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Steel Wire Market Projected to Surge, Reaching USD 164.80 Billion by 2031 Due to Thriving Construction Industry

A recent report from SNS Insider highlights the impressive growth of the steel wire market.  The market size, valued at USD 112.36 billion in 2023, is anticipated to reach a staggering USD 164.80 billion by 2031. This translates to a compound annual growth rate (CAGR) of 4.9% over the forecast period (2024-2031).

The steel wire market is experiencing significant expansion worldwide, fueled by the surging demand for steel wires in various industries.

This growth trajectory is driven primarily by the flourishing construction sector, where steel wires play a pivotal role in ensuring the strength and stability of structures. The construction industry, with its ever-increasing infrastructure investments, is a major catalyst for the steel wire market’s expansion.  The demand for products like wire ropes and strands, essential components in construction and mining, is expected to generate lucrative opportunities for the market. Furthermore, the automotive industry relies heavily on steel wires for reinforcing tire beads, further boosting market growth.

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Some of the Key Players Included are:

  • ArcelorMittal
  • Bekaert
  • JFE Steel Holding
  • Nippon Steel Co
  • Tianjin Huayuan Metal Wire Products Co. Ltd.
  • Tata Steel
  • Kobe Steel Limited
  • Insteel Industries
  • WireCo WorldGroup Inc.
  • and other

Market Analysis

Technological advancements in various sectors have led to the creation of innovative steel wire alloys, opening new avenues for market expansion.  Wire rope isolators, essential in military vehicles for their ability to withstand extreme conditions, are a prime example of this trend. The burgeoning electric vehicle (EV) industry, with its high reliance on wire harnesses, is another significant growth driver for the steel wire market.

By Material Type, the carbon steel segment dominated the steel wire market in 2023

This is a direct result of its outstanding characteristics like superior wear resistance, hardness, strength, and toughness.  The versatility of carbon steel makes it an indispensable material in a range of applications, including cutting tools, springs, high-strength wires and dies. Particularly, low-carbon steel is favored for applications demanding greater ductility, like strength wires and wire rods.

By End-User, the construction segment is the reigning leader in terms of steel wire consumption.

This dominance stems from the extensive use of carbon steel wires, ropes, and wire rods to reinforce infrastructure and transport heavy construction equipment and building materials. The relentless expansion of the construction sectors, fueled by rapid industrialization and urbanization in emerging markets, continuously propels the demand for steel wires within this segment.

By Form

  • Rope
  • Non-Rope

By material

  • Carbon steel
  • Alloy steel
  • Stainless steel

By End User

  • Automotive
  • Industrial
  • Energy
  • Agriculture
  • Construction
  • Other

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Impact of the Russia-Ukraine War

The ongoing conflict between Russia and Ukraine has disrupted global supply chains, including those in the steel industry.  This disruption has led to raw material shortages and price volatility, posing challenges to the steel wire market. For example, the war has significantly impacted the availability and cost of critical raw materials used in steel wire production.

The Asia Pacific region holds the largest share of the steel wire market.

Asia Pacific is projected to maintain its dominant position in the steel wire market throughout the forecast period. This supremacy is fueled by several factors, including the concentration of major steel-producing nations like China, India, and Japan within the region.  The rapidly expanding automotive industry is a significant driver of demand, as steel wires are critical components in automotive manufacturing. Moreover, a surge in construction projects, machinery applications, and the need for robust energy transfer infrastructure further bolsters the demand for steel wires in the Asia Pacific region. Additionally, the presence of numerous tier-one tire manufacturers and the continuous growth in electricity consumption creates lucrative opportunities for the steel wire market in this region.

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Recent Developments

  • July 2023: Kobe Steel’s low-CO2 blast furnace steel product, Kobenable Steel, was selected for use in special steel wire rods for Japanese automobiles – a groundbreaking development.
  • November 2022: Kobe Steel acquired a 25% stake in the Thai company Millcon Steel, solidifying its position in the ASEAN special steel wire rod market.
  • April 2022: ArcelorMittal acquired a controlling stake in Voestalpine’s world-class Hot Briquetted Iron (HBI) plant in Texas, strengthening its market presence.

Key Takeaways from the Steel Wire Market Study

  • The development of new steel alloys and the adoption of advanced manufacturing techniques are creating opportunities for higher-performance steel wire products.
  • There’s a growing emphasis on reducing the environmental impact of the steel wire industry. Manufacturers are increasingly incorporating recycled materials and exploring low-carbon production methods to align with sustainability goals.
  • The relentless expansion of the global construction industry is the primary force behind the escalating demand for steel wires.
Steel Wire Market
Steel Wire Market

Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Steel Wire Market Segmentation, By Form
  9. Steel Wire Market Segmentation, By Material
  10. Steel Wire Market Segmentation, By End User
  11. Regional Analysis
  12. Company Profiles
  13. Competitive Landscape
  14. Use Case and Best Practices
  15. Conclusion

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About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.