The global steel wire market size was valued at USD 91.33 billion in 2018 and is expected to reach USD 112.14 billion by 2026, exhibiting a CAGR of 2.7% during the forecast period. Increasing construction activities in the residential sector and rising government spending in emerging economies may foster market growth. Fortune Business Insights™ provides this information in its report titled “Steel Wire Market, 2019-2026.”
Carbon Steel Segment to Dominate Owing to Rising Applications from the Construction Industry
By grade, the market is segmented into carbon steel, stainless steel, and flat steel, alloy steel.
The carbon steel segment is expected to dominate due to its rising applications in the construction sector. Further, technological advancements have enhanced the product’s quality, thereby facilitating segmental growth.
Construction Segment to Dominate Owing to Increasing Commercial and Residential Projects
As per the end-use industry, the market is classified into automotive, construction, energy, agriculture, and others.
The construction segment is expected to dominate due to rising residential and commercial projects globally. Furthermore, rapid infrastructure development globally is expected to facilitate segmental growth.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Rising Focus on Infrastructure Development to Foster Market Growth
Steel wire is used to reinforce and strengthen building structures. A rising focus on infrastructure development in major countries is expected to foster the demand for the material. Furthermore, increasing residential and commercial projects by private and government firms are likely to escalate the material’s demand. Moreover, the rapid development of hospitals, offices, schools, and industries is expected to foster the wire’s sales. Also, the rising adoption of steel wire for the construction of dams, towers, and bridges is expected to foster its adoption. These factors may drive the steel wire market growth.
However, the rising adoption of plastic ropes compared to their steel counterpart is expected to hamper the industry’s growth.
Strong Demand for Construction Projects to Foster Market Growth in North America
North America is expected to dominate the steel wire market share due to the robust demand for construction projects. The market in North America stood at USD 8.24 billion in 2018 and is expected to gain a huge portion of the global market share in the upcoming years. These factors may propel market growth in the region.
In Europe, the presence of several significant manufacturing companies is expected to bolster steel wire demand. Further, the increasing adoption of the material for automobile applications is expected to boost industry growth.
In Asia Pacific, the rising focus on infrastructure development by the governments of respective countries is expected to elevate steel wire production. This factor may propel industry growth in the region.
Companies Announce Novel Products to Boost Brand Image
The prominent companies operating in the market announce novel products to boost their brand image. For example, WireCo. announced TURBOLITE M, 8-strand steel ropes, in March 2019. The product targets the mining industry to strengthen the weight ratio while being lightweight compared to normal steel ropes. This launch may allow the company to attract consumers and elevate its brand image. Furthermore, manufacturers devise research and development, mergers, acquisitions, partnerships, and innovations to bolster their market position.
Key Industry Development
- July 2022: JSL shall provide nearly 3,500 stainless steel wires to the Indian railway project for the Udhampur-Srinagar-Baramula Rail Link (USBRL) Tunnel Project.
List of Key Players Profiled in the Market Report
- ArcelorMittal (Luxembourg)
- Bridon-Bekaert (Belgium)
- The Heico Companies (U.S.)
- Optimus Steel (U.S.)
- HBIS Group Co., Ltd. (China)
- Kobe Steel, Ltd. (Japan)
- WireCo WorldGroup Inc. (U.S.)
- JFE Steel Corporation (Japan)
- Nippon Steel (Japan)
- Insteel Industries (U.S.)
- SHAGANG GROUP Inc. (China)
- Byelorussian Steel Works (Belarus)
- Ferriere Nord S.p.a. (Italy)