The Steel Wire Market size was USD 112.36 billion in 2023 and is expected to Reach USD 164.80 billion by 2031 and grow at a CAGR of 4.9% over the forecast period of 2024-2031.
Steel wire is used to support structures and increase structural strength which has numerous applications in various sectors globally. It has qualities such as deformation resistance, high bearing capacity, anti-corrosive properties, and shock resistance. Steel wires are used to move large objects such as cement blocks, machinery, or even humans in the lift. Steel wires are also employed in various portions of the construction to provide additional support. Also, steel wires are used in tires, cords, galvanized wires, and strands. Manufacturing of steel wires includes risks and injuries.
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Steel wires are used in the electric vehicle industry as armoured cables, which are power cables used to supply electricity. Usually seen in cable ducting, power networks, underground systems, and power networks. These can withstand resistance to deform, high bearing capacity, resist wear & stress, rust, and corrosion property providing it a mechanical protection. Steel wires are utilized in multicore cables, but aluminium is used in single-core cables since it is non-magnetic.
KEY DRIVERS
In the Agriculture sector, steel wires are used in fencing, poultry cages, producing creeper cages baling, and other tying purposes
Automotive sector is expected to raise the demand for steel wires
The automotive sector uses ropes made from steel wires to produce various auto parts, position equipment, and move loads. Steel wire is used in cables, fasteners, radial vehicle tires, exhaust lines, wire pads, etc. The major demand is due to industrialization, in the engineering sector.
RESTRAIN
Steel wire manufacturing is costlier than plastic rope
Reduction in applications in end users can restrain the growth of the steel wire market
During the pandemic, various industries delayed production due to disruptions in the supply chain, and scarcity of raw materials. Major construction projects were stopped due to movement restrictions. This type of situation can hamper steel wire’s growth in the market.
OPPORTUNITY
Steel-based ropes are mainly used in architecture and engineering works in many large structures
Increasing construction sector investments are predicted to boost market growth
During the forecasting period, it is predicted that construction has numerous applications of steel wire-based cables, strands, ropes, and cords in moving supporting structures, machinery, and the Integrity of the building is maintained by Steel wire. It is also used to secure the rebars together at their joints. A low-carbon steel wire is used as a binding wire. Its attributes are flexibility and sensitivity and various other applications in the construction industry would contribute to the segment's dominance.
CHALLENGES
Availability of alternatives like plastic ropes and hybrid ropes in the market hamper the growth
Some small-scale producers have switched to using plastic ropes because of its advantages such as high stability, low product weight, and less production waste. Sustainability and affordability are two of these benefits. Because of this, it is projected that the development of plastic ropes will continue to advance, which will limit steel wire market growth. Due to its benefits, the production of plastic and hybrid ropes has increased which hampered the market growth.
Russia's Ukraine war has impacted the Global steel wire market, particularly in Europe. Ukraine and Russia are among the major producers of steel. War has led to a shortage of labour, and damaged infrastructure, Trade routes, and the Seaborne market are interrupted due to the destruction of ports has led to a supply bottleneck at the border.
During the war two major steel plants were destroyed in Ukraine. Russia and Ukraine combine to produce almost 5% of steel while China is the largest producer and exporter of steel in the world. But sanctions applied on Russia have led to a shortage of steel metal, an increase in price on the buyer side, and production cost.
The recession has affected negatively the steel wire market growth. Various sectors such as automobile electrification, urbanization, and mobility support long-term steel demand. The deterioration of the economy followed by Russia Ukraine war, and the energy crises have led to a recession impacting negatively production. The recession has raised the price of mining activities, labour costs, and operating costs due to which manufacturers are facing losses.
By Form
Rope
Non-Rope
By material
Carbon steel
Alloy steel
Stainless steel
By End User
Automotive
Industrial
Energy
Agriculture
Construction
Other
Asia Pacific region is expected to be a fast-growing region due to surging demand from increased construction activities. Furthermore, the increased export and import of steel from nations such as India are likely to fuel the region's industrial expansion. Steel wires are needed in the developing automotive industry to manufacture numerous automobile components.
The North American steel wire market is being fuelled by the region's expanding infrastructural construction. The fast adoption of innovative machinery for development in countries such as the United States raises the demand for steel wire. North America is experiencing increased demand as a result of construction activities such as building rehabilitation and remodelling.
Europe is well-established in the automotive industry. Due to industrialization and urbanization activities in developing economies. Increasing environmental awareness has led to the adoption of recyclable materials such as steel. Germany is an automobile manufacturer in Europe which has surged steel wire demand.
Latin America is one of the emerging regions in terms of technological advancement. The mining sector contributes to the GDP as the mineral and mining activities in Brazil. The rising demand from the various end users is fuelling the consumption of steel wire in the region.
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REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin American
ArcelorMittal, Bekaert, JFE Steel Holding, Nippon Steel Co, Tianjin Huayuan Metal Wire Products Co. Ltd., VAN MERKSTEIJN INTERNATIONAL. Tata Steel, Kobe Steel Limited, Insteel Industries, WireCo WorldGroup Inc., and other key players are mentioned in the final report.
Van Merksteijn has resumed its plans for a new greenfield wire rod factory in the Netherlands, with construction set to begin this year. Production is scheduled to begin in 2024, with an estimated investment of €300 million ($344 million).
Bekaert has announced that it has achieved a deal with its present partners to sell its Steel Wire Solutions businesses in Chile and Peru. The purchase includes Steel Wire Solutions' production and distribution operations in Chile and Peru.
Nippon Steel Co- In 2022 For our process-omission steel bar and steel wire goods, Nippon Steel Co has published the EcoLeaf Environmental Product Declarations issued by SuMPO under the Japan EPD Programme.
| Report Attributes | Details |
| Market Size in 2023 | US$ 112.36 Bn |
| Market Size by 2031 | US$ 164.80 Bn |
| CAGR | CAGR of 4.9% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Form (Rope, Non-Rope) • By Material (Carbon steel, Alloy steel, Stainless steel) • By End User (Automotive, Industrial, Energy, Agriculture, Construction, Other) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ArcelorMittal, Bekaert, JFE Steel Holding, Nippon Steel Co, Tianjin Huayuan Metal Wire Products Co. Ltd., VAN MERKSTEIJN INTERNATIONAL. Tata Steel, Kobe Steel Limited, Insteel Industries, WireCo WorldGroup Inc. |
| Key Drivers | • In the Agriculture sector, steel wires are used in fencing, poultry cages, producing creeper cages baling, and other tying purposes. • Automotive sector is expected to raise the demand for steel wires. |
| Market Opportunities | • Steel-based ropes are mainly used in architecture and engineering works in many large structures. • Increasing construction sector investments are predicted to boost market growth. |
Ans. USD 164.80 Billion is the projected Steel Wire Market size of the market by 2031.
Ans. The CAGR Growth rate of the Steel Wire Market over the forecast period is 4.9%.
The major application of the steel wire market is conveyer belts, automotive carpet and transmission belts.
Ans. USD 112.36 billion was the market value in 2023 for the Steel Wire Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia- Ukraine War
4.2 Impact of Ongoing Recession
4.3. Introduction
4.3.1 Impact on major economies
4.3.1.1 US
4.3.1.2 Canada
4.3.1.3 Germany
4.3.1.4 France
4.3.1.5 United Kingdom
4.3.1.6 China
4.3.1.7 Japan
4.3.1.8 South Korea
4.3.1.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Steel Wire Market Segmentation, By Form
8.1 Rope
8.2 Non-Rope
9. Steel Wire Market Segmentation, By Material
9.1 Carbon steel
9.2 Alloy steel
9.3 Stainless steel
10. Steel Wire Market Segmentation, By End User
10.1 Automotive
10.2 Industrial
10.3 Energy
10.4 Agriculture
10.5 Construction
10.6 Other
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Steel Wire Market by Country
11.2.2North America Steel Wire Market by Form
11.2.3 North America Steel Wire Market by Material
11.2.4 North America Steel Wire Market by End User
11.2.5 USA
11.2.5.1 USA Steel Wire Market by Form
11.2.5.2 USA Steel Wire Market by Material
11.2.5.3 USA Steel Wire Market by End User
11.2.6 Canada
11.2.6.1 Canada Steel Wire Market by Form
11.2.6.2 Canada Steel Wire Market by Material
11.2.6.3 Canada Steel Wire Market by End User
11.2.7 Mexico
11.2.7.1 Mexico Steel Wire Market by Form
11.2.7.2 Mexico Steel Wire Market by Material
11.2.7.3 Mexico Steel Wire Market by End User
11.3 Europe
11.3.1 Europe Steel Wire Market by Country
11.3.2 Europe Steel Wire Market by Form
11.3.3 Europe Steel Wire Market by Material
11.3.4Europe Steel Wire Market by End User
11.3.5Germany
11.3.5.1 Germany Steel Wire Market by Form
11.3.5.2 Germany Steel Wire Market by Material
11.3.5.3 Germany Steel Wire Market by End User
11.3.6 UK
11.3.6.1 UK Steel Wire Market by Form
11.3.6.2 UK Steel Wire Market by Material
11.3.6.3 UK Steel Wire Market by End User
11.3.7 France
11.3.7.1 France Steel Wire Market by Form
11.3.7.2 France Steel Wire Market by Material
11.3.7.3 France Steel Wire Market by End User
11.3.8 Italy
11.3.8.1 Italy Steel Wire Market by Form
11.3.8.2 Italy Steel Wire Market by Material
11.3.8.3 Italy Steel Wire Market by End User
11.3.9 Spain
11.3.9.1 Spain Steel Wire Market by Form
11.3.9.2 Spain Steel Wire Market by Material
11.3.9.3 Spain Steel Wire Market by End User
11.3.10 The Netherlands
11.3.10.1 Netherlands Steel Wire Market by Form
11.3.10.2 Netherlands Steel Wire Market by Material
11.3.10.3 Netherlands Steel Wire Market by End User
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Steel Wire Market by Form
11.3.11.2 Rest of Europe Steel Wire Market by Material
11.3.11.3 Rest of Europe Steel Wire Market by End User
11.4 Asia-Pacific
11.4.1 Asia Pacific Steel Wire Market by Country
11.4.2Asia Pacific Steel Wire Market by Form
11.4.3 Asia Pacific Steel Wire Market by Material
11.4.4 Asia Pacific Steel Wire Market by End User
11.4.5 Japan
11.4.5.1 Japan Steel Wire Market by Form
11.4.5. 2Japan Steel Wire Market by Material
11.4.5. 3Japan Steel Wire Market by End User
11.4.6 South Korea
11.4.6.1 South Korea Steel Wire Market by Form
11.4.6.2. South Korea Steel Wire Market by Material
11.4.6.3. South Korea Steel Wire Market by End User
11.4.7China
11.4.7.1 China Steel Wire Market by Form
11.4.7.2. China Steel Wire Market by Material
11.4.7.3. China Steel Wire Market by End User
11.4.8 India
11.4.8.1 India Steel Wire Market by Form
11.4.8.2. India Steel Wire Market by Material
11.4.8.3 India Steel Wire Market by End User
11.4.9Australia
11.4.8.1 Australia Steel Wire Market by Form
11.4.8.2. Australia Steel Wire Market by Material
11.4.8.3. Australia Steel Wire Market by End User
11.4.9Rest of Asia-Pacific
11.4.9.1 APAC Steel Wire Market by Form
11.4.9.2. APAC Steel Wire Market by Material
11.4.9.3. APAC Steel Wire Market by End User
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Steel Wire Market by Country
11.5.2 The Middle East & Africa Steel Wire Market by Form
11.5.3The Middle East & Africa Steel Wire Market by Material
11.5.4The Middle East & Africa Steel Wire Market by End User
11.5.5Israel
11.5.5.1 Israel Steel Wire Market by Form
11.5.5.2 Israel Steel Wire Market by Material
11.5.5.3 Israel Steel Wire Market by End User
11.5.6 UAE
11.5.6.1 UAE Steel Wire Market by Form
11.5.6.2 Israel Steel Wire Market by Material
11.5.6.3 Israel Steel Wire Market by End User
11.5.7South Africa
11.5.7.1 South Africa Steel Wire Market by Form
11.5.7.2 South Africa Steel Wire Market by Material
11.5.7.3 South Africa Steel Wire Market by End User
11.5.8 Rest of Middle East & Africa
11.5.8.1 Rest of Middle East & Asia Steel Wire Market by Form
11.5.8.2 Rest of Middle East & Asia Steel Wire Market by Material
11.5.8.3 Rest of Middle East & Asia Steel Wire Market by End User
11.6 Latin America
11.6.1 Latin America Steel Wire Market by Country
11.6.2. Latin America Steel Wire Market by Form
11.6.3 Latin America Steel Wire Market by Material
11.6.4 Latin America Steel Wire Market by End User
11.6.5 Brazil
11.6.5.1 Brazil Steel Wire Market by Form
11.6.5.2 Brazil Steel Wire Market by Material
11.6.5.3Brazil Steel Wire Market by End User
11.6.6 Argentina
11.6.6.1 Argentina Steel Wire Market by Form
11.6.6.2 Argentina Steel Wire Market by Material
11.6.6.3 Argentina Steel Wire Market by End User
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Steel Wire Market by Form
11.6.7.2 Rest of Latin America Steel Wire Market by Material
11.6.7.3Rest of Latin America Steel Wire Market by End User
12 Company Profile
12.1 ArcelorMittal
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 VAN MERKSTEIJN INTERNATIONAL.
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 JFE Steel Holding
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Tata Steel
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Bekaert
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Nippon Steel Co
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7. Kobe Steel
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Insteel Industries
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 WireCo WorldGroup Inc.
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Tianjin Huayuan Metal Wire Products Co. Ltd
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. USE Cases and Best Practices
15. Conclusion
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