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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 market's growth hinges on multiple factors, including the expanding automotive sector, driven by increasing demand for vehicles worldwide. Concurrently, the upsurge in construction activities across developing countries fuels the demand for infrastructure projects. Additionally, the escalating needs of the oil and gas industry further contribute to the market's growth trajectory. These combined factors underscore the diverse and robust demand drivers shaping the market, positioning it for continued expansion in the foreseeable future. With the automotive, construction, and oil and gas sectors driving demand, the market remains poised for sustained growth, reflecting its essential role across a spectrum of industries and applications.
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The construction segment is estimated to witness significant growth during the forecast period. The construction industry relies heavily on steel wires for various applications, including lifting heavy materials such as cement blocks and machinery, as well as providing additional support in the form of flyovers, atomic reactor domes, and slabs. Steel wires are also utilized in silos, hangers for aqueducts and viaducts, and railway sleeper construction. In the realm of high-rise buildings and infrastructure projects, plastic ropes and steel wire ropes are essential, as are plastic fibers in composite materials.
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The construction segment was the largest segment and was valued at USD 47.88 billion in 2018. Moreover, Mining applications and automotive demand also drive the market for steel wires, which are used in mechanical manufacturing, metal industries, tires, cords, hoses, and galvanized wires. Additionally, steel wires are employed in fencing, springs, fasteners, clips, staples, mesh, screws, nails, barbed wires, and chains. The growth in infrastructure projects, urbanization, and industrial manufacturing necessitates increased electricity consumption, leading to a higher demand for steel wires with superior shock resistance and wear resistance. 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. The global steel wire market is significantly influenced by carbon steel, a key segment due to its rust and corrosion resistance. This property makes carbon steel an indispensable material in infrastructure investment, particularly in industries such as construction, manufacturing, and automotive. Carbon steel wire is extensively used in wire ropes and strands for suspension bridges, prestressed concrete, and metallic nets. In the automotive industry, it is utilized in wire harnesses and long-lasting automotive parts. Government regulations also play a role in the market's growth, as they set standards for the use of carbon steel, stainless steel, and alloy steel in various applications. Additionally, agriculture relies on ropes and strands made from these steel types for machinery and equipment. Cables, hardware, and armored cables are other sectors that benefit from the strength and durability of carbon steel, stainless steel, and alloy steel wires. 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 APAC region is projected to lead the global steel wire market due to significant infrastructure investments and the expansion of end-user industries, particularly in China, Japan, and India. The automotive and construction sectors are key drivers, with rising demand for rust-resistant and corrosion-resistant wire ropes, wire strands, and wire harnesses in vehicles, and the need for stainless steel, alloy steel, and carbon steel in infrastructure projects such as suspension bridges, prestressed concrete structures, metallic nets, and cables. Government regulations also play a role in market growth, particularly in the agriculture sector where ropes and strands are used for irrigation systems. Additionally, the use of steel wires in hardware, armored cables, and other applications contributes to market demand. Hence, such factors are driving the market growth in APAC during the forecast period.
The Market plays a significant role in the construction industry, supplying essential components for various infrastructure projects. Key products include wire ropes and strands made from alloy steel, which are integral to the functionality of flyovers, atomic reactor domes, slabs, silos, hangars, aqueducts, high-rise buildings, viaducts, and suspension bridges. These wires offer superior shock resistance, wear resistance, high bearing capacity, rust resistance, and corrosion resistance, making them indispensable for infrastructure investment. Additionally, steel wires are used in the agriculture sector for ropes and strands, as well as in metallic nets, cables, hardware, and armored cables, further expanding their market reach. Electricity consumption in the steel wire production process is a notable consideration, with ongoing research focusing on energy efficiency and sustainable manufacturing methods.
One of the key factors driving the market growth is the increasing construction activities in developing countries. The Steel Wire Market is anticipated to experience significant growth due to increasing investments in the automotive sector, particularly in developing countries like India and China. This expansion is driven by the establishment of manufacturing plants by companies such as Volkswagen, BMW, Tata Motors, Toyota Motor, Honda Motor, Fiat, and Daimler. In addition, governments worldwide are promoting the adoption of electric vehicles (EVs) to address environmental concerns, further boosting market growth.
Moreover, steel wires find extensive applications in various industries, including construction and infrastructure projects. They are used in constructing high-rise buildings, flyovers, atomic reactor domes, slabs, silos, hangars, aqueducts, and viaducts. In the automotive sector, steel wire ropes are utilized in mechanical manufacturing, tires, cords, hoses, and galvanized wires for shock resistance and wear resistance. Hence, such factors are driving the market growth and trends during the forecast period.
A key factor shaping the market development is the rising adoption of high-carbon steel wire. The steel wire market experiences significant growth due to the increased demand from various industries. In the construction sector, steel wires are utilized in constructing flyovers, atomic reactor domes, slabs, silos, and hangers for infrastructure projects. Additionally, they are essential in the production of aqueducts, high-rise buildings, and viaducts. In railway sleeper construction, plastic ropes are often replaced with steel wire ropes for enhanced durability. Steel wires also find extensive applications in mechanical manufacturing, metal industries, automotive production, and mining.
Moreover, they are used in producing tires, cords, hoses, galvanized wires, fencing, springs, fasteners, clips, staples, mesh, screws, nails, barbed wires, and chains. The demand for steel wires is driven by their superior shock resistance, wear resistance, and high bearing capacity, making them indispensable in various industries, including energy transfer infrastructure and industrial manufacturing. Hence, such factors are driving the market expansion and trends during the forecast period.
The presence of substitutes for steel wire is one of the key challenges hindering market development. The global steel wire market is anticipated to experience negative growth influences from plastic wires, titanium alloy wires, and fiber wires during the forecast period. In the construction industry, steel wire ropes are extensively used in flyovers, atomic reactor domes, slabs, silos, hangers, and aqueducts. However, plastic ropes made from ultra-high molecular weight polyethylene fibers offer high-performance strength and low weight, making them safer and more efficient alternatives for marine, arborist, nautical, off-roading, and manufacturing applications. PlasLOC, a heavy-duty, non-slip plastic wire, is another eco-friendly alternative for steel wires, providing cost savings and environmental benefits in waste disposal.
Moreover, mining applications, automotive demand, mechanical manufacturing, metal industries, tires, cords, hoses, galvanized wires, fencing, springs, fasteners, clips, staples, mesh, screws, nails, barbed wires, chains, and construction & infrastructure projects rely on steel wires for their shock resistance, wear resistance, and high bearing capacity. Steel wires are also essential in railway sleeper construction, electricity consumption, and energy transfer infrastructure. Hence, such factors are hindering the market expansion during the forecast period.
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
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 Industry plays a significant role in various sectors such as Construction, Industries, Slabs, Silos, Hangers, Automotive, and Plastic Coated. The demand for steel wires is on the rise due to their versatility and strength. In 2021, the market is expected to demonstrate steady growth, driven by factors like increasing infrastructure development, rising demand from the automotive sector, and growing usage in the manufacturing industry. The Plastic Coated segment is also gaining popularity due to its corrosion resistance and durability. The market is competitive, with major players like ArcelorMittal, Baoshan Iron & Steel, Tata Steel, and ThyssenKrupp AG dominating the scene. Projects, demands, and production capacities are key drivers in the industry, with China being the largest producer and consumer of steel wires. The market is expected to face challenges from fluctuating raw material prices and increasing competition. However, the long-term outlook remains positive, with increasing urbanization and industrialization driving demand.
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 |
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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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