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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, 2024-2032

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI102581



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The global steel wire market size was valued at USD 68.89 billion in 2023 and is projected to grow from USD 72.83 billion in 2024 to USD 114.58 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period.

Steel wire is used to provide reinforcement and improve structural strength. It possesses several advantageous properties, such as resistance to deformation, shock and wear resistance, high bearing capacity, and rust and corrosion resistance. Fusing steel wires with different materials has found applications in multiple industries. The growing construction industry and infrastructure investment are expected to boost steel wire market growth during the forecast period. Increasing demand for products, such as wire ropes and strands, is anticipated to create several opportunities for the market as they are used in several construction and mining applications.

Since the outbreak of the COVID-19, many countries imposed restrictions on material distribution and transportation, affecting the value chain of steel wire manufacturers. End-use industries were severely impacted during the pandemic due to labor and raw material shortages, supply chain disruptions, and strict government regulations. This, in turn, decreased the product consumption in these industries even further. However, the market has returned to its normal growth due to the increasing product adoption in the automotive and construction industries.

Steel Wire Market Trends

Increasing Demand for Infrastructure Developments Expansion and Technological Advancements is the Key Trend

Many emerging markets are experiencing rapid urbanization due to increased migration to urban cities. Steel wire consumption is increasing as a result of the respective countries’ increased investment in the construction sector. Massive infrastructure development spending, attributed to overall national growth, has prompted the demand. Infrastructure projects, such as bridges, tunnels, sewers, electrical grids, and roads, require these wires for construction.

Incorporating steel-based wire with different materials or sizes has been used for a long time. The rising technological advancements in the automotive, construction, and mining industries are paving a path for different alloys and creating opportunities for market growth. For instance, it is used in suspended bridges to support the load, and the load imparted on the bridge is translated into tension in the steel cables. These suspended steel cables can endure difficult conditions and have high tensile strength, increased load-bearing capacities, and flexibility.

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Steel Wire Market Growth Factors

Rising Demand from the Automotive Industry to Propel Market Growth

Steel wire is largely consumed in the automotive industry, as it is used to reinforce tire beads. It is a widely used material in the automotive industry to impart performance, durability, and safety for windshields and other components. In the automotive industry, these wires are used as strands of wire twisted together to form a helix structure that is further used in manufacturing lines, hoists, and various cranes.

This wire plays a crucial role in wire rope isolators in military vehicles. Wire rope isolators are produced to withstand heavy vibrations and shocks to resist the extreme environment. Such functionality makes them ideal for military vehicles, such as jeeps, tanks, and aircraft exposed to rough terrain or explosions.

The Electric Vehicle (EV) industry is growing at a significant growth rate. An electric wire harness is one such critical component used in EVs. The need for the wire harness, supplied by auto component manufacturers, is used three times more in EVs compared with conventional ICE vehicles. Thus, the demand for EVs is expected to increase production volume for companies operating in the cables and wires (C&W) segment. The growing EV industry is anticipated to bolster steel wire consumption during the forecasted period.

Growing Construction Sector to Bolster Product Demand

Strong wires or strands are widely used in a construction site. Engineers and workers put strong wires to appropriate use where fibrous ropes fail to work. They use these wires for lifting heavy materials, including machinery, cement blocks, or even workers in the lift. Steel wires are also used in the construction itself, serving as additional support. The construction applications of these wires depend greatly on the type of construction and processes occurring on the site. For instance, one of the iconic uses of the product in the construction industry is suspension bridges. The high tensile strength of wires allows engineers to generate vast spans that can back heavy loads. The Golden Gate Bridge and the Akashi Kaikyō Bridge in Japan showcase the impressive use of strength and durability of the product in the construction sector.


Availability of Substitutes to Stifle Market Growth

The primary factor impeding market expansion is the availability of substitutes, such as plastic and hybrid ropes. Plastic ropes significantly impact steel rope consumption, given the advancements in plastic materials. Plastic ropes are less flexible than wire ropes, which prevent industrial injury as even after operational breaking, they fall back to the ground without snapping back.

Some small-scale businesses are switching to plastic ropes. Plastic ropes offer advantages, including reduced product weight and less manufacturing waste. Factors, such as cost-effectiveness and sustainability have also influenced this decision. The mining industry's plastic rope demand increased due to its superior performance. Several wire rope manufacturers provide customized plastic ropes to cater to the demand for crucial tasks in the mining industry.

Adopting plastic ropes has improved machine stability and maintenance.  The usage of plastic ropes hampers the market as plastic ropes are being used in mobile cranes, providing improved lifting, cheaper maintenance costs, and lifting efficiency.

Steel Wire Market Segmentation Analysis

By Grade Analysis

Rising Adoption of Carbon Steel in Construction, Automotive, and Energy Sectors to Boost Segment Growth

Based on grade, the market is segmented into carbon steel, stainless steel, and alloy steel. The carbon steel segment accounted for the largest market share due to its exceptional properties, such as high wear resistance, hardness, strength, and toughness. Carbon steel is mainly used in cutting tools, springs, high-strength wires, and dies. Low-carbon steel is a popular choice for strength wires and wire rods owing to its higher ductility. Carbon steel grade wires exhibit exceptional strength and thus are used in automotive and construction applications.

Stainless steel is used in many applications, including construction, industrial equipment, cookware, and surgical instruments due to its properties, including resistance to corrosion, strength, and durability. Stainless steel grade wire is used in manufacturing spring wires that find application in vehicle coil springs, lawn mower parts, and aircraft gears. Supporting government initiatives to boost the demand for electronic products is anticipated to fuel product demand.

Alloyed steel-grade wires are used for energy-related applications owing to their exceptional properties, such as corrosion resistance and machinability. The rising demand for custom-made materials suitable for specific applications has significantly aided the market growth.

By End-use Industry Analysis

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Construction Industry Held a Leading Share Owing to Rising Product Use in Infrastructure Development

In terms of end-use industry, the market is segmented into automotive, construction, energy, agriculture, and others.

The construction segment held a leading steel wire market share in 2023 owing to the increasing adoption of carbon steel wires, ropes, and wire rods for additional infrastructure support and for carrying heavy machinery, equipment, and materials used in construction. Growing construction activities supported by rapid industrialization in emerging countries are expected to drive market growth.

Automotive manufacturers increasingly use steel wires in automotive structures and parts owing to their easy processing and characteristics, such as ductility, high tensile strength, and corrosion resistance. The rising disposable income of consumers, increasing technological advancements, and innovations in the automotive industry will drive segment growth.

The energy sector has been one of the thriving sectors for the last few decades. These wires are predominantly used in manufacturing transmission, steel core wires, overhead power lines, and ground wires for wind power. Continuously growing energy demand and technological advancements in energy sector is expected to surge the use of wires to store and transmit energy. Growing demand from the energy sector is one of the factors driving the segment’s market growth.

Technological advancements in farming and related techniques and adopting new crop cultivation and protection methods for better yields, are expected to drive the market growth.


Asia Pacific Steel Wire Market Size, 2023 (USD Billion)

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The market in Asia Pacific was valued at USD 44.62 billion in 2023. Asia Pacific is estimated to hold the largest market share during the forecast period and is the fastest-growing region owing to the presence of major steel-producing nations, such as China, India, and Japan. The rapidly growing automotive industry is fueling the region's product consumption for component manufacturing. Furthermore, the demand for steel wire is rising due to construction and machinery applications.

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Increasing construction activities, including renovation and restoration of residential and commercial spaces, is one of the prime factors driving the demand in North America. The presence of a large consumer base and substantial demand from end-use sectors resulted in higher consumption.

Europe is a well-established automotive market. Germany, a key manufacturer of automobiles in Europe has consolidated the product demand. The market growth in the region is driven by the rising industrialization and urbanization activities in developing economies and the growth of the construction and automotive industries. Moreover, increasing environmental awareness has led to the adoption of recyclable materials, such as stainless steel.

Latin America is a swiftly advancing region with urbanization and technological advancements. Mining is one of the important sectors contributing to the region's GDP. The rising number of mining and mineral exploration activities in countries, such as Brazil is anticipated to propel market growth during the forecast period.

The Middle East & Africa is anticipated to grow significantly during the forecast period. The rising demand for transmission and ground wires owing to the growing energy industry in the Middle East is anticipated to boost market growth.

List of Key Companies in Steel Wire Market

Key Players are Focusing on Reducing CO2 Emissions and Acquisitions of Domestic Producers

Most of the producers in the market have a global presence. Several companies operate under their parent holding companies. For instance, Heico Companies’ Metal Processing Group offers steel wire and stranded wire products under National Strand Products LP, Sivaco Inc., National Standard, and Davis Wire Corporation.

Several manufacturers are taking the initiative to reduce CO2 emissions to achieve sustainability goals. For instance, Nippon Steel Corporation has invested a significant amount toward sustainability by adopting the Carbon Neutral Vision 2050. Nippon Steel has targeted to reduce 30% or more carbon emissions by 2030 compared with 2013 and to become carbon neutral by the end of 2050.



  • July 2023: KOBE Steel announced that it’s Kobenable Steel, a low-CO2 blast furnace steel product, has opted for special steel wire rods in automobiles in Japan for the first time.

  • December 2022: The Insteel Company invested USD 15.9 million in plants and information systems to support cost and productivity improvement initiatives and broaden manufacturing capabilities. During 2023, the company expects capital investment to exceed USD 30 million as the company accepts delivery of three new production lines during the second fiscal quarter. These investments are targeted toward expanding improved quality, product capabilities, and lower cost of production.

  • November 2022: Kobe Steel purchased 25% of Millcon Steel’s issued share in Kobelco Millcon Steel Co., Ltd. (KMS), a Thai company that produces wire rods. In the ASEAN region, KMS is the only special steel wire rod manufacturer.

  • April 2022: ArcelorMittal signed an agreement to acquire voestalpine’s world-class Hot Briquetted Iron (‘HBI’) plant, which is located in Corpus Christi, Texas. ArcelorMittal will have 80% shareholding, and voestalpine will retain the remaining 20%.

  • March 2020: Insteel Industries, Inc. invested USD 22.5 million to acquire the assets of strand-tech manufacturing, which produces prestressed concrete strands, particularly for concrete construction applications.


An Infographic Representation of Steel Wire Market

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The research report provides a detailed analysis of the market and focuses on crucial aspects, such as leading companies, end-use industry, and grades. Also, the report offers insights into market trends and dynamics, highlighting vital industry developments. In addition to the insights mentioned above, the report encompasses various factors driving the growth of the market in recent years.




Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 5.8% during 2024-2032


Value (USD Billion), Volume (Kiloton)


By Grade

  • Carbon Steel

  • Stainless Steel

  • Alloy Steel

By End-use Industry

  • Automotive

  • Construction

  • Energy

  • Agriculture

  • Others

By Geography

  • North America (By Grade, By End-use Industry, By Country)

    • U.S. (By Grade, By End-use Industry)

    • Canada (By Grade, By End-use Industry)

  • Europe (By Grade, By End-use Industry, By Country)

    • Germany (By Grade, By End-use Industry)

    • France (By Grade, By End-use Industry)

    • U.K. (By Grade, By End-use Industry)

    • Italy (By Grade, By End-use Industry)

    • Spain (By Grade, By End-use Industry)

    • Russia (By Grade, By End-use Industry)

    • Rest of Europe (By Grade, By End-use Industry)

  • Asia Pacific (By Grade, By End-use Industry, By Country)

    • China (By Grade, By End-use Industry)

    • Japan (By Grade, By End-use Industry)

    • India (By Grade, By End-use Industry)

    • South Korea (By Grade, By End-use Industry)

    • Southeast Asia (By Grade, By End-use Industry)

    • Rest of Asia Pacific (By Grade, By End-use Industry)

  • Latin America (By Grade, By End-use Industry, By Country)

    • Brazil (By Grade, By End-use Industry)

    • Mexico (By Grade, By End-use Industry)

    • Argentina (By Grade, By End-use Industry)

    • Rest of Latin America (By Grade, By End-use Industry)

  • The Middle East & Africa (By Grade, By End-use Industry, By Country)

    • Saudi Arabia (By Grade, By End-use Industry)

    • Egypt (By Grade, By End-use Industry)

    • Turkey (By Grade, By End-use Industry)

    • Iran (By Grade, By End-use Industry)

    • Rest of the Middle East & Africa (By Grade, By End-use Industry)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 68.89 billion in 2023 and is projected to reach USD 114.58 billion by 2032.

In 2023, the market size stood at USD 68.89 billion.

Growing at a CAGR of 5.8%, the market will exhibit significant growth during the forecast period (2024-2032).

The construction segment is the leading segment based on the end-use industry.

Increasing infrastructure spending and construction activity is the key factor driving the market growth.

Asia Pacific held the highest market in 2023.

ArcelorMittal S.A., Kobe Steel LTD., Bridon-Bekaert Ropes Group (BBRG), JFE Steel Corporation, and Nippon Steel Corporation are a few of the leading players in the global market.

Technological advancement in associated products is the key trend leading to market growth.

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