The steel wire rope market was valued at approximately US$ 9.80 billion in 2023 and is anticipated to grow to US$ 13.59 billion by 2031, reflecting a compound annual growth rate (CAGR) of 4.5% from 2023 to 2031.

The market is categorized based on end-use applications, which include mining, oil and gas, construction, marine and fishing, among others. In 2023, the construction sector dominated the market share. Within the construction industry, various types of equipment are employed to transport heavy materials like cement blocks and other machinery. Additionally, these tools are essential for securing rebars, elevating lifts, transporting materials, and executing other heavy-duty tasks. Different varieties of steel wire are utilized in construction, depending on specific applications. For instance, scaffolding made from stainless steel wire, cable-stayed bridges, building anchors, lifting devices, and slope stabilization systems all rely on the material's strength and resistance to corrosion. Consequently, steel wire rope finds extensive use in the construction sector due to its exceptional durability and strength. It plays a crucial role in the development of structural systems, including bridges, roof frameworks, stayed masts and towers, and various specialized structural projects.

The Asia Pacific region stands out as a significant center for oil and gas exploration, production, and trade activities. Governments across this region have launched initiatives to meet the increasing demand for oil and gas. For example, in April 2023, Indradhanush Gas Grid Limited (IGGL) completed Asia's largest underwater hydrocarbon pipeline beneath the Brahmaputra River, linking Jorhat and Majuli in Assam, India. Furthermore, in May 2023, the Oil and Natural Gas Corporation (ONGC) announced the discovery of two substantial oil and gas reserves in the Arabian Sea block off the coast of Mumbai, India. According to the United Nations Conference on Trade and Development, Asia accounted for 40% of total containerized trade on the primary East-West routes between Asia, Europe, and the United States in 2021, solidifying its position as a leading maritime cargo handling hub.

The US Energy Information Administration reported that China significantly increased its crude oil imports during the first half of 2023. This surge is primarily due to the expansion of refineries and the reopening of the economy following the easing of COVID-19 restrictions. In October 2023, Western Australia announced the release of eight onshore blocks for oil and gas exploration. In the oil and gas sector, steel wire rope is essential for drilling operations, owing to its high tensile strength, rust resistance, and corrosion resistance. Therefore, the growth of the oil and gas and construction sectors in the Asia Pacific region is expected to positively influence the steel wire rope market in the coming years.

Several key players in the global steel wire rope market include Drahtseile Gebr Henschel GmbH, Usha Martin Ltd, Asahi Intecc Co Ltd, Tyler Madison Inc, Central Wire Inc, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert. These companies are committed to delivering high-quality products to meet customer needs and are actively engaged in launching innovative and superior products.

The overall size of the global steel wire rope market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the steel wire rope sector.