Steel Wire Market Key Trends, Regional Share, Growth Opportunities and Key Manufacturers to 2025
The global steel wire market size was USD 93.2 billion in 2020 and is expected to reach USD 124.7 billion by 2025, projecting a CAGR of 6.0% between 2020 and 2025. Steel wires are increasingly used in the construction, automotive, energy, industrial, agriculture, and other end-use industries. The increasing demand of the construction end-use industry drives the demand for steel wire.
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Construction is the largest end-use industry of steel wire in terms of value. The steel wires offer increased strength to concrete, increased life span, increased crack resistance, and reduced construction time in the construction industry. These factors drive the demand for steel wires in a variety of applications in the construction end-use industry.
China is the largest market for steel wire in the world, in terms of both value and volume. The trend is expected to be the same during the forecast period. The country is home to some of the significant steel wire manufacturers. The growing construction industry, automotive industry, and industrial activities in the region are propelling the market for steel wire in China. With Germany, the US, Spain, and India being the most affected countries, the entire supply chain in the steel wire industry is disrupted globally. The lockdown of international borders has reduced the demand for steel wire in Europe and North America.
Steel wires are segmented based on form into non-rope form and rope form. The non-rope steel wire form accounted for the largest share of the steel wire market. The construction and automotive industries are two major consumers of steel wires due to their high usage in applications such as concrete reinforcement, masonry reinforcement, roads & bridges, tire cords, and among others.
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The major manufacturers profiled in this report include ArcelorMittal (Luxembourg), Nippon Steel (Japan), JFE Steel Corporation (Japan), TATA Steel Limited (India) and Kobe Steel, Ltd. (Japan), are some of the key players in the steel wire market. JSW Steel Ltd. (India), Bekaert SA (Belgium), The Heico Companies (United States), Ferrier Nord (Italy), and Byelorussian Steel Works (Belarus), and among others. However, several steel wire manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for steel wires during the forecast period. For instance, Bekaert SA reached to and acquisition agreement with Bridon-Bekaert Ropes Group and took full ownership. The company adopted this strategy to grow its business globally and to create significant value over a period of time.
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