Global Steel Wire Market, By Type; By Form; By Coating Type; By Thickness; By End User-Estimation & Forecast, 2017-2030

Global Steel Wire Market to Reach US$ 179.85 Bn by 2030: Comprehensive Analysis, Key Statistics, and Forecast

In recent years, the Global Steel Wire Market has witnessed a steady upward trajectory. From a market value size of US$ 79.09 Bn in 2022, it is expected to surge to US$ 179.85 Bn by 2030, with an impressive CAGR of 11.11%. The market volume size in 2022 is pegged at 81.25 million tons, projected to grow at a CAGR of 6%.

Growth Influencers:

Several factors are contributing to the burgeoning market. The growing construction industry is one major driver, with steel wires being an integral component of construction materials. The automotive industry is another significant contributor, with its increasing demand for steel wires in manufacturing vehicles. However, the market faces constraints like fluctuating prices and availability of substitutes that could potentially hinder growth.

Segment Overview:

The market is segmented by type, form, coating type, thickness, and end-user.

By Type

• Carbon Steel
• Alloy Steel
• Stainless Steel

By Form

• Rope
• Non- Rope

By Coating Type

• PVC
• Zinc
• Aluminum Alloy
• Stainless Steel
• Others

By Thickness

• 0.01 mm to 0.8 mm
• 0.8 mm to 1.6 mm
• 1.6 mm to 4 mm
• 4 mm & above

By End User

• Oil and Gas
• Aerospace
• Mining
• Manufacturing
• Automotive
• Construction
• Agriculture
• Entertainment
• Others

Stainless steel is projected to be the fastest-growing segment with a CAGR of 11.94%. In terms of form, ropes hold the largest market share (58% in 2022). Zinc-coated steel wires are predominant, while stainless steel coating is the fastest-growing segment. The thickness category 0.8 mm to 1.6 mm is expected to cross the US$ 58.31 Bn mark by 2027. The construction industry holds the largest market share among end-users (22% in 2022), while manufacturing is the fastest-growing segment.

Regional Overview:

Geographically, the Asia Pacific region holds the largest market share, approximately 50% in 2022, and is forecasted to grow at the highest CAGR of 11.66%. The prominence of the Asia Pacific region in the steel wire market can be attributed to the booming construction and manufacturing industries in countries like China and India. North America, Europe, Middle East & Africa, and South America also constitute significant market shares, with diverse growth prospects. On the basis of region, market is segmented as below:

North America

• The U.S.
• Canada
• Mexico

Europe

• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe

Asia Pacific

• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East & Africa (MEA)

• Saudi Arabia
• South Africa
• UAE
• Rest of MEA

South America

• Argentina
• Brazil
• Rest of South America

Competitive Landscape:

The market is competitive with the top six players, including ArcelorMittal, Bekaert SA, Bharat Wire Ropes Limited, China Baowu Group, CSN Steel, Ferrier Nord, among others, holding a combined market share of approximately 32%. The report provides detailed profiles of these key players and evaluates their strategies, strengths, and potential areas of focus.

Questions to be Answered:

The report aims to provide comprehensive insights into the market's direction. It seeks to answer key questions such as:

• What is the projected growth of the Global Steel Wire Market?
• Which segments are expected to witness the highest growth?
• Who are the key players in the market, and what strategies are they adopting to maintain their market position?
• How is the competitive landscape shaping up?
• What are the challenges that could potentially hinder market growth?

Report Insight:

• Offers a comprehensive understanding of the market dynamics through a detailed examination of the global steel wire market.
• Presents an in-depth analysis of the top steel-producing countries in 2021, providing crucial insights into production capacities.
• Provides valuable data on per capita steel consumption in different countries for the year 2021, highlighting the intensity of demand in various regions.
• These insights collectively facilitate informed decision-making for stakeholders, offering a holistic view of supply and demand trends in the global steel industry.