Steel Wire Market Forecasts to 2028 – Global Analysis By Form (Rope and Non-Rope), Material (Carbon Steel, Alloy Steel and Stainless Steel), Coating Type, Thickness, End User and By Geography

Steel Wire Market Forecasts to 2028 – Global Analysis By Form (Rope and Non-Rope), Material (Carbon Steel, Alloy Steel and Stainless Steel), Coating Type, Thickness, End User and By Geography

According to Stratistics MRC, the Global Steel Wire Market is accounted for $65.23 billion in 2022 and is expected to reach $91.49 billion by 2028 growing at a CAGR of 5.8% during the forecast period. Steel wire is a metallic, cylindrical, and flexible strand that is commonly used to conduct electricity. It is a semi-finished commodity, which is rolled from steel billet and utilized for the manufacture of wire. It is employed to add reinforcement and increase structural strength. It possesses several beneficial qualities such as resistance to deformation, stress and wear absorption, high bearing capacity, and rust and corrosion resistance. Steel wires are utilized in various industrial applications such as wire loops, spring cables, barbed wires, steel reinforcing, wire mesh and automobile components.

According to a report published by the Institute for Energy Economics and Financial Analysis, a dearth of iron ore content and shortage of mining projects could significantly disrupt the climate goals related to the steel industry.

Market Dynamics:

Driver:

Increasing demand from construction Sector

In terms of volume, the steel wire market's largest application area is the construction sector. Steel wire is used extensively in the building sector for bridges across rivers, roads, and railways as well as for atomic reactor domes, slabs, silos, hangers, aqueducts, high-rise structures, viaducts, and railway sleepers. The market for steel wire is anticipated to be driven by the rising demand from these applications over the anticipated time frame.

Restraint:

Rising cost of raw materials

The cost of iron ore, which serves as the primary raw ingredient for making steel, has increased dramatically. The biggest producers of iron ore are producing in less quantity which is not up to the point due to stronger demand. To meet a pick-up in demand, producers found it difficult to raise their output. This has increased the cost of manufacturing steel wire goods and reduced demand from consumers that are price-sensitive.

Opportunity:

Raising adoption in automobile industry

Automobile sector is the significant user of steel wire on the international market. Tires, suspension systems, and body pieces are among the majority of the uses for steel wire in the automobile industry. Due to the rising global vehicle production, the demand for steel wire in this sector is anticipated to increase significantly throughout the forecast period.

Threat:

Adoption of plastic and composite ropes

In comparison to steel wire ropes, plastic ropes are lighter while also having a better strength. Plastic ropes are anticipated to replace traditional ropes as a superior option as plastic materials continue to progress. Plastic ropes are less flexible than wire ropes, so even if they break, they fall to the ground without snapping back, inflicting no injury. Their ergonomic feature raised demand for it and decreased need for steel wires.

Covid-19 Impact

Due to the COVID-19 epidemic, a drop in the steel wire industry is anticipated in 2020. The entire world has suffered because of this devastating virus, but mainly North America and Europe. Business activities and manufacturing facilities have been shut down to stop the virus from spreading further. This has led to a reduction in the consumption of steel wires across industrial manufacturing, mining, automotive, aerospace & defence, and other industries.

The carbon steel segment is expected to be the largest during the forecast period

The carbon steel segment is estimated to have a lucrative growth, due to its numerous applications. Applications for carbon steel wire include tires, cords, hoses, galvanized wires, ACSR strands, conductor cable armouring, fences, springs, fasteners, screws, nails, barbed wire, chains, and steel fibers in concrete. It possesses outstanding qualities such a high level of wear resistance, hardness, strength, and toughness. The segment's rise is being fuelled by its elevated ductility and exceptional strength.

The construction segment is expected to have the highest CAGR during the forecast period

The construction segment is anticipated to witness the fastest CAGR growth during the forecast period. In order to maintain the structural integrity of the construction, steel wires are frequently employed in the construction industry to fasten the rebars together at their joints. Through annealing, it acquires qualities like flexibility and sensitivity that are essential for its principal application. The cables are used to hoist big objects like machinery, cement blocks, and even humans in the lift. It provides additional assistance while working, which is fostering the segment's expansion.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to its expanding infrastructure & building projects. This region has huge automotive production and increasing industrial manufacturing. Numerous tire manufacturers are present in the area. Manufacturers located in Asia are increasing their output to meet demand from domestic as well as international markets. Additionally, there is a lot of electricity used, which presents a tremendous market opportunity for steel wire.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. There are huge investments in the industrial, energy, and construction sectors. For solar and wind energy systems, the area is home to various businesses that manufacture steel wire cables. In order to dramatically reduce their carbon footprint, steel manufacturing businesses in the area are implementing green techniques into the manufacture of steel wire. Other factors influencing the growth of the market's revenue include the fast development of automotive technology and the rising use of IoT-enabled devices.

Key players in the market

Some of the key players profiled in the Steel Wire Market include TATA Steel Limited, ArcelorMittal, Nippon Steel, JFE Steel Corporation, Kobe Steel, Ltd., Bekaert SA, Gustav Wolf GmbH, Ferrier Nord, Byelorussian Steel Works, Mahadev Industries, VIRAJ PROFILES LTD., JSW Steel Ltd., Hendrik Veder, Kiswire Inc., The Heico Companies, Mazzella Companies, Fasten Group, Anchor Industries Pty Ltd, Optimus Steel and Emirates Steel.

Key Developments:

In February 2023, Nippon Steel enters into agreement with Teck Resources Limited to acquire equity and royalty interests in Elk Valley Resources Ltd. Nippon Steel and EVR have agreed that concurrently with the completion of the Investment, they will enter into long-term coal offtake rights agreement, under which EVR will supply steelmaking coal to Nippon Steel.

In May 2022, Kobe Steel announced the launch of “Kobenable Steel” and become Japan’s first provider of low CO2 blast furnace steel products with significantly reduced CO2 emissions during the blast furnace iron making process. The Company plans to start selling the new products this fiscal year.

In April 2022, Tata Steel has signed a business cooperation agreement with Thiess to deliver mine technical services in areas such as exploration, resource evaluation and mine planning. Thiess will also collaborate with Tata Steel to deliver competitive integrated business solutions to the global mining industry.

Forms Covered:
• Rope
• Non-Rope

Materials Covered:
• Carbon Steel
• Alloy Steel
• Stainless Steel

Coating Types Covered:
• Polyvinylchloride (PVC)
• Stainless Steel
• Aluminum Alloy
• Zinc
• Other Coating Types

Thickness Covered:
• 0.01 mm to 0.8 mm
• 0.8 mm to 1.6 mm
• 1.6 mm to 4 mm
• 4 mm & above

End Users Covered:
• Entertainment
• Automotive
• Construction
• Manufacturing
• Aerospace
• Mining
• Agriculture
• Industrial
• Energy
• Oil & Gas
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements