Steel Wire Global Market Opportunities And Strategies To 2031

The global steel wire market reached a value of nearly $97,043.3 million in 2021, having increased at a compound annual growth rate (CAGR) of 4.7% since 2016. The market is expected to grow from $97,043.3 million in 2021 to $127,252.7 million in 2026 at a rate of 5.6%. The market is then expected to grow at a CAGR of 6.5% from 2026 and reach $174,146.5 million in 2031.

Growth in the historic period resulted from increasing demand for construction, rise in disposable income, favorable government initiatives, economic growth in emerging markets. Factors that negatively affected growth in the historic period were geo-political tensions, counterfeit products, and coronavirus pandemic.

Going forward, increasing government investment in infrastructure around the globe, increasing demand for steel wire from various applications, increasing urbanization will drive market growth. Factors that could hinder the growth of the steel wire market in the future include increasing substitution of steel ropes for plastic ropes in several applications, stringent government regulations, Russia-Ukraine war and effect of inflation.

The steel wire market is segmented by type into carbon steel, alloy steel and stainless steel. The carbon steel market was the largest segment of the steel wire market by type, accounting for 70.7% of the total market in 2021. The alloy steel market is expected to be the fastest-growing segment in steel wire market type, going forward at a CAGR of 5.9% during 2021-2026 period.

The steel wire market is segmented by thickness into 0.01 mm to 0.8 mm, 0.8 mm to 1.6 mm, 1.6 mm to 4 mm, 4 mm and above. The 1.6 mm to 4 mm market was the largest segment of the steel wire market by thickness accounting for 51.3% of the total market in 2021. The 1.6 mm to 4 mm market is expected to be the fastest-growing segment in steel wire market by thickness, going forward at a CAGR of 5.8% during 2021-2026 period.

The steel wire market is segmented by form into non rope and rope. The rope was the largest segment of the steel wire market by form, accounting for 57.5% of the total market in 2021. The non rope segment is expected to be the fastest-growing segment in steel wire market segmented by form, going forward at a CAGR of 5.9% during 2021-2026 period.

The steel wire market is segmented by end-use into construction, automotive, energy, industrial and other end-use industries. The construction was the largest segment of the steel wire market by end-use, accounting for 36.6% of the total market in 2021. The energy segment is expected to be the fastest-growing segment in steel wire market segmented by end-use, going forward at a CAGR of 5.9% during 2021-2026 period.

Asia-Pacific was the largest region in the steel wire market, accounting for 37.9% the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the steel wire market will be Asia-Pacific and the Western Europe, where growth will be at CAGRs of 6.2% and 5.9% respectively from 2021-2026.

The global steel wire market is moderately fragmented, with a large number of regional players operating in the market. The top ten competitors in the market made up to 28.22% of the total market in 2021. Major players in the 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, and WireCo WorldGroup Inc.

The top opportunities in the steel wire market segmented by type will arise in the carbon steel segment, which will gain $20,971.4 million of global annual sales by 2026. The top opportunities in the steel wire market segmented by thickness will arise in the 1.6 mm to 4 mm segment, which will gain $16,234.6 million of global annual sales by 2026. The top opportunities in the steel wire market segmented by form will arise in the rope segment, which will gain $16,549.9million of global annual sales by 2026. The top opportunities in the steel wire market segmented by end-use will arise in the construction segment, which will gain $11,071.7 million of global annual sales by 2026. The steel wire market will gain the most in the USA at $6,209.2 million.

Market-trend-based strategies for the steel wire market include focus on strategic mergers and acquisitions, focus on launching new products, focus on investing in green hydrogen-based technologies and focus on artificial intelligence technology.

Player-adopted strategies in the steel wire market include expanding business operations through strategic acquisitions, strengthening business operations through gaining new contracts and offering innovative products through collaborations and partnerships.

To take advantage of the opportunities, the publisher recommends the steel wire companies to focus on new product launches, invest in green hydrogen-based technologies, use artificial intelligence (AI) in manufacturing, expand in emerging economies, increase focus on mergers and acquisitions, offer competitive prices, continue to use B2B promotions and target fast-growing end-use industries.

This report describes and explains the steel wire market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.