The global steel wire market size was USD 93.2 billion in 2020 and is expected to reach USD 124.7 billion by 2025, projecting a CAGR of 6.0% between 2020 and 2025. Steel wires are increasingly used in the construction, automotive, energy, industrial, agriculture, and other end-use industries. The increasing demand of construction end-use industry drives the demand for steel wire. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for steel wire. Due to the lockdown scenario in Europe and North America, the demand for steel wire from construction, automotive, industrial and other industries have declined sharply in the first half of 2020.
The construction is the largest end-use industry of steel wire in terms of value. The steel wires offer increased strength to concrete, increase life span, increased crack resistance, reduces construction time in construction industry. These factors drive the demand of steel wires in variety of applications in construction end-use industry.
The China is the largest market for steel wire in the world, in terms of both value and volume. The trend is expected to be the same during the forecast period. The country is home to some of the major steel wire manufacturers. The growing construction industry, automotive industry and industrial activities in the region are propelling the market for steel wire in the China. With Germany, the US, Spain, India being the most affected countries, the entire supply chain in the steel wire industry is disrupted globally. The lockdown of international borders has reduced the demand for steel wire in Europe and North America.
Steel wires are segmented based on form in to non-rope form and rope form. The non-rope form of steel wire accounted for a largest share in the steel wire market. The construction and automotive industries are two major consumers of steel wires due to high usages in applications such as concreter reinforcement, masonry reinforcement, roads & bridges, tire cord, and among others. The demand for non-rope form of steel wire is expected to see a decline in 2020 due to the pandemic.
