Steel Wire Market to exceed US$ 123.23 billion by 2031

    Published on 13-Jun-2024
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    Report : Steel Wire Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material (Carbon Steel, Stainless Steel, and Alloy Steel), Thickness (Below 0.8 mm, 0.8 mm to 1.6 mm, and More Than 1.6 mm), Application (Construction, Automotive, Aerospace, Mining, Marine, Agriculture, and Others), and Geography

    The scope of our recent study on the "Steel Wire Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Material, Thickness, and Application" includes the factors fueling the market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.

    The steel wire market size was valued at US$ 77.47 billion in 2023 and is expected to reach US$ 123.23 billion by 2031; it is estimated to register a CAGR of 6.0% from 2023 to 2031.

    Steel wire is extensively used to fabricate steel wire mesh, steel wire rope, and cables, among others. Steel wire is manufactured from several materials, such as carbon steel, alloy steel, and stainless steel. Stainless steel is a low-cost, corrosion-resistant material with high durability. Wires made of stainless steel are highly adaptable for different applications as they are available in various sizes and shapes. Carbon steel is an alloy consisting of carbon and iron. Carbon steel wire is produced by drawing hot rolled rods through smaller dies. The drawing process hardens the steel, making it stronger. Alloy steel is made of carbon and alloying materials such as manganese, chromium, nickel, molybdenum, and vanadium. The alloy steel wire manufacturing process includes melting raw material in an electric arc furnace. Governments and organizations are focused on establishing policies and legislation to promote and support the circular economy and recycling of materials. With several initiatives, government bodies worldwide aim to promote sustainable economic practices and recycling/reusing materials to achieve the carbon neutrality goal by 2050. The adoption of recycled materials has grown among customers in response to rising environmental concerns. Manufacturers are increasing the use of scrap metals in steel wire manufacturing. For instance, Nucor Corporation produces steel using recycled scrap metal in an electric arc furnace across 24 mills in the US.

    On the basis of application, the market is segmented into construction, automotive, aerospace, mining, marine, agriculture, and others. The construction segment held the largest steel wire market share in 2023. Steel wire is highly utilized in construction applications due to its versatility. It provides strength, durability, and safety to buildings and structures in the construction and infrastructure sectors. Steel wire is a strong and resistant material that supports concrete structures. It is easy-to-handle and is highly adaptable to construction requirements. In the construction industry, steel wires are used as a lightweight concrete reinforcement, generally in slabs and walls, for residential and commercial structures. Apart from walls and foundations, steel wire has various other applications in construction such as construction of bridges, barriers, concrete poles, cable-stayed bridges, houses, and parking lots; and drainage boxes

    The market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the market in 2023. As per the International Trade Administration, total investment in China's infrastructure during the 14th Five-Year Plan period (2021-2025) is anticipated to reach ~US$ 4.2 trillion. Also, in 2022, the National Development and Reform Commission (NDRC) and the Ministry of Transport of China unveiled the National Highway Network Planning document focused on the construction of an efficient, green, intelligent, and secure modern highway network, which is expected to be completed by 2035. The plan also involves the construction of a 461,000 km highway-including 162,000 km of expressways. In the building & construction industry, stainless steel wire is used in anchoring buildings and lifting heavy loads, constructing bridges, and suspending scaffolding systems. Thus, the development in the building & construction industry is expected to boost the steel wire market in Asia Pacific in the coming years. Thus, all these factors are driving the steel wire market growth in the region.

    The report includes the segmentation of the global steel wire market as follows:

    The global steel wire market is bifurcated on the basis of material, thickness, and application. On the basis material, the steel wire market is categorized into stainless steel, carbon steel, and alloy steel. In terms of thickness, the market is categorized into below 0.8 mm, 0.8 mm to 1.6 mm, and more than 1.6 mm. By application, the market is segmented into construction, automotive, aerospace, mining, marine, agriculture, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.

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