What are the Historical Developments and Current Growth Metrics of the Steel Wire Market?
The steel wire market has seen considerable growth due to a variety of factors.
• The continual growth of the steel wire market size has been observed in the past few years. It is projected to expand from a value of $110.63 billion in 2024 to reach $115.79 billion in 2025, progressing at a compound annual growth rate (CAGR) of 4.7%.
The growth during the historical period can be linked to factors such as an augmented demand from the construction sector, an increase in disposable income, supportive government policies, and economic development in emerging markets.
What is the Market Size Forecast for the Steel Wire Market?
The steel wire market is expected to maintain its strong growth trajectory in upcoming years.
• Over the course of the next few years, the steel wire market is projected to experience significant growth, with a predicted value of $149.86 billion in 2029, reflecting a compound annual growth rate (CAGR) of 6.7%.
This anticipated growth throughout the forecast period can be ascribed to factors like growing government investment in infrastructure worldwide, rising demand for steel wire across various sectors, and increased urbanization. The forecast period is also expected to see key trends such as strategic mergers and acquisitions, new product launches, investments in green hydrogen technology, and a focus on artificial intelligence technology.
What Are The Essential Drivers Behind The Growth Of The Steel Wire Market?
The surge in demand for skyscrapers and high-rises is predicted to propel the expansion of the steel wires market. High-rise structures primarily utilize reinforced concrete and steel as their main building materials. While skyscrapers predominantly employ steel frames, residential buildings typically use concrete. CommercialSearch, a real estate agency from the United States, documented that around 475,000 multifamily dwellings were completed in the U.S in 2022. This figure ascended to over 500,000 units in 2023 and is projected to reach around 736,000 units by 2024. As a result, the burgeoning requirement for high-rise structures triggers the growth in the steel wire industry.
What Are The Major Segments Within The Steel Wire Market?
The steel wire market covered in this report is segmented –
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
Subsegments:
1) By Carbon Steel: Low Carbon Steel Wire, Medium Carbon Steel Wire, High Carbon Steel Wire
2) By Alloy Steel: Low-Alloy Steel Wire, High-Alloy Steel Wire
3) By Stainless Steel: Austenitic Stainless Steel Wire, Ferritic Stainless Steel Wire, Martensitic Stainless Steel Wire
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Which Trends Are Expected To Transform The Steel Wire Market?
One of the main trends noted in the steel wire market is the increased use of strategic mergers and acquisitions to spur innovation. Key players in this market are merging and acquiring other businesses to foster product creativity, thrive in the fiercer competition of the steel wire market, and reach new geographical locations to create innovative products by pooling skills and knowledge with other industry participants. Notably, in June 2022, Nucor Corporation, a steel manufacturing company based in the US, made the acquisition of Summit Utility Structures and Sovereign Steel Manufacturing at an unknown price. This purchase bolsters Nucor's standing as the dominant force in the market for steel and steel-derived products, paving its way to be the go-to provider for utility transmission towers, substations, telecommunication towers, and highway signage structures. Both Summit Utility Structures and Sovereign Steel Manufacturing are US-based manufacturers that produce steel cables and custom-engineered tubular poles.
Who Are the Key Players in the Steel Wire Market?
Major companies operating in the steel wire market include:
• 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
• 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 Siderúrgica 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
What Is The Most Dominant Region In The Steel Wire Market?
Asia-Pacific was the largest region in the steel wire market in 2024. 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.
