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Global Steel Wire Market is projected to offer a growth opportunity of nearly US$ 100.76 Bn from 2022-2030 and is estimated to reach US$ 179.85 Bn by 2030. The market is expected to register a CAGR of 10.81 % during the forecast period 2022–2030.
The main drivers of this growth are expected to be increased construction activity in China and India, as well as replacement demand in mature markets such as the US and Europe. It is found that the steel wire market is highly fragmented, with the top 5 producers accounting for only 32% of global production. This fragmentation is expected to continue, with new entrants coming from both developed and emerging markets.
High-carbon wire is used mainly in the construction and automotive sectors and accounts for 56.4% of global steel wire production. Stainless wire is used mostly in the food and beverage industry and makes up second largest share of global production. Welded wire is used mainly in the construction industry.
The supply of steel wire is relatively tight because there are only a few producers globally and the production process is capital intensive. As a result, steel wire prices are relatively high and have been rising in recent years. It is expected that the steel wire market will continue to be highly competitive in the future and that companies will continue to invest in research and development to improve their products and services.
Looking at regional trends, Asia Pacific is expected to be the main growth driver for the steel wire market over the next nine years.
Prominent factors expected to influence the market growth during the forecast period include:
It is estimated that the global steel wire market will grow at a healthy CAGR during the period 2022-2030. The demand for steel wire is driven by various factors, including the growing construction industry, rising infrastructure expenditure, and increasing manufacturing activities.
There are a few factors that are hampering demand for steel wire market.
Top 5 players in the global steel wire market is holding around 32% share of the global steel wire market. Wherein, POSCO (8.3%), JFE Steel Corporation (7.1%), Jiangsu Shagang Group (6.2%), and Jianglin Stainless Stees (4.4%) are top 4 players. In order to stay competitive, these key players are adopting a variety of competitive strategies, such as mergers and acquisitions, to accommodate emerging markets. In addition, large companies are expanding their geographical footprint by acquiring smaller brands and domestic companies.
Recent Developments by Players
Based on type, the carbon steel segment held 56.4% share of the global steel wire market. Carbon steel is a low-cost metal as compared to other steels. It is ideal for the application in large structural components such as tubes, beams and rolled sheet steel. Meanwhile, stainless steel is projected to observe a highest CAGR of 11.94% over the forecast period, 2022-2030.
By form, rope segment held 58.8% share of the global steel wire market in 2021. Ropes are often produced as a final product of steel wire. Steel wire ropes are extensively used within the rail industry as a strong and sturdy piece of equipment for lifting. Furthermore, steel wire ropes are used in other industries including engineering, construction, automotive and manufacturing.
Coating Type Analysis
Based on coating type, zinc segment held 33.6% share of global steel wire market in 2021. Zinc coated steel wires are often used for general and industrial applications such as construction, fencing, woven wire mesh, product packaging, handicraft, and other daily use. Meanwhile, stainless steel is expected to grow at the highest CAGR of 12.90% over the forecast period due to its growing adoption as a safest choice for long term use along with an excellent corrosion resistance.
By thickness, 0.8mm to 1.6 mm segment contributed around 41.8% revenue to the global steel wire market in 2021 and is projected to grow at the highest CAGR of 12.45% during the forecast period, 2022-2030. 0.8mm to 1.6mm thickness of steel wire is used in for industrial purpose such as in construction for binding rebars, electronics, automotive, manufacturing, entertainment, mining, aerospace, and other industries.
End User Analysis
Based on end user, construction segment held 23.7% share of the global steel wire market in 2021. Steel wire is widely used for binding or tying the rebars at the junctions to keep the position intact. Furthermore, they are used for lifting heavy objects like cement blocks and machinery in construction site. However, in the manufacturing industry steel wires can be a component of conveyer belts, lifts or elevators and other devices. Thus, manufacturing segment is anticipated to grow with the highest CAGR of 13.35% over the forecast period, 2022-2030.
Asia Pacific dominated the global steel wire market in 2021 with the China accounting for approximately 66.5% of the regional market share. Wherein, China and India are the largest steel producers in the world. Moreover, a large number of market players in these countries have also accelerated the production of steel wires in the region. Moreover, the smart cities and infrastructure development projects in the region will trigger the steel wire market in future.
Asia Pacific is the world’s largest producer of steel wire with China alone accounting for more than 66.5% of total production. Other major steel wire producing countries in the Asia Pacific region include Japan, South Korea, India, and Taiwan. The Asia Pacific region has seen significant growth in steel wire production in recent years, driven largely by strong economic growth in China and other developing countries in the region. Steel wire is a key input into a wide range of industries, including construction, automotive, and electronics. As such, the rise in steel wire production in the Asia Pacific region has been accompanied by strong growth in these industries as well.
Looking forward, the Asia Pacific region is expected to continue to be the largest producer of steel wire in the global steel wire market, as strong economic growth and rising demand from key end-use industries are expected to drive further expansion in production capacity.
List of Key Companies Profiled
The global steel wire market is segmented as follows:
By Coating Type
By End User
Global Steel Wire Market is valued at US$ 73.41 billion in 2021 and is expected to reach US$ 179.85 billion by 2030.
Global Steel Wire Market is expected to grow with a CAGR of 10.81% during the forecast period 2022-2030 and is expected to reach US$ 179.85 billion by 2030.
The key drivers of the global steel wire market are the growing construction industry and rising demand from the automotive industry.
Fluctuating prices and availability of substitutes is a key restraint that is affecting the growth of the global steel wire market.
Asia Pacific is dominating the market by holding the largest share of the global steel wire market in 2021.
Asia Pacific is expected to grow with the highest CAGR during the forecast period 2022-2030.
China is accounting the majority of the share in Asia Pacific steel wire market.
Global Steel Wire Market is segmented by type, form, coating thickness, and end user.
Infrastructure development projects by various countries provide favorable growth opportunities in the market.
Form segment holds the largest share in the global steel wire market.
Rope holds the largest share and is expected to grow with the highest CAGR during the forecast period 2022-2030.
POSCO, JFE Steel Corporation, Jiangsu Shagang Group, HBIS Group, Jianglin Stainless Steel among all others.