“The steel wire market is projected to register a CAGR of 6.0% during the forecast period.”
The global steel wire market size is projected to grow from USD 93.1 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0% between 2020 and 2025. Steel wires are demanded in various end-use industries including construction, automotive, industrial; due to its advantages properties such as high strength, conductivity, and durability. However, global pandemic disease COVID-19 has disrupted the operations of construction, automotive, and other industries which is expected to decrease the demand for steel wire in 2020.
“Non-rope form is the fastest-growing form of steel wires, in terms of value.”
The non-rope form steel wires find wide applications in various end-use industries. Some of the major applications includes wire for tires, hoses, galvanized wires and strands, ACSR strands, and armoring of conductor cables, springs, fasteners, clips, staples, mesh, fencing, screws, nails, barbed wires, chains, etc. The increasing demand from these applications is expected to drive the non-rope steel wire market during the forecasted period.
“Stainless steel is the fastest-growing type of steel wire, in terms of value.”
The stainless-steel wire products are mainly used in industries such as shipbuilding, agriculture, petroleum, automobile, welding electrode, and bright bars & household applications. In the energy sector, stainless steel wires are used in nuclear reactors, transmission lines, heat exchangers, and desulfurization scrubbers. The increasing demand for stainless steel wire products from spring steel products and oil & gas applications is expected to drive the market during the forecast period. Stainless steel products are used in applications where products need to be used in corrosive and harsh environmental conditions.
“1.6 mm to 4 mm thickness segment is the fastest-growing thickness segment of steel wire, in terms of value.”
The 1.6 mm to 4 mm thickness segment of the steel wire market is fastest growing segment. It is the most common thickness of steel wire used. The steel wires of this thickness range are used in TIG welding wire, core wire, electro polish wire, conveyor belt wire, nail wire, nickel coated base wire for spring, automotive tire cord, automotive spoke wire, bicycle spoke wire, cable armor, fencing, chain link fencing, and among others.
“Automotive is the fastest-growing end-use industry of steel wire, in terms of value.”
In the automotive end-use industry, steel wires are used in tire reinforcement, spring steel wires, spoke wires, fasteners, exhaust lines, windshield wipers, airbag safety systems, and reinforcement for fuel or brake hose, among others. The recovery in automotive industry post Covid-19 era is expected to drive the steel wire market in automotive end-use industry.
“Europe is the fastest-growing steel wire market.”
Europe is projected to register the highest CAGR in terms of value in the global steel wire market during the forecast period. The growth of the steel wire industry in this region is supported by the recovery in end-use industries, the advancement of industrial technology solutions, and increasing spending on infrastructural projects.
Due to COVID-19, numerous industries and automotive companies have halted their production sites across various countries that has led to reduced demand for steel wire, which affected the steel wire demand in European countries. The recovery in the end-use industries with restoration in the supply chain would drive the steel wire demand during the forecast period.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By Company Type– Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
- By Designation– C Level- 50%, Director Level- 20%, and Others- 30%
- By Region– North America- 20%, Europe- 50%, APAC- 15%, Latin America-5%, MEA-10%,
The report provides a comprehensive analysis of company profiles listed below:
- ArcelorMittal (the Luxembourg),
- Nippon Steel (Japan)
- JFE Steel Corporation (Japan)
- Bekaert SA (Belgium)
- Tata Steel Limited (India)
- Kobe Steel Limited (Japan)
- The Heico Companies (United States),
- Ferrier Nord (Italy)
Research Coverage
This report covers the global steel wire market and forecasts the market size until 2025. The report includes the market segmentation –Form (Non-rope, Rope), Type( Carbon Steel, Alloy Steel, and Stainless Steel), Thickness (0.1 mm to 0.8 mm, 0.8 mm to 1.6mm, 1.6 mm to 4 mm, and 4 mm & above),End-use Industry (Construction, Automotive, Energy, Agriculture, Industrial, and others) and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global steel wire market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the global steel wire market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the steel wire market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
Reasons to buy the report:
The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall steel wire market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
