Advancements in Steel Wire Production Processes to Drive Market Growth| MarketsandMarkets™

Posted by Jack Martin on April 12th, 2023

The worldwide steel wire market is predicted to expand significantly during the forecast period, owing to rising demand for steel wire products in the automotive, construction, and industrial sectors. Steel wire is a strong, robust, and flexible material that is widely employed in a range of applications. It is used to manufacture items such as nails, wires, ropes, and springs. It is also utilised in the manufacture of automobile parts such as engine blocks, fuel tanks, and body panels. Steel wire demand is predicted to rise in a variety of industries, including automotive, construction, and industrial. Furthermore, cost-effectiveness, ease of availability, and a diverse range of applications are some of the factors predicted to drive the steel wire market during the forecast period.

The major manufacturers profiled in this report include ArcelorMittal (Luxembourg), Nippon Steel (Japan), JFE Steel Corporation (Japan), TATA Steel Limited (India) and Kobe Steel, Ltd. (Japan), are some of the key players in the steel wire market. JSW Steel Ltd. (India), Bekaert SA (Belgium), The Heico Companies (United States), Ferrier Nord (Italy) and Byelorussian Steel Works (Belarus), and among others. The steel wire business of these companies is severely affected due to the outbreak of COVID - 19 pandemic. Reduced demand for steel wire from several OEMs and disruption in the supply chain have compelled the steel wire manufacturing companies to operate at partial capacities. However, several steel wire manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for steel wires during the forecast period. For instance, Bekaert SA reached to and acquisition agreement with Bridon-Bekaert Ropes Group and took full ownership. The company adopted this strategy to grow their business globally and to create significant value over the period of time.