Pune, India , April 12, 2023 (GLOBE NEWSWIRE) -- The global steel wire market size was valued at USD 61.66 billion in 2021 and is projected to grow from USD 65.17 billion in 2022 to USD 96.87 billion by 2029, exhibiting a 5.8% CAGR during the forecast period.
The COVID-19 pandemic has had an unprecedented and shattering impact on the world, and demand for steel wire has been lower than expected in all regions compared to pre-pandemic levels. Throughout the forecast period, market growth is anticipated to be aided by the expanding construction sector and infrastructure investments. Given that wire ropes and strands are utilized in a variety of construction and mining applications, it is projected that rising demand for these products will present the market with several opportunities. Fortune Business Insights presents this information in their report titled “Global Steel Wire Market, 2022-2029.”
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List of Key Players Profiled in the Steel Wire Market Report:
- ArcelorMittal S.A. (Luxembourg)
- Bridon-Bekaert Ropes Group (Belgium)
- Heico Companies’ Metal Processing Group (U.S.)
- Optimus Steel (U.S.)
- HBIS GROUP (China)
- KOBE STEEL, LTD. (Japan)
- WireCo WorldGroup Inc. (U.S.)
- JFE Steel Corporation (Japan)
- Nippon Steel Corporation (Japan)
- Insteel Industries (U.S.)
- SHAGANG GROUP Inc. (China)
- Byelorussian Steel Works (Belarus)
- GRUPPO PITTINI S.p.A. (Italy)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5.8% |
| 2029 Value Projection | USD 96.87 Billion |
| Market Size in 2022 | USD 65.17 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 326 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Steel Wire Market Growth Drivers | 0.5 mm to Lead as it Provides Optimum Performance |
| Increasing Demand from Various End-use Industries to Propel the Product Demand |
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Segments:
By Grade, Carbon Steel Segment to Gain Traction over 2022-2029
Based on grade, the market is segmented into carbon steel, stainless steel, and alloy steel.
Due to its remarkable qualities, including high wear resistance, hardness, strength, and toughness, the carbon steel segment accounted for the highest part of the market. Carbon steel is frequently used in cutting tools, springs, high-strength wires, and dies. Due to its greater ductility, low-carbon steel is a common choice for strength wires and wire rods. Due to their remarkable strength, carbon steel-grade wires are used in construction and automotive applications.
Increased Product Use in Infrastructure Development will Lead the Construction Industry
In terms of the end-use industry, the market is segmented into automotive, construction, energy, agriculture, and others.
Due to the growing usage of carbon steel wires, ropes, and wire rods for extra infrastructural support as well as for transporting large machinery, equipment, and materials used in construction, the construction sector had a significant market share for steel wire. Market expansion is anticipated to be fueled by expanding construction activity and accelerated industrialization in emerging nations.
COVID-19 Impact:
Global Market Plunged Due to High Operating Cost
The demand for steel wire from the building and construction and automobile industries has significantly decreased as a result of the COVID-19 outbreak. Our data showed that the global market had a 1.4% reduction in 2020 compared to 2019. This drop was attributable to diminishing manufacturing operations in the end-use industries and lockdown regulations. Due to labor and raw material shortages, supply chain disruptions, and rigorous government regulation, many businesses suffered greatly during the pandemic. The consumption in these industries was subsequently further reduced as a result. As medical and worker's compensation costs rose, several manufacturers saw their operational costs rise. High operating costs are a result of the post-pandemic labor scarcity brought on by the tightening labor market competitiveness.
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Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Rising Demand from the Automotive Industry to Foster Market Growth
Since steel wire is required to strengthen tire beads, the automotive industry consumes a lot of it. It is a substance widely utilized in the automotive industry to give windscreens and other components performance, durability, and safety. These strands of wire are twisted together to create a helix structure that is employed in production lines, hoists, and different cranes in the automobile sector. In wire rope isolators found in military vehicles, this wire is also essential. To endure the harsh environment, wire rope isolators are designed to tolerate strong vibrations and shocks. They are a perfect choice for military vehicles, such as jeeps, tanks, and planes that are subject to harsh terrain or explosions due to their functionality. These factors are anticipated to increase the steel wire market growth.
However, plastic ropes are a preferred choice in the mining industry due to their superior performance. Advancements in plastic ropes can hamper the steel wire market growth.
Regional Insights:
Increasing Consumption from Construction and Machinery Applications to Propel the Asia Pacific Market
The Asia Pacific market was estimated at USD 39.69 billion in 2021. Due to the existence of significant steel-producing countries, such as China, India, and Japan, the Asia Pacific region is predicted to have the highest market share during the projected period along with being the fastest-growing region. Steel wire demand for component manufacture in the region is being driven by the region's quickly expanding automotive sector. Additionally, the commodity is becoming more in demand due to its use in machinery and construction.
Competitive Landscape
Major Players Focus on Reducing CO2 Emission
Majority of the market's producers are present around the world. The primary holding corporation oversees multiple companies. For instance, National Strand Products LP, Sivaco Inc., National Standard, and Davis Wire Corporation are brands under which the Metal Processing Group of Heico Companies sells steel wire and stranded wire products.
To meet sustainability objectives, many manufacturers are taking the initiative to cut CO2 emissions. For instance, Nippon Steel Corporation adopted the Carbon Neutral Vision 2050 and has made major investments in sustainability. By 2030, Nippon Steel wants to cut carbon emissions by 30% or more compared to 2013, and by the end of 2050, it wants to be carbon neutral.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries/Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porter’s Five Forces Analysis
- Qualitative Insights on Coating of Steel Wire
- Qualitative Insights on Steel Wire Thickness
- Qualitative Insights – Impact of COVID-19 on Global Steel Wire Market
- COVID-19 Impact Analysis
- Challenges & Opportunities in COVID-19
TOC Continued...!
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Key Industry Development:
January 2019: GRUPPO PITTINI S.p.A. formed a new joint venture named “Pittini Siderprodukte AG” with Sipro Stahl Schweiz. The new joint venture will provide wire rod products to German customers.
Read Related Insights:
Stainless Steel Market Is Projected to Grow from USD 204.17 Billion in 2022 To USD 298.85 Billion in 2029 | Exhibiting A CAGR of 5.6%
Flat Steel Market Is Projected to Grow from USD 526.89 Billion in 2022 To USD 830.62 Billion in 2030 | Exhibiting A CAGR of 5.9%
High Strength Steel Market Is Projected to Reach USD 54.07 Billion by 2027 | Exhibiting A CAGR of 7.4%
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