Steel Wire

Steel Wire

Global Steel Wire Market to Reach US$186.0 Billion by 2030

The global market for Steel Wire estimated at US$116.5 Billion in the year 2023, is expected to reach US$186.0 Billion by 2030, growing at a CAGR of 6.9% over the analysis period 2023-2030. Carbon Steel Wire, one of the segments analyzed in the report, is expected to record a 6.7% CAGR and reach US$137.6 Billion by the end of the analysis period. Growth in the Stainless Steel Wire segment is estimated at 6.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$30.3 Billion While China is Forecast to Grow at 10.6% CAGR

The Steel Wire market in the U.S. is estimated at US$30.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$45.2 Billion by the year 2030 trailing a CAGR of 10.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.0% and 5.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR.

Global Steel Wire Market - Key Trends and Drivers Summarized

Steel wire is a versatile material crafted from various grades of steel, characterized by its high strength, durability, and elasticity. It is widely used across multiple industries including construction, automotive, and manufacturing, serving diverse functions from reinforcing concrete in construction to forming springs and fasteners in automotive applications. The production of steel wire involves drawing the steel through a series of dies to reduce its diameter, enabling precise specifications required for different applications. This material is essential for its mechanical properties and its ability to be engineered to meet specific demands of tensile strength and flexibility.

As urbanization continues to accelerate, especially in emerging economies, there is a substantial increase in demand for building infrastructure and residential projects. Steel wire plays a crucial role in these developments, particularly in the reinforcement of concrete and in pre-stressed concrete to improve tensile strength. This is pivotal not only for new constructions but also for infrastructure refurbishments, which are prevalent in mature markets to ensure safety and longevity of existing structures. The durability and cost-effectiveness of steel wire make it a preferred choice in large-scale construction projects, driving its market growth.

In the automotive industry, steel wire is indispensable for manufacturing a wide range of components such as springs, fasteners, and cables. The ongoing trend towards lighter, more fuel-efficient vehicles is prompting manufacturers to seek materials that provide essential strength without adding significant weight. High-strength steel wires are increasingly favored for their ability to reduce vehicle weight while maintaining performance and safety standards. Additionally, with the advent of electric vehicles (EVs), there is a new set of challenges and opportunities for steel wire in electrical grounding systems and battery harnesses, further influencing its demand. Moreover, the steel wire market is also influenced by trends in the manufacturing and utility sectors. For steel wire rope and cables, there is a growing demand in industries such as telecommunications for cable support systems, and in utilities for power transmission lines. The robustness and conductivity of steel wire make it suitable for these applications. Advances in steelmaking technology that enhance the quality and reduce the environmental impact of steel wire production are set to boost its appeal further. Innovations in alloy composition and improved manufacturing processes are expanding the applications of steel wire, ensuring its relevance and utility across various industries.

Select Competitors (Total 182 Featured) -

• Ansteel Group Corporation Limited
• ArcelorMittal S.A
• Bridon International Ltd.
• China Baowu Steel Group Corporation Limited
• Davis Wire Corporation
• Gerdau S.A.
• HBIS Group
• Heico Wire Group
• Insteel Industries, Inc.
• JFE Steel Corporation
• Jiangsu Shagang Group
• Kobe Steel, Ltd.
• Leggett & Platt® Inc.
• National Standard
• Nippon Steel & Sumitomo Metal Corporation
• NV Bekaert SA
• POSCO
• Shougang Corporation
• Tata Steel Group
• thyssenkrupp Steel Europe AG
• Tree Island Industries Ltd.
• Usha Martin Limited

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