Steel Wire Global Market Report 2024

Steel wires encompass steel products such as tubes and pipes derived from iron and steel, as well as shapes formed through the rolling or drawing of purchased iron or steel, and drawn steel wire. The manufacturing of steel wire involves producing various sizes, diameters, and strengths tailored for specific applications across different types of equipment.

The primary categories of steel wires include carbon steel, stainless steel, and alloy steel. Carbon steel, distinguished by a higher concentration of carbon compared to other steel types, is available in various thicknesses ranging from 0.01 to 0.8 mm, 0.8 mm to 1.6 mm, 1.6 mm to 4 mm, and 4 mm and above. These steel wires exist in different forms, including non-rope and rope. End-users of steel wires span across industries such as construction, automotive, energy, industrial, and others.

The steel wires market research report is one of a series of new reports from The Business Research Company that provides steel wires market statistics, including steel wires industry global market size, regional shares, competitors with a steel wires market share, detailed steel wires market segments, market trends and opportunities, and any further data you may need to thrive in the steel wires industry. This steel wires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The steel wire market size has grown strongly in recent years. It will grow from $106.72 billion in 2023 to $112.23 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The expansion observed in the historical period can be attributed to several factors, including a growing demand for construction, an increase in disposable income, favorable government initiatives, and economic growth in emerging markets.

The steel wire market size is expected to see strong growth in the next few years. It will grow to $139.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. Forecasted growth is propelled by rising global government investment in infrastructure, increased demand for steel wire across applications, and growing urbanization. Key trends include a focus on strategic mergers and acquisitions, launching new products, investing in green hydrogen-based technologies, and adopting artificial intelligence technology.

The upward trajectory in the demand for high-rise buildings is anticipated to be a driving force behind the expansion of the steel wires market. High-rise building structural systems typically employ reinforced concrete and steel materials, with steel frames prevalent in skyscrapers and concrete commonly used in residential blocks. As of 2021, an estimated 7.8 billion people worldwide reside in urban areas, and an additional 2.5 billion are projected to join urban communities in the next 20-25 years. High-rise structures, particularly in densely populated cities lacking available land, have proven advantageous. This surge in demand for high-rise buildings is a pivotal factor propelling market growth.

The amplified demand for steel wire across diverse industries has significantly driven the growth of the steel wire market. Industries such as construction, automotive, and aviation have increasingly embraced the use of steel wires, augmenting the overall demand for this material. The expanding utilization of steel wires, particularly driven by urbanization and the need for adaptable, high-quality wire products, is a key factor bolstering the market. Forecasts suggest that advancements in automobile performance, cost-effective production technologies, and enhanced manufacturing methodologies will further boost market growth. In terms of volume, the construction industry stands as the primary application sector for steel wires, utilized in various structures including bridges, flyovers, atomic reactor domes, silos, and high-rise buildings. The increasing demand for steel wires in these applications is projected to propel the steel wire market during the forecast period. For instance, the Indian Steel Association (ISA) reported an anticipated 16.7% rise in finished steel demand in India to reach around 104 million tonnes by the end of 2021, and an estimated 111 million tonnes by the conclusion of 2022, signifying a surge in demand for steel wires from diverse industries, thereby fostering market growth.

The upsurge in government investment directed towards infrastructure development stands as a pivotal driver for the growth of the steel wire market. Governments globally are allocating substantial funds to the construction sector, initiating numerous infrastructure-centric programs involving the construction of new roads, bridges, and suspension bridges. The use of steel wire has notably increased in such construction projects aimed at enhancing infrastructure and connectivity. The demand for urban and rural infrastructure development presents significant market opportunities for local construction businesses. Infrastructure restoration and reconstruction initiatives are crucial elements in reinstating security and stability in affected regions. These investments not only stabilize communities but also provide employment opportunities, aiding those affected by conflicts or disruptions. For instance, according to the World Bank's latest data in 2022, private investment commitments in low- and middle-income countries surged to $76.2 billion in 2021, marking a 49% increase from the preceding year. Notably, regional disparities in investments were observed, with the highest spikes seen in Europe and Central Asia, reaching a total of $15 billion in 2021. The surge in infrastructure-related investments, including an $8 billion airport concession in Antalya, Turkey, significantly contributed to this increase. Hence, the escalating government investment in infrastructure development remains a driving force behind the growth of the steel wire market.

A prevalent trend in the steel wire market involves strategic mergers and acquisitions aimed at fostering innovation. Major players within this market are increasingly engaging in mergers and acquisitions with other industry counterparts. These collaborations are geared towards driving product innovation, gaining a competitive edge in the evolving steel wire market landscape, and exploring new geographical markets by leveraging shared skills and expertise. An instance of this trend occurred in June 2022 when Nucor Corporation, a prominent US-based steel production company, acquired Summit Utility Structures and Sovereign Steel Manufacturing. This strategic move bolsters Nucor's leadership position in the steel sector and downstream steel products. As a result, Nucor is poised to become the preferred solutions provider for utility transmission towers, substations, telecommunication towers, and highway signage structures. Summit Utility Structures and Sovereign Steel Manufacturing, both US-based manufacturers, specialize in producing steel cables and custom-engineered tubular poles.

In January 2022, Nippon Steel Corporation, a prominent steel-producing corporation, successfully acquired G Steel and G J Steel companies for an undisclosed sum. This strategic acquisition is anticipated to facilitate Nippon Steel's business expansion in the locally integrated market of Thailand and enable the company to cater to the demand for hot-rolled steel sheets. G Steel and G J Steel, the acquired companies, are based in Thailand and are recognized manufacturers in the steel industry.

Major companies operating in the steel wire market report are ArcelorMittal, Nippon Steel Corporation, HBIS Group Co Ltd., JFE Steel Corporation, Bekaert SA, TATA Steel Limited, JSW Steel Ltd., Kobe Steel Ltd., The Heico Companies, WireCo WorldGroup Inc., Baowu steel, Nippon Steel, Ningbo BST Metal Products Co. Ltd., Nanjing Hengjie Industrial Co. Ltd., Hengshui Huaxing Steel Wire Rope Co. Ltd., Wuxi Shengli Steelrope Co. Ltd., Suzuki Garphyttan Ab, Avocet Steel, Barnfather Wire (Midlands) Ltd., SWR Group, Ormiston Wire, KTS WireLtd., ANCORA SCM, Valteknica Incom SRL, Vandor Industry SRL, Beloretsk Metallurgical Plant AO, Nucor Corporation, Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc., Ternium S.A., Aperam, Siderca, Companhia Siderurgica Nacional, Saudi Iron and Steel Company, Qatar Steel, Emirates Steel, Kuwait Steel, Egyptian Iron and Steel Company, Ezz Steel, African Industries Group, Steelmor Industries, Md Iron & Steel Foundry, Beshay Steel, Scaw Metals Group, Libyan Iron and Steel Company, Maghreb Steel, Suez Steel

Asia-Pacific was the largest region in the steel wire market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the steel wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the steel wire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The steel wires market consists of sales of coated wire rope, stainless steel wire and galvanised steel wire. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Steel Wire Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on steel wire market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for steel wire? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The steel wire market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Carbon Steel; Alloy Steel; Stainless Steel
• 2) By Thickness: 0.01 Mm To 0.8 Mm; 0.8 Mm To 1.6 Mm; 1.6 Mm To 4 Mm; 4 Mm and Above
• 3) By Form: Non Rope; Rope
• 4) By End-Use: Construction; Automotive; Energy; Industrial; Other End-Use Industries
• Companies Mentioned: ArcelorMittal; Nippon Steel Corporation; HBIS Group Co Ltd; JFE Steel Corporation; Bekaert SA
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.