The Global Market for Steel Wire is Projected to Exceed US$29 Billion by 2024

Stable Economic Growth Drives All Round Demand for Steel Wire, 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 projected to exceed US$29 billion by 2024, driven by stable economic conditions across the world, leading to widespread demand creation across emerging as well as developed markets.

Produced from wire rods, a finished long steel product, steel wires find their use in several end-use application areas. Construction, machinery and automotive markets especially present significant opportunities for use of steel wires in a range of application areas. For instance, in the building construction sector, steel wires are used for fencing, anchorage, balustrading, and binding among other major applications. Steel wires are also used in a range of infrastructure constructions such as suspension bridges, which are hung using steel ropes spun with thousands of steel wires together. Steel wires also find use for general engineering applications in machinery and heavy equipment. In automotive market, steel wires are used for reinforcing tires to add to their strength and durability required for modern day driving requirements. Agriculture land fencing is also made by steel wires. Besides, the steel wire industry is engaged in the production of a wide range of products such as steel cords used in reinforcing hoses. Wires are also used in manufacturing saw wire, which are employed in the slicing of silicon wafers.

Demand patterns for steel wire vary from region to region. For instance, developing nations see most of the steel wire demand emerging for use in mass market segments such as domestic appliance manufacturing, agricultural fencing, and production of goods such as trolleys, displays, and racks etc., which are addressed by the expanding global steel production and trade volumes. On the other hand, developed, emerging and other industrialized nations see most of the finished steel wires demand emerging for products that are typically used in high-end markets such as automobiles, locomotives, construction sector, manufacturing machinery, oil & gas industry etc., which demand better quality and performance steel from the steel industry. The end-use market for steel therefore is generally classified into two broad market segments i.e., mass applications market and high-end application market.

The construction sector is one of the most prominent end-use markets for steel wires globally. The construction sector typically uses steel wires not only in its primary wire form but also has wide ranging application for derived products such as wire mesh, strands and wire ropes and regularly uses it for imparting structural strength to concrete structures. The steel wire mesh forms the critical backbone of all modern reinforced cement concrete constructions. Steel wires are also used in fabricating wire strands, which in turn are bundled and stranded together to manufacture wire ropes. These wire ropes are widely used in reinforcement and manufacture of pre-stressed, pre-fabricated concrete structural modules, and also find wide range of applications in auxiliary construction equipment and machinery such as cranes, hoists and elevators. Anti-rotation steel wire ropes are widely employed as a part of the primary lifting mechanism in cranes, in order to ensure stability of heavy loads when lifting over high elevation. Automotive industry is one of the major end-use markets for steel wires market. Steel wires are of high importance to auto industry where they are not only used in construction of automobile but are also critical to a range of automotive systems and components. Steel wires in automobile sector are commonly used for reinforcing tires, and are used in enabling functioning of a range of automotive systems including exhaust, drive train, and steering systems to seating, wiper systems, door, etc.

As stated by the new market research report on Steel Wire, China represents the largest market worldwide, followed Asia-Pacific (excluding Japan and China) region. However, owing to structural changes in the economy and consumption patterns, the Chinese market is forecast to slowdown in future, and Asia-Pacific (excluding Japan and China) region is forecast to witness the fastest growth among all regions, with a CAGR of 5.9% over the analysis period. Other emerging markets, such as Russia, the Middle East & Africa, and Latin American countries are also expected to drive consumption of Steel Wire. By product Carbon Steel Wire accounts for a lion’s share of the market, followed by Stainless Steel Wire. However, Alloy Steel Wire if forecast to witness the fastest growth among all segments, with a CAGR of 4.1% over the analysis period.

Key players in the market include Ansteel Group Corporation Limited, ArcelorMittal S.A, China Baowu Steel Group Corporation Limited, Bridon International Ltd. , Gerdau S.A., HBIS Group, Heico Wire Group, Davis Wire Corporation , National Standard, Insteel Industries, Inc., JFE Steel Corporation, Jiangsu Shagang Group, Kobe Steel, Ltd., Leggett & Platt® Incorporated, Nippon Steel & Sumitomo Metal Corporation, NV Bekaert SA, POSCO, Shougang Corporation, Tata Steel Group, Tree Island Industries Ltd., thyssenkrupp Steel Europe AG, 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, innovations and launches, and strategic industry activities of major companies worldwide. In addition, detailed overview of the steel industry provides a downstream perspective of the factors affecting the Steel Wire market. The report provides market estimates and projections in US$ Million tons 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), the 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 Group/Segments analyzed include Carbon Steel Wire {Plain, Plated/Coated with Zinc, Other Coated}, Alloy Steel Wire (Plain & Coated), and Stainless Steel Wire {Round, Others}.

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