Steel Wire Rope Market to exceed US$ 13.59 billion by 2031

    Published on 27-May-2024
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    Report : Steel Wire Rope Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Stainless Steel Wire Ropes, Galvanized Steel Wire Ropes, Carbon Steel Wire Ropes, and Coated Steel Wire Ropes), Type (Regular Lay and Lang Lay), End Use (Mining, Oil and Gas, Building and Construction, Marine and Fishing, and Others), and Geography

    The steel wire rope market size was valued at US$ 9.54 billion in 2023 and is expected to reach US$ 13.59 billion by 2031; it is estimated to register a CAGR of 4.5% from 2023 to 2031.

    In recent years, there has been an increasing focus on using sustainable and biobased materials in various industries across the globe. Various industries are focusing on material recycling to reduce the amount of waste that is produced and to help reduce the environmental impact. Recycling can also help conserve natural resources. In addition, metal recycling helps reduce the expenses, energy, and time needed to mine valuable resources. There is a saving of one and a half tons of iron ore, half a ton of coal, and 40% of the water normally used in the production process for every ton of recycled steel.

    Various players operating in the market are focusing on recycling steel wire ropes. In June 2023, Hendrik Veder Group, the provider of products, services, and solutions for steel wire rope and synthetic rope, announced that it has the capability to prevent near about 42,000 metric tons (42,000,000 kg) of emissions through its sustainable solutions. Hendrik Veder Group is expecting to avoid CO2 emissions through its ability to recycle steel wire ropes. Therefore, the focus on recycling steel wire ropes is expected to emerge as a key trend in the steel wire rope market during the forecast period.

    On the basis of end-use, the steel wire rope market is segmented into mining, oil and gas, building and construction, marine and fishing, and others. The global steel wire rope market share for the building and construction segment was the largest in 2023. The mining and fishing segment is another attractive segment in global steel wire rope market. Steel wires are one of the major components of cranes that carry bulk and heavy materials. These cranes are mainly deployed in port areas where environmental conditions are humid. Therefore, they require corrosion-resistant material. Hence, galvanized steel wire ropes are usually used in the marine and fishing industry. Saltwater is extremely corrosive, but stainless steel wire can withstand extreme environmental conditions when used for cargo lifting and towing. Manufacturers offer marine-grade wire ropes that possess several properties, such as flexibility, weather resistance, and high breaking loads.

    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. North America is another attractive region in global steel wire rope market. The North America steel wire rope market is driven by growing demand from building & construction, oil & gas, mining, marine, and fishing industries. The strong growth of the building & construction industry in the region is fueling the demand for steel wire ropes for the construction of bridges and elevators. Steel wire ropes also play an important role in cranes used for various applications in the building & construction industry. In the US, the industrial construction sector is an essential part of the country's economy. This sector has been a driver of economic growth in the US. The US is experiencing a striking surge in construction spending for manufacturing facilities. The surge in real manufacturing construction spending is due to a supportive policy environment for the construction of manufacturing facilities. This includes the Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), and CHIPS Act, which provides direct funding and tax incentives for public and private manufacturing construction. In Canada, industrial construction continues to be one of the country's important building sectors. The industrial construction sector in Canada is growing due to factors such as the increase in the construction of huge warehouses, the conversion of older industrial spaces for modern uses, and strong consumer demand along with population growth.

    The growth of the industrial construction sector creates massive demand for cranes. Furthermore, cranes provide the necessary lifting capacity, precision, and efficiency to handle heavy loads in industrial construction. Cranes have become an important tool in industrial construction, enabling the completion of complex projects within required timeframes and budgets. Further, the growing mining and oil and gas exploration activities in the region drive the demand for steel wire ropes. Steel wire ropes are a popular material in the mining industry owing to their exceptional durability and resistance to rust and corrosion. They are used for hoisting equipment, as a load-carrying cable in elevators, and for slope stabilization and emergency support.

    Global Steel Wire Rope Market Breakdown - by Region

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

    The global steel wire rope market is divided based on material, glazing type, component type, and end use. Based on material, the steel wire rope market is segregated into crystalline silicone, amorphous silicone, and others. In terms of glazing type, the market is bifurcated into single module and double module. On the basis of component type, the market is segregated into steel wire rope roofs, steel wire rope facades, and others. By end use, the market is segmented into residential, commercial, industrial, 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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