Steel Wire Market Soars to New Heights with Strong Global Demand

Posted by Jack Martin on May 24th, 2023

The global steel wire market is anticipated to grow from USD 93.1 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0% over the forecast period, according to the report "Steel Wire Market by Form (Non-rope, Rope), Type (Carbon Steel, Alloy Steel, Stainless Steel), End-use Industry (Construction, Automotive, Energy, Agriculture, Industrial). Construction, automotive, energy, agriculture, industrial, and other end-use industries use steel wire extensively. The demand for steel wire in the construction end-use industry is supported by the expansion of infrastructure and construction projects.

Steel wires are employed in a variety of non-rope applications, including tyre wire, hose wire, ACSR strands, armoring for conductor cables, springs, fasteners, clips, staples, mesh, fencing, screws, nails, barbed wires, and chains, among others. Steel wire has many uses in the building sector, including as steel fiber in concrete and prestressed steel wire in prestressed concrete structures. It also has uses in the automobile sector.

The most common type of steel used to manufacture steel wire is carbon steel. The high strength of carbon steel wire makes it ideal for a variety of uses, including tires, cords, hoses, galvanized wires and strands, ACSR strands, and the armoring of conductor cables. Other uses for carbon steel wire include fencing, springs, fasteners, clips, staples, mesh, screws, nails, barbed wires, chains, and steel fibers in concrete. During the anticipated term, demand is anticipated to be driven by the widespread acceptance and applications of carbon steel wires.

In terms of volume and value, the end-use sector for construction represents the lion's share of the worldwide steel wire market. Steel wire is more in demand in prestressed concrete applications since it shortens the construction process and requires less concrete. Due to the suspension of construction projects in the first half of 2020, the demand for steel wires used in construction is anticipated to decrease in 2020. 

The largest portion of the global steel wire market is accounted for by APAC. Steel wire is extensively used in the region's construction and automobile industries. Some of the largest steel wire producers, including Kobe Steel, Tata Steel, and Nippon Steel, are based in the area. Furthermore, China is a major producer of several commercial, military, and passenger automobiles. The automotive and energy sectors are the main drivers of the steel wire market's expansion in Europe, which is the second-largest user of steel wire for construction.