Global Steel Wire Rope Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Steel Wire Rope Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Wire rope is several strands of metal wire twisted into a helix forming a composite rope, in a pattern known as laid rope. Larger diameter wire rope consists of multiple strands of such laid rope in a pattern known as cable laid. The uses for wire rope include adding support to suspension bridges, lifting elevators, and serving as additional reinforcement for towers. The design of wire rope, with its multiple strands wrapped around a stable core, provides strength, flexibility, and ease of handling for applications that have bending stress. Steel wire rope is classified as general purpose wire rope and comes in a wide variety of sizes, diameters, and strengths. It is the most common type of wire rope and is used for industrial & crane, oil & gas, mining and fishing & marine applications.

Market Overview:

The latest research study on the global Steel Wire Rope market finds that the global Steel Wire Rope market reached a value of USD 13625.91 million in 2022. It’s expected that the market will achieve USD 18124.8 million by 2028, exhibiting a CAGR of 4.87% during the forecast period.

The COVID-19 outbreak has drastically altered the demand for steel wire ropes across the globe due to a decline in demand from end-use applications. The pandemic has abruptly interrupted the operations and global supply chain across various industries, which in turn has slowed down the growth of the steel wire rope market. Various countries have imposed lockdowns to prevent the further spread of the virus. Europe and North America are the most severely affected regions due to COVID-19. Companies need to cope with this sudden impact brought by the pandemic and have to efficiently work on their supply chain and improve their distribution network to capture the demand for steel wire ropes in the near future and tackle the sudden fluctuations in the market.

A broad range of applications of steel wire rope has driven its growth and development. As fittings, steel wire rope is used to machineries, equipment, construction process, resources exploitation, commercial activities, etc. A steel wire rope is a complex mechanical device used to support and move an object or load. Steel wire ropes are also used to support suspension bridges or towers as well as to lift and lower elevators. The selection of steel wire ropes for end-use applications depends upon the load bearing capacity as well the lifespan.

Rising applications of steel wire rope bolstering the market growth. Due to the rising demand for steel wire rope from various industries like marine and fishery, industrial and crane, and mining industries, the steel wire rope industry is witnessing a healthy growth. Steel wire rope and plastic ropes are light, sturdy, low specific gravity, superior elasticity, resistant to corrosion, and has high moldability. These ropes have excellent resistance to impact, durability, high strength, abrasion, and corrosion resistance, which are their preferred features in these industries. These factors are expected to drive the market growth in the coming years.

Wet weather condition is a major limitation for the use of steel wire ropes. Corrosion is a key limitation associated with steel wire ropes as it affects industrial operation by means of delay. Other key limitations for the growth of the global steel wire rope market are shortage of labor and lack of employee competencies.

Region Overview:

From 2022-2027, China is estimated to witness robust growth prospects.

Company Overview

WireCo WorldGroup is one of the major players operating in the Steel Wire Rope market, holding a share of 5.11% in 2022.

WireCo WorldGroup

WireCo WorldGroup manufactures and sells wires and synthetic ropes, specialty wires, and engineered products worldwide. The companys rope products include steel rope, electromechanical cable, synthetic rope, and synthetic yarns; specialty wire products comprise PC strands, PC wires, tire beads, springs and ducts, guy strands, and staple bands; and engineered products include engineered, and plastic injected molded products and sheets. Its engineered and specialized ropes are equipment components used in applications, such as heavy lifting, pulling, mooring, supporting, and suspension, as well as used in oil and gas, fishing, mining, maritime, structures, poultry, and storage systems industries. The company markets its products under various brands, such as Union, CASAR, Lankhorst Ropes, Camesa, Euronete, Oliveira, Phillystran, Drumet, Lankhorst Engineered Products, and Lankhorst Mouldings.

Tokyo Rope Manufacturing Co., Ltd.

Tokyo Rope Manufacturing Co., Ltd. manufactures and sells wire ropes, steel cords, and carbon fiber composite cables in Japan and internationally. The company offers its wire ropes for use in cranes, elevators, forestry and fisheries, rope slings, and cableways; galvanized wires and strands for use in electric power and communication fields; and steel cords, including steel tire cords for use in steel radial tires, hose wires to reinforce high pressure hose, and saw wires to produce wafers and chips. It also provides engineering, bridge and structural cable, and carbon fiber composite cable products. In addition, the company designs and constructs road safety devices, such as rock fall prevention nets; environment protection products, including sound insulation walls; and bridges and cable-suspended bridges, as well as manufactures and sells various industrial machinery and metal fibers.

Segmentation Overview:

By type, Left Regular Lay segment accounted for the largest share of market in 2021.

Right Regular Lay

Regular lay, in which the stands are twisted in one direction, and the completed strands are laid up in the opposite to make the rope. This gives an outward appearance of the wires being parallel to the axis of the rope.
In right regular lay rope, the wires in the strands are laid to the left, while the strands are laid to the right to form the wire rope.

Left Regular Lay

In left regular lay rope, the wires in the strands are laid to the right, while the strands are laid to the left to form the wire rope. In this lay, each step of fabrication is exactly opposite from the right regular lay.

Right Lang Lay

Lang's lay, in which the strands are laid up to form the rope in the same direction as the wires are twisted to make the strand. This gives an outward appearance of wires being diagonal to the axis of the rope.
In right lang lay rope, the wires in the strands and the strands in the rope are laid in the same direction; in this instance, the lay is to the right.

Left Lang Lay

In left lang lay rope, the wires in the strands and the strands in the rope are also laid in the same direction; in this instance, the lay is to the left (rather than to the right as in the right lang lay).

Alternate Lay

Alternate Lay sometimes refers to as reverse lay. In Alternate Lay rope, the wires in one strand are laid to the right, the wires in the nearby strand are laid to the left, the wires in the next strand are to the right, and so forth, with alternate directions from one strand to the other.

Application Overview:

The market's largest segment by application is the segment Industrial & Crane, with a market share of 36.94% in 2021.

Key Companies in the global Steel Wire Rope market covered in Chapter 3:

Jiangsu Shenwang
DSR Wire
Jiangsu Fasten
Guizhou Wire Rope
Usha Martin
Young Heung Iron & Steel
PFEIFER
WireCo WorldGroup
Bekaert
Teufelberger
Kis Wire
Jiangsu Langshan
Hubei Fuxing
Gustav Wolf
Xianyang Bomco
DIEPA
Xinri Hengli
Shinko Wire
Tokyo Rope
Juli Sling
Scaw Metals

In Chapter 4 and Chapter 14.2, on the basis of types, the Steel Wire Rope market from 2018 to 2029 is primarily split into:

Left Regular Lay
Left Lang Lay
Right Regular Lay
Right Lang Lay
Alternate Lay

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Steel Wire Rope market from 2018 to 2029 covers:

Industrial & Crane
Oil & Gas
Mining
Fishing & Marine

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)