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), Thickness, and Region - Global Forecast to 2025" The global steel wire market size is expected to grow from USD 93.1 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0% during the forecast period. Steel wire is extensively being used in the construction, automotive, energy, agriculture, industrial, and other end-use industries. The increasing construction & infrastructure projects support the demand for steel wire in the construction end-use industry.
In the non-rope form, steel wires are used in a wide range of applications such as wire for tires, hoses, galvanized wires and strands, ACSR strands, and armoring of conductor cables, springs, fasteners, clips, staples, mesh, fencing, screws, nails, barbed wires, chains, etc. Steel wire finds wide applications in the construction industry, including steel fiber in concrete and prestressed steel wire in the prestressed concrete structure; It also finds applications in the automotive industry.
The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for steel wire from various end-use industries. The market for the non-rope form of the steel wire segment is expected to decline by 6.7% in terms of volume in 2020 compared with the previous year.
APAC accounts for the biggest share of the global steel wire market. The construction and automotive end-use industry are major consumers of steel wire in the region. The region is home to some of the major steel wire manufacturers such as Kobe Steel, Tata Steel, and Nippon Steel. Moreover, the China is a manufacturing hub of various commercial, military, and passenger automotive vehicles. Europe is the second major consumer of steel wire construction; automotive and energy are the major industries fueling the growth of the steel wire market in this region.
The key players in the steel wire market 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.
