The Global Market for Steel Wire is Forecast to Exceed US$27 Billion by 2022

As the Backbone in a Wide Range of Construction, Infrastructure, Electrical Cabling, Lifting, Hoisting & Rigging Applications Steel Wires Witness Stable Demand Growth, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Steel Wire market. The global market for Steel Wire is forecast to exceed US$27 billion by 2022, driven by indispensable need for high strength materials for use in a wide range of industries such as automotive, construction, machinery manufacturing, and oil & gas, among others.

Produced from wire rods, a finished long steel product, steel wires are used in several end-use application areas. Construction, machinery and automotive markets especially present significant opportunities for use of steel wires. Myriad applications of steel wire include their use in fencing, anchorage, balustrading, and binding in the building construction sector; as suspension bridges in infrastructure constructions; general engineering applications in machinery and heavy equipment; and for reinforcing automotive tires. Steel wires are also used in the production of racks, retail displays, refrigerator shelves, dishwasher baskets, supermarket trolleys, household nails, cable-television coaxial cable, telephone drop wire, ground wire for electric utilities, and as an insert in many devices such as air conditioners, computers, lawn mowers and snow throwers, due to advantages such as increased thread life and superior quality.

Healthy growth is projected for the market in the coming years driven by steady recovery in the construction industry in the United States after years of slowdown, and growing construction spending in developing countries. The construction sector typically uses steel wires not only in its primary wire form but also in various other forms such as wire mesh, strands and wire ropes to impart structural strength to concrete structures. Steel wire mesh forms the critical backbone of all modern reinforced cement concrete constructions, while steel binding wires are used to bind and fabricate complex skeletal steel structures for building piers of a high-rise multi-storied building, bridge or flyovers. Another important growth driver is the projected increase in automobile production where steel wire is used in manufacturing a range of components for exhaust, drivetrain, steering wheel, seating and vehicle door systems. Increasing activity in the oil and gas sector is also poised to benefit market prospects in the near term owing to the critical uses of steel wire in drilling lines, geophysical cable, offshore mooring ropes and electromechanical cable.

As stated by the new market research report on Steel Wire, China represents the largest market worldwide supported by the country’s massive steel sector, which accounts for more than 50% of the global steel capacity. Asia-Pacific ranks as the fastest growing market with a CAGR of 5.8% over the analysis period, led by factors such as rising focus on infrastructure development with special emphasis on transportation and energy; large scale construction activity; increasing demand for and production of heavy material handling equipment; rise in demand and production of various production line machinery; and growing automobile production.

Key players covered in the report include Anshan Iron and Steel Group Corporation, ArcelorMittal S.A, Baoshan Iron & Steel Co., Ltd., Bridon International Ltd., Heico Wire Group, Davis Wire Corporation, Hesteel Group, JFE Steel Corporation, Jiangsu Shagang Group, Kobe Steel, Ltd., Leggett & Platt Incorporated, Nippon Steel & Sumitomo Metal Corporation, NV Bekaert SA, POSCO, Tata Steel Ltd., Tree Island Industries Ltd., ThyssenKrupp Steel Europe, and Usha Martin Limited, among others.

The research report titled “Steel Wire: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), China, Asia-Pacific (India, South Korea, Taiwan and Rest of Asia-Pacific), Middle East & Africa (Egypt, Iran, Saudi Arabia, UAE, and Rest of Middle East & Africa), and Latin America (Brazil, Mexico and Rest of Latin America). Product groups and segments analyzed in the report include Carbon Steel Wire (Plain, Plated/Coated with Zinc, Other Coated), Alloy Steel Wire (Plain & Coated), and Stainless Steel Wire (Round and Others).

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