, By End-use Industry)

- Southeast Asia (By Grade, By End-use Industry)

- Rest of Asia Pacific (By Grade, By End-use Industry)

Latin America (By Grade, By End-use Industry, By Country)

- Brazil (By Grade, By End-use Industry)

- Mexico (By Grade, By End-use Industry)

- Argentina (By Grade, By End-use Industry)

- Rest of Latin America (By Grade, By End-use Industry)

The Middle East & Africa (By Grade, By End-use Industry, By Country)

- Saudi Arabia (By Grade, By End-use Industry)

- Egypt (By Grade, By End-use Industry)

- Turkey (By Grade, By End-use Industry)

- Iran (By Grade, By End-use Industry)

- Rest of the Middle East & Africa (By Grade, By End-use Industry)


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