Steel Wire Market to Grow at CAGR of 5.8% During 2023-2030; Rising Demand for Steel Wires from Defense Industry to Boost Market Growth

The global steel wire market size was USD 65.17 billion in 2022. The market is expected to grow from USD 68.89 billion in 2023 to USD 102.36 billion in 2030 at a CAGR of 5.8% during the forecast period.

Fortune Business Insights™ presents this information in its report titled, “Steel Wire Market Size, Share & COVID-19 Impact Analysis, By Grade (Carbon Steel, Stainless Steel, and Alloy Steel), By End-use Industry (Automotive, Construction, Energy, Agriculture, and Others), and Regional Forecast, 2023-2030”.

Steel wires are used to improve the structural strength. It provides several benefits, including shock and wear resistance, resistance to deformation, rust & corrosion resistance, and high bearing capacity. The rising construction industry globally is expected to drive market growth during the forecast period.

Increased COVID-19 Restrictions on Material Transportation During Pandemic Hampered Market Growth

The COVID-19 pandemic negatively affected the steel wire market growth. The market witnessed a drop due to the increased disruptions in material transportation and distribution caused by COVID-19 restrictions. These disruptions affected the value chain of the global steel manufacturers. In 2020, the steel wire manufacturers also faced supply shortages due to imposed trade restrictions in countries, such as China and India.  

Insteel Invested USD 15.9 Million to Support Productivity and Cost Improvement Initiatives

The Insteel company has invested USD 15.9 million in its plants and information systems to support productivity and cost improvement initiatives and expand its manufacturing capabilities. Insteel expects capital investment to exceed USD 30 million during 2023, as it accepts delivery of three new production lines in the second fiscal year. These new investments are aimed to expand improved quality, lower production costs, and improve product capabilities.

Rising Demand for Steel Wires from Defense Industry to Boost Market Growth

The steel wire plays an important role in producing wire rope isolators in military vehicles. The wire rope isolators are manufactured to withstand heavy shocks and vibrations in extreme conditions, further propelling the market growth during the forecast period. The increasing use of wire rope isolators for military vehicles, including tanks, jeeps, and aircraft, will boost market growth during the forecast period.

However, presence of various alternatives such as plastic and hybrid ropes affects the consumption of steel rope which impacts the market growth negatively.

Rising Key Players’ Focus on Decreasing CO2 Emissions Propel Market Growth

The market comprises several market players, including Nippon Steel and others. These key players’ rising focus on introducing initiatives to decrease CO2 emissions to achieve sustainability goals propels market growth. For instance, Nippon Steel Corporation invested significantly by adopting the Carbon Neutral Vision 2050. The company aims to decrease more than 30% of carbon emissions by 2030 compared with 2013 to become carbon neutral by 2050.

Notable Industry Development

• January 2019 – Byelorussian Steel Works has agreed to supply 32.8 thousand tons of steel cord to Continental to manufacture tires. Continental and Byelorussian Steel Works have been partners since 1995.

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 is expected to hold the highest market share during the forecast period. The growth is attributed to the growing presence of several leading steel-producing countries, including Japan, India, and China.


• Europe's steel wire market growth is driven by the increasing urbanization and industrialization activities in the developing countries.

Table of Segmentation: