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The steel wire market size is forecast to increase by USD 28.78 billion, at a CAGR of 4.69% between 2023 and 2028.
The report offers extensive research analysis on the market, with a categorization based on End-user, including construction, automotive, industrial, and others. It further segments the market by Type, encompassing carbon steel, alloy steel, and stainless steel. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
The growth of the market is propelled by increasing construction activities in developing countries, although its progress is hindered by the presence of substitutes for steel wire. Furthermore, there is a notable upward trend of rising adoption of high-carbon steel wire.
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Steel wire is a thin, elongated metal product that is made from steel. Steel is an alloy made up of mainly iron and carbon. Steel wire is made by drawing, which is the process of pulling larger diameter steel rods (or billets) through dies to reduce the diameter and increase the length of the wire. The drawing process gives the steel wire the mechanical properties it needs.
The construction segment is estimated to witness significant growth during the forecast period. Steel wires are widely used at construction sites. In addition, workers use these wires to lift heavy things such as cement blocks, machinery, or even people in the lift. Furthermore, steel wires are also used in construction to serve as extra support.
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The construction segment was the largest segment and was valued at USD 47.88 billion in 2018. Moreover, the steel wire applications depend heavily on the type of construction being done and the processes happening on the site. In addition, growth in urbanization and infrastructure investments are driving the market for steel wires in the construction sector. Furthermore, governments around the globe focused considerably on enhancing their healthcare infrastructure and building new healthcare facilities to accommodate the increasing number of patients, which generated immense business opportunities for the construction industry. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the type, the market has been segmented into carbon steel, alloy steel, and stainless steel. The carbon steel?segment will account for the largest share of this segment. Carbon steel is a prominent market segment within the global steel wire market, playing a major role across several industries including construction, manufacturing, and automobile due to its distinct properties and versatile applications. In addition, one of the main reasons for this is the high tensile strength of carbon steel, which makes it an ideal material for applications that need robust and long-lasting materials. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC accounts for 51% of the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
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The growth of end-user industries including automotive and construction in countries such as China, Japan, and India will drive market growth in the APAC region. For instance, in India, one hundred cities were supposed to be nominated for smart city projects, but Jammu Kashmir and Uttar Pradesh did not use one slot each. Moreover, this required an investment of USD 150 billion, and most of it was raised through private partnerships. Furthermore, this led to an increase in construction activities, thereby resulting in high demand for steel wires. In addition, India and China are the biggest steel exporters in APAC. Hence, such factors are driving the market growth in APAC during the forecast period.
One of the key factors driving the market growth is the increasing construction activities in developing countries. The construction industry is another major end-user segment of the global steel wire market. In addition, an increase in commercial and residential infrastructural construction in developing countries, including India, China, Indonesia, Malaysia, and Thailand, is expected to fuel the demand for sheet wire. Moreover, various development activities and projects in these regions will contribute significantly to the growth of the market. For instance, projects including Housing for All and Smart City in India aim to construct many houses for homeless people in coming years. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the rising adoption of high-carbon steel wire. High carbon steel wires, also referred to as black wires, have a wide range of applications in various industries, from automobile and construction to engineering industries. In addition, it is a drawn steel wire, which is manufactured from high-quality wire rods with high carbon content. Furthermore, it is susceptible to heat and easily flame-hardened, allowing it to work in different forms. In addition, high-carbon steel wire is a high-performance and high-durability wire. Hence, such factors are driving the market growth during the forecast period.
The presence of substitutes for steel wire is one of the key challenges hindering market growth. The presence of substitutes such as plastic wire, titanium alloy wire, and polyester and fiber wire as alternative products for steel wires negatively impacts the growth of the market. In addition, fiber wire is made from ultra-high molecular weight polyethylene (UHMWPE) fiber that provides strong, durable, and efficient rope for the marine, arborist, nautical, off-roading, and other manufacturing industries. Moreover, fiber wire offers high-performance strength and low weight, which ensures that it is safer to use than steel wire. In addition, another innovative green alternative to steel wires includes PlasLOC, a heavy-duty, non-slip plastic wire. Hence, such factors are hindering the market growth during the forecast period.
Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and result in market growth analysis.
Acerinox SA: The company offers steel wire which is used in a wide range of sectors, including manufacturing, pharmaceuticals, food processing, and construction.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 18 market companies, including:
ArcelorMittal SA, Bansal, Gerdau SA, Jiangsu Baosteel Metal Product Co. Ltd., Jiangsu Shagang International Trade Co. Ltd., Joneja Bright Steel Pvt. Ltd., KEI Industries Ltd., Kobe Steel Ltd., Mechel PAO, Nippon Steel Corp., Nucor Corp., PAO Severstal, Rajratan Global Wire Ltd., SSAB AB, Tata Sons Pvt. Ltd., thyssenkrupp AG, Usha Martin Ltd., Voestalpine AG, and Shree Steel Wire Ropes Ltd.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecast growth strategies.
Global market Customer Landscape
Steel Wire Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.69% |
Market Growth 2024-2028 |
USD 28.78 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.18 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, India, Japan, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acerinox SA, ArcelorMittal SA, Bansal, Gerdau SA, Jiangsu Baosteel Metal Product Co. Ltd., Jiangsu Shagang International Trade Co. Ltd., Joneja Bright Steel Pvt. Ltd., KEI Industries Ltd., Kobe Steel Ltd., Mechel PAO, Nippon Steel Corp., Nucor Corp., PAO Severstal, Rajratan Global Wire Ltd., SSAB AB, Tata Sons Pvt. Ltd., thyssenkrupp AG, Usha Martin Ltd., Voestalpine AG, and Shree Steel Wire Ropes Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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