Steel Wire Market Size, Share & Trends Analysis Report By Material (Carbon Steel, Stainless Steel, Alloy Steel), By Application, By Region, And Segment Forecasts, 2022 - 2030

Steel Wire Market Growth & Trends

The global steel wire market size is expected to reach USD 156.32 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. The growth of the construction industry, coupled with rising investments in the power & energy sectors, is anticipated to augment market growth during the forecast period.

Steel wires are elongated, thin, flexible thread-like products, that are drawn through circular-shaped dies from wire rods. Based on material, the carbon steel segment, owing to benefits such as high strength, low cost, and better conductivity, dominates the market with the highest share. These are vital in industrial applications and are used in making cords for reinforcing vehicle tires, prestressed concrete for supporting structures, and suspension bridges.

Steel wire products are extensively used in numerous industries, including construction, automotive, energy, industrial, and agriculture. Construction is expected to maintain its dominance during the forecast period. Surging investments in the industry, especially after the economic downturn due to COVID-19, have aided in product demand. Governments are investing in infrastructural developments to revive their economies, which in turn is anticipated to benefit market growth during the forecast period.

Asia Pacific held the largest market share in 2021. Growing construction spending, increasing power distribution networks, investments in renewable energy, rising crop production, and emphasis on expanding vehicle production are factors anticipated to drive the product demand in the region during the forecast period. Steel wires find application in the power distribution network in electric cables.

Growing emphasis on expansion in electricity production and its distribution, especially in developing economies, is benefiting product demand. For instance, in India, under the Integrated Power Development Program, projects worth INR 308.02 billion (USD 4.12 billion) have been approved as of February 2022 to strengthen the power distribution network in the country.

The market witnesses high competitive rivalry due to the presence of established players, which are also integrated across the value chain. Growing demand for steel products has compelled manufacturers to expand their manufacturing facilities. For instance, in March 2022, Primetals Technologies earned a contract to build a new production line at a steel plant from Vietnam-based Hoa Phat Dung Quat Steel JSC. The latter is a leading player in Southeast Asia’s steel industry. It is integrated across the value chain and produces numerous products, including steel wires.

Steel Wire Market Report Highlights

• Based on application, energy is anticipated to register the highest CAGR of 7.8% in terms of revenue during the forecast period owing to growing investments in the power & energy industry in the production and distribution of clean and sustainable electricity
• Growing emphasis on vehicle production is expected to benefit product demand in the automotive segment, which held a revenue share of over 24.0% in 2021
• Europe is expected to expand at a CAGR of 4.5%, in terms of revenue, from 2022 to 2030. Germany, Poland, and Czechia are among the leading importers of steel wires in the region
• Stainless steel is expected to register the fastest growth rate of 5.8%, in terms of revenue, during the forecast period. Its low share in the market is owing to its high cost compared to other materials

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