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The global steel wire market size is foreseen to reach USD 112.14 billion by 2026, attributed to the increasing number of construction activities worldwide. Steel wire is versatile, thick, elastic, and have varying levels of strength as per requirements. They can be used for multiple applications and in various sectors such as automobiles, home settings, and others. More information on the market and its growth parameters is provided in a recently published report by Fortune Business Insights™ 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), and Regional Forecast, 2019-2026.” According to this report, the market was USD 91.33 billion in 2018 and will rise at a CAGR of 7.1% between 2019 and 2026.
Substantial Investments by Kobe Special Steel Indicate Expansion of Market at Robust Pace
Kobe Special Steel Wire Products (Pinghu) Co., Ltd. and its shareholders entered into an agreement in December 2018, wherein they decided to increase the production capacity of their Chinese joint venture. This includes companies such as Osaka Seiko Limited, Metal One Corporation, Meihoku Kogyo Co. Ltd, Kyodo Shaft Co, Ltd., and Shinsho Corporation. As per this agreement, steel wire rods produced will be processed into Steel Wire. An investment of 1,775 million yen has been made for this venture. In the recent past, the company increased its production capacity by four times and are planning to expand their fifth capacity soon to meet the increasing needs of their consumers. An estimated 900 million yen is further invested in this venture for the installation of three additional wire drawing equipment. Such initiatives are anticipated to aid in the expansion of the steel wire market during the forecast years
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Rise in Construction Activities to Bode Well for Market
An increasing number of construction activities worldwide is a significant factor in driving the steel wire market growth. Additionally, there is the current trend of improving and upgrading infrastructure development activities which will further boost the market. Moreover, the rise in ore extraction and mining activities are also anticipated to increase the overall market size in the coming years. This, coupled with the surge in oil and gas exploration activities in specific regions, are expected to bolster growth. Furthermore, the increasing demand from automobile manufacturing companies is likely to create lucrative growth opportunities for the market in the long run.
However, the advent of plastic into the construction and building sector is considered a significant challenge for the steel wire market. The use of plastic wires reduced the overall weight of the machine and the axle load, and this property is, therefore, helping to increase the overall popularity of plastic wires for construction activities, thereby hampering the global market for Steel Wire. Nevertheless, government-supported investments for constructing suspension bridges and the implementation of Steel Wire for this purpose is expected to help the market grow in the coming years.
Companies Focusing on Joint Ventures to Attract More Revenue
As per Fortune Business Insights™, ArcelorMittal is holding the largest Steel Wire market share on account of a diverse portfolio. Other companies are adopting various strategies to gain a competitive edge in the market. The adoption of such strategies such as merger and acquisition, joint ventures, contracts and agreements, geographical expansion, and others will help attract high Steel Wire market revenues in the forthcoming years.
Major Industry Developments of Steel Wire Market include:
List of Players in the Steel Wire Market include:
Further Report Findings
Global Steel Wire Market is categorized into:
Value (USD Billion), Volume (Million Ton)
By End-Use Industry