SteelWire Market: Overview
· Steel wire is a semi-finished commodity, which is rolled fromsteel billet and utilized for the manufacture of wire. This wire is then madeinto coils. The coils are made either by tying with a wire or using a strappingband. They are usually sold in a rolled condition. The user may prepare thewires for further processing by cleaning & coating, or by heating.
· Steel wires are rolled up in the coil and ordinarily have acircular cross-section with a diameter from 5.5-42mm. Steel for the rod isgenerated by modern steel making methods such as basic oxygen and electricfurnace methods. Steel wires have high tensile strength & durability andare utilized in various industrial applications such as wire loops, springcables, barbed wires, steel reinforcing, wire mesh, and automobile components.
Key Drivers and Restraints of Steel Wire Market
· The construction industry is the largest application industry ofthe steelwire market in terms of volume. Steel wire is used in the constructionindustry in road, river & railway bridges, flyovers, atomic reactor domes,slabs, silos, hangers, aqueducts, high-rise buildings, viaducts, and railwaysleeper construction. Rise in demand for steel wires in these applications isexpected to drive the steel wire market during the forecasted period.
· Increasing adoption of steel wire in aviation, construction, andautomobile industries is a significant driver of the steel wire market.Increase in demand for high-quality wire owing to its flexibility andescalating urbanization are triggering the demand for steel wire. Enhancedautomotive performance, and cost-effective and upgraded production technologyare the anticipated to boost the market in the near future.
· However, emergence of plastic and hybrid ropes is a majorrestrain of the steel wire market
Global Steel Wire Market: Segmentation
· The global steel wire market can be segmented based on form,type, and end-use industry
· Based on form, the global steel wire market can be segmentedinto non-rope and rope. The rope segment is projected to expand at the highestCAGR during the forecast period.
· Based on type, the global steel wire market can be segmentedinto carbon steel, alloy steel, and stainless steel. The carbon steel segmentaccounted for larger share of the steel wire market in 2020. Carbon steel wireis used in a wide range of applications such as tires, cords, hoses, galvanizedwires and strands, ACSR strands, and armoring of conductor cables, fencing,springs, fasteners, clips, staples, mesh, screws, nails, barbed wires, chains,and steel fibers in concrete.
· Based on end-use industry, the global steel wire market can besegmented into construction, automotive, energy, agriculture, and industrial.Construction holds the major share of the market. Rise in constructionactivities related to residential and commercial spaces, and infrastructure islikely to influence the demand for steel wire. Increase in construction ofbridges, dams, airports, and others is also boosting the steel wire market.
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Global Steel Wire Market: Regional Segmentation
· In terms of region, the global steel wire market can be splitinto North America, Europe, Asia Pacific, Latin America, and Middle East &Africa.
· Asia Pacific holds the major share of the steel wire marketowing to the increasing demand for steel wires in construction &infrastructure projects in the region
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COVID-19 Impact on Global Steel Wire Market
· The COVID-19 pandemic has adversely affected the global steelwire market. This has led to a reduction in the consumption of steel wiresacross industrial manufacturing, mining, automotive, aerospace & defense,and other industries. However, recovery of demand for commercial airlines afterthe lifting of lockdowns in different countries promises market growth in theshort term.
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Key Players in Market
The steelwire market is fragmented market, with companies focusing on integratingadvanced technologies to increase their market share. Companies are offering acomplete portfolio of products, and are focusing on different businessstrategies to strengthen their position in the market.
Keyplayers operating in the global market are:
· ArcelorMittal
· Nippon Steel
· JFE Steel Corporation
· TATA Steel Limited
· Bekaert SA
· The Heico Companies
· Ferrier Nord
· Byelorussian Steel Works
· Kobe Steel, Ltd.
· VIRAJ PROFILES LTD.
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