Steel Wire Market to Grow at a CAGR of 5.8% During the Forecast Period; Rapid Expansion of the Construction Industry to Augment Market Expansion

The global steel wire market size stood at USD 68.90 billion in 2023. The market is predicted to rise from USD 72.84 billion in 2024 to USD 114.59 billion by 2032, recording a CAGR of 5.8% from 2024 to 2032.

Fortune Business Insights™ presents this information in its report titled, “Steel Wire Market Size, Share & Industry Analysis, By Grade (Carbon Steel, Stainless Steel, and Alloy Steel), By End-use Industry (Automotive, Construction, Energy, Agriculture, and Others), By Thickness (<0.02mm, 0.02 mm to 0.1 mm, 0.1 mm to 0.5 mm, 0.5 mm to 1.6 mm, and 1.6 mm & above), and Regional Forecast, 2024-2032”.  

Steel wire is highly preferred to enhance structural strength. Rapid expansion of the construction industry and an increase in infrastructure investments are fostering market growth.

The COVID-19 pandemic had an adverse effect on the global market. Material distribution and transportation limitations and a lack of labor and raw materials amid the pandemic hindered market expansion.

Increasing Agrements with Other Players by Top Companies to Fuel Market Progress

In April 2022, ArcelorMittal signed a contract to purchase Voestalpine’s world-class Hot Briquetted Iron (‘HBI’) plant, which is based in Corpus Christi, Texas. ArcelorMittal is expected to have 80% shareholding, and Voestalpine will hold the remaining 20%.

Rising Adoption of Steel Wires in the Automotive Industry to Fuel Market Growth

Steel wire can strengthen tire beads, hence it is widely used in the automotive industry. It plays a key role in wire rope isolators in military vehicles. Wire rope isolators are manufactured to endure heavy vibrations and shocks and resist harsh environments. These wires are perfect for military vehicles, including jeeps, tanks, and aircraft exposed to rough ground or blasts due to their functionality. The Electric Vehicle (EV) industry is expanding rapidly. An electric wire harness is one such key component used in EVs. Growing usage of wire harnesses in EVs than traditional ICE vehicles and increased demand for electric vehicles are bolstering the steel wire market growth.

On the other hand, the availability of alternatives is restraining market expansion.

Presence of Prominent Companies to Bolster Market Growth

Most of the manufacturers in the market have a international presence. Many companies work under their parent holding enterprises. For instance, Heico Companies’ Metal Processing Group provides steel wire and stranded wire products under National Strand Products LP, Sivaco Inc., National Standard, and Davis Wire Corporation.

Notable Industry Development:

• February 2022: ArcelorMittal purchased John Lawrie Metals Limited (ferrous scrap metal based company), to boost the usage of scrap steel to decrease the CO2 emission from blast furnace and EAF routes.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/steel-wire-market-102581

List of the Companies Profiled in the Report:

• ArcelorMittal S.A. (Luxembourg)


• Bridon-Bekaert Ropes Group (Belgium)


• Heico Companies’ Metal Processing Group (U.S.)


• Optimus Steel (U.S.)


• HBIS GROUP (China)


• KOBE STEEL, LTD. (Japan)


• WireCo WorldGroup Inc. (U.S.)


• JFE Steel Corporation (Japan)


• Nippon Steel Corporation (Japan)


• Insteel Industries (U.S.)


• SHAGANG GROUP Inc. (China)


• Byelorussian Steel Works (Belarus)


• GRUPPO PITTINI S.p.A. (Italy)

Further Report Findings-

• The Asia Pacific market size stood at USD 44.62 billion in 2023. The existence of top steel-manufacturing countries, including China, India, and Japan is driving market expansion in the region.


• Market growth in North America is driven by a rise in construction activities, the existence of a large consumer base and rapid adoption from end-use industries.


• By grade, the carbon steel segment held the largest steel wire market share owing to its unique properties, including high wear resistance, hardness, strength, and toughness.


• On the basis of end-user industry, the construction segment dominated the market owing to the rising usage of carbon steel wires for extra infrastructure support and for transporting heavy equipment and materials used in construction.

Table of Segmentation