Steel Wire Market Research, 2032
The global steel wire market was valued at $96.6 billion in 2022, and is projected to reach $180.9 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
Report Key Highlighters:
- The steel wire market is highly fragmented, with several players including JFE Steel Corporation; ArcelorMittal; Tata Steel Ltd.; Nucor Corporation; Insteel Industries, Inc.; WireCo WorldGroup, Inc.; JSW Steel Ltd.; Nippon Steel SG Wire Co., Ltd.; Severstal; and Optimus Steel.
- More than 5,765 product literatures, industry releases, annual reports, and other such documents of major industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
- The study covers nearly 20 countries. The segment analysis of each country in terms of value and volume during the forecast period 2022-2032 is covered in the steel wire market report.
Steel wires are cylindrically stretched metal structures that can be solid, twisted or braided. An alloy of manganese, iron, carbon, and silicon is used for their production. They can be produced in multiple shapes such as round, square, and rectangular. Steel wires have many different physical properties including high tensile strength, flexibility, higher modulus and lower contact pressure. Steel cables, wire mesh and wire mesh are often made from steel wires. Steel wires are therefore widely used in industry, construction, aerospace and automotive. They are available in numerous forms such as carbon steel, alloy steel , and stainless steel. With the development of infrastructure in emerging countries, the demand for steel wire is increasing.
Increase in demand for steel wire from construction, automotive, aviation, energy, and agriculture industries is driving the steel wire market growth.
Government spending on the construction sector is enormous. There are many new government initiatives related to the construction sector, including initiatives to build new roads and bridges. The use of steel wire has grown with the construction of suspension bridges to improve infrastructure and connectivity. The roadway is supported by suspended steel cables and any load applied to the bridge causes stress on the steel cables. Because of their high tensile strength, flexibility, toughness under adverse conditions, and high resilience, these wires are used in suspension bridge cables. Steel wire is crucial for the production of viaducts, slabs, aqueducts, silos, suspensions, skyscrapers, river domes, railways, and nuclear reactors, as well as for the construction of railway sleepers and high-rise buildings. The demand for steel wire for these applications is likely to increase during the forecast period.
In the automotive sector, the need for safety coupled with robustness, performance, efficiency, and low weight is constantly growing. By meeting these needs, stainless steel is at the forefront of automotive design. This material makes up about 45-50% of all exhaust systems in the automotive industry. Also, steel wires are used in control cables, including brake cables, throttle cables, and clutch cables. These wires provide reliable operation of control systems, delivering high tensile strength and resistance to corrosion and wear. Besides, steel wires are used in seating systems, including support structures and seat frames. They offer durability, strength, and structural integrity to automotive seats. In addition, steel wires offer the required durability, strength, and versatility in order to meet the challenging requirements of automotive applications, making them a critical component in the production of vehicles.
However, there are several alternatives or substitutes to steel wire, which can hinder market growth. Aluminum wire is a lightweight alternative to steel wire. It has excellent conductivity and hence it is widely used in electrical wiring applications. Also, copper wire is another common alternative to steel wire and has excellent electrical conductivity. It is widely used in wiring for electronics, power transmission, and telecommunications. Various synthetic fibers, including polyester, nylon, and polypropylene can be used as alternatives to steel wire in certain applications. Synthetic fibers are flexible, lightweight, and resistant to corrosion, making them ideal for uses such as netting and webbing.
Nevertheless, the surge in technological advancement is expected to create ample growth opportunities during the forecast period. Different coating materials, including zinc and ceramic coatings, are used to shield the steel wires from environmental factors, extend their lifespan, and maintain their performance over time. Also, nanotechnology has contributed to the development of nanostructured steel wire. Nanocoatings and nanoparticle reinforcements are widely used to enhance the longevity and performance of steel wire.
The steel wire market is segmented on the basis of form, material type, end use, and region. On the basis of form, the market is bifurcated into rope and non-rope. On the basis of material type, the market is categorized into carbon steel, stainless steel, alloy steel, and others. On the basis of end use, the market is categorized into construction, automotive, aviation, energy, agriculture, and others. On the basis of region, the steel wire market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific was the highest revenue contributor to the market in 2022. The growth of the region is mainly attributable to the presence of raw material suppliers, producers, and end-users. The key manufacturers in the region are expanding their production in order to cater to domestic customers as well as international demand. For example, in October 2021, India-based Rajratan Global Wire Limited announced the construction of a 60 kilotons annual capacity production facility in Chennai, Tamil Nadu to cater to the markets in Europe and the U.S. along with domestic demand. The company manufactures tire beads and high-carbon steel wire.
Rope segment was the highest revenue contributor to the market in 2022. Wire ropes usually consist of high-strength carbon steel wires. Steel wire ropes are utilized for transmission of mechanical power and for lifting and hoisting in cranes and elevators. Besides, steel wire ropes are used to transmit force in mechanisms, such as the control surfaces of an aircraft connected to levers and pedals in the cockpit.
Furthermore, steel wire ropes are developed for high tensile strength in order to resist high loads. Besides, steel wire rope provides flexibility in order to conform to the shape of pulley blocks, or other equipment without deforming.
Carbon steel segment was the highest revenue contributor to the market in 2022. Carbon steel wire is used in the construction industry for reinforcing concrete structures. It is widely used to fabricate welded wire mesh and pre-stressed concrete products, delivering strength and stability to buildings, highways, bridges, and other infrastructure projects.
Furthermore, carbon steel wire is utilized in a wide range of production processes and industrial applications. It is used to produce springs, cables, ropes, wire mesh, fasteners, wire forms, and various types of wire products.
Construction segment was the highest revenue contributor to the market in 2022. Steel wires are used in pre-stressed concrete, which is extensively used in bridges, parking structures, and high-rise buildings. Also, it is used to design a framework for supporting lighting fixtures, ceiling tiles, and acoustic panels. It is also used for suspended ceilings and partitions.
Moreover, steel wire mesh is used for a range of construction applications. It is used for providing stability to slopes or embankments, reinforcing plaster or stucco walls, preventing cracks in concrete pavements, and creating safety barriers. Further, steel wire ropes and cables are important for lifting, rigging, and suspension applications on construction sites. They are utilized for cranes, elevators, hoists, and temporary structures.
Key players in the steel wire industry include JFE Steel Corporation; ArcelorMittal; Tata Steel Ltd.; Nucor Corporation; Insteel Industries, Inc.; WireCo WorldGroup, Inc.; JSW Steel Ltd.; Nippon Steel SG Wire Co., Ltd.; Severstal; and Optimus Steel.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the steel wire market analysis from 2022 to 2032 to identify the prevailing steel wire market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the steel wire market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global steel wire market trends, key players, market segments, application areas, and market growth strategies.
Steel Wire Market Report Highlights
Market Size By 2032
USD 180.9 billion
CAGR of 6.5%
2022 - 2032
By Material Type
Key Market Players
JSW Steel Ltd., Severstal, ArcelorMittal, Nucor Corporation, Insteel Industries, Inc., JFE Steel Corporation, WireCo WorldGroup, Inc., Optimus Steel, Tata Steel Ltd., NIPPON STEEL SG WIRE CO.,LTD.
According to the opinions of various CXOs of leading companies, the steel wire market is expected to witness increased demand during the forecast period. This increase is due to an increase in infrastructure development projects such as the construction of buildings, bridges, roads and railways. Further, the automotive industry is a crucial driver of the steel wire market. Steel wire is used in various automotive components including springs, tire stiffeners, seat frames, control cables and suspension systems. Demand for steel wire for automotive applications continues to grow as the automotive industry expands and vehicle production increases. In addition, steel wire is widely utilized in manufacturing and industrial applications including machinery, equipment and production processes. It is used for wire mesh, wire rope, metal molds, welding electrodes, fasteners and other industrial components. The development of production activities and industrial sectors around the world contributes to the increase in demand for steel wire. These growth factors coupled with continuous technological advances and innovations in the steel wire field contribute to the development of the steel wire market.