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The global steel wire market size was USD 91.33 billion in 2018 and is projected to reach USD 112.14 billion by 2026, exhibiting a CAGR of 2.7% during the forecast period.
The demand for steel wire is driven by the increased spending by governments of emerging countries for the development of infrastructure. steel wire in the form of mesh and ropes are used for reinforcement, to provide strength to the structure. Their properties include high strength, lightweight, shock and wear resistance, and resistance to deformation. Furthermore, rising construction activities in the residential sector to provide housing for the growing population is another factor growing the demand.
Increasing Investments by Governments to Develop Infrastructure Around the Globe
Governments are investing massive amounts in developing the infrastructure of the country. Construction of suspension bridges to improve the connectivity and infrastructure has led to increased consumption of steel wire. Suspension bridge incorporates suspended steel wire ropes to support the roadway, and any load applied on the bridge gets converted to the tension on the steel cables. These wires are used in cables of suspension bridges as they offer properties including higher tensile strength, flexibility, endurance during tough conditions, and higher load-bearing capacity. This is projected to further propel the steel wire market trends during the forecast period.
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Growing Construction Industry to Fuel Demand for Steel Wire
The steel wire market driver includes the growth of the construction industry in the analysis period for developing countries. The market is expected to advance due to rising commercial, residential, and infrastructural construction by government and private firms. The development of schools, hospitals, and the residential sector has increased demand. The steel wire has applications such as reinforcement, and binding of rebar to keep the structure of the building intact as they have high strength, abrasion resistance, and resistance to corrosion and deformation. Mesh made from steel wire is the backbone of all modern constructions. Moreover, large scale structures such as bridges, towers, and dams also incorporate steel wire for reinforcement. Hence, the growing construction industry will drive the market in the forecast period.
Increasing Substitution of Steel Ropes by Plastic Ropes in Several Applications
Steel rope is several strands of steel wire twisted together in the helix formation. The historic review of teel ropes is used for applications, including lifting in cranes & elevators and transmitting mechanical power. One of the major factors restraining the growth of the market is the replacement of steel ropes by plastic ropes for various applications. Replacing steel ropes by plastic ropes has resulted in the reduction in weight of the machine, providing stability, and reducing the axle load. The plastic ropes can tolerate a tough environment during the installation, handling, and maintenance operations. The use of plastic ropes in mobile cranes is increasing as they offer better lifting efficiency, lower maintenance cost, and extend the life of the rope, thereby restraining the steel wire rope market.
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Carbon Steel Segment to Dominate the Steel Wire Market
Based on grade, the market is segmented into carbon steel, stainless steel, and flat steel, alloy steel. Amongst these, carbon steel grade dominated the market. Wires made from Carbon steel have high tensile strength and are used for applications such as construction where strength is required. Technological advances, leading to improved strength, wear and shock resistance, and lightweight, has been instrumental in the dominance of carbon steel grade in the global market.
The stainless steel segment is projected to register a significant CAGR during the forecast period. Incorporation of stainless steel for applications in automotive, aerospace, and surgical tools and equipment are factors anticipated to fuel its demand. Moreover, properties such as high strength, temperature resistance, recyclability, and long life, will drive the market during the forecast period.
Construction to be the Major End-Use Industry
Based on end-use industry, the market is segmented into automotive, construction, energy, agriculture, and others. Amongst the end-use industry, construction holds the major share of this market. The rising construction activities related to residential and commercial spaces, and infrastructure will influence the demand for steel wire. Moreover, the construction of bridges, dams, airports, and others to develop the infrastructure of the country is promoting the steel wire market growth.
The automotive segment is estimated to register substantial growth during the forecast period. This is attributed to its properties, such as heat resistance, abrasion resistance, flexibility, and lightweight.
North America Steel Wire Market Size, 2018 (USD Billion)
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The steel wire market size in North America stood at USD 8.24 billion in 2018. The market in the region is characterized by high demand for construction applications. The market in Europe and Asia-Pacific is projected to register a significant CAGR during the forecast period. The presence of major automotive manufacturing companies in Europe has increased the demand for steel wire for automobile applications. Growing construction and infrastructural activities in the developing countries of Asia Pacific, such as China and India, will drive the demand in Asia Pacific during the forecast period. The growth of the market in Latin America is attributed to the demand for mining applications. This, coupled with the rising ore extraction and mining activities in Latin America will drive the regional market. The Middle East & Africa, on the other hand is expected to show slow growth during the forecast period. This is attributable to the growing number of oil & gas exploration activities in this region.
Diverse Portfolio for Various Application, to Propel ArcelorMittal to a Leading Position
The competitive landscape of steel wire depicts a fragmented market. The dominance of a company is dependent on the diversified product portfolio of steel wire for a variety of applications. Furthermore, constant innovations by the key players to improve the strength to weight ratio and tensile strength of the steel wire is expected to widen the presence of the company in the market. The rise in demand for these wires from the construction and automotive industry has encouraged companies to implement various growth strategies such as expansion, joint venture, and acquisition.
An Infographic Representation of Steel Wire Market
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The steel wire market report provides future analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market, current market trends, the impact of COVID-19, and highlights the key industry developments. In addition to the aforementioned factors, the report encompasses several factors that contribute to the growth of the market over recent years.
Value (USD Billion), Volume (Million Ton)
By End-Use Industry
Fortune Business Insights says that the global market size was USD 91.33 billion in 2018 and is projected to reach USD 112.14 billion by 2026.
In 2018, the market value stood at USD 91.33 million.
Growing at a CAGR of 2.7%, the market will exhibit steady growth in the forecast period (2019-2026).
Carbon steel is expected to be the leading segment in the market during the forecast period.
Growing construction industry is fueling the demand for Steel Wire devices.
ArcelorMittal is the leading player in the global market.
Asia Pacific was the most dominant region in 2018.
Rising infrastructural development activities will drive the adoption of steel wire.
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