Steel Wire Market by Form, Type, End-use Industry, Thickness, and Region - Global Forecast to 2025 - ResearchAndMarkets.com
The increasing demand from these applications is expected to drive the non-rope steel wire market during the forecasted period.\nStainless steel is the fastest-growing type of steel wire, in terms of value.\nThe stainless-steel wire products are mainly used in industries such as shipbuilding, agriculture, petroleum, automobile, welding electrode, and bright bars & household applications.
The "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" report has been added to ResearchAndMarkets.com's offering.
The global steel wire market size is projected to grow from USD 93.1 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0% between 2020 and 2025.
Steel wires are demanded in various end-use industries including construction, automotive, industrial; due to their advantages properties such as high strength, conductivity, and durability. However, global pandemic disease COVID-19 has disrupted the operations of construction, automotive, and other industries which are expected to decrease the demand for steel wire in 2020.
The non-rope form is the fastest-growing form of steel wires, in terms of value.
The non-rope form steel wires find wide applications in various end-use industries. Some of the major applications include a 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. The increasing demand from these applications is expected to drive the non-rope steel wire market during the forecasted period.
Stainless steel is the fastest-growing type of steel wire, in terms of value.
The stainless-steel wire products are mainly used in industries such as shipbuilding, agriculture, petroleum, automobile, welding electrode, and bright bars & household applications. In the energy sector, stainless steel wires are used in nuclear reactors, transmission lines, heat exchangers, and desulfurization scrubbers. The increasing demand for stainless steel wire products from spring steel products and oil & gas applications is expected to drive the market during the forecast period. Stainless steel products are used in applications where products need to be used in corrosive and harsh environmental conditions.
1.6 mm to 4 mm thickness segment is the fastest-growing thickness segment of steel wire, in terms of value.
The 1.6 mm to 4 mm thickness segment of the steel wire market is the fastest-growing segment. It is the most common thickness of steel wire used. The steel wires of this thickness range are used in TIG welding wire, core wire, electropolish wire, conveyor belt wire, nail wire, nickel-coated base wire for spring, automotive tire cord, automotive spoke wire, bicycle spoke wire, cable armor, fencing, chain link fencing, and among others.
Automotive is the fastest-growing end-use industry of steel wire, in terms of value.
In the automotive end-use industry, steel wires are used in tire reinforcement, spring steel wires, spoke wires, fasteners, exhaust lines, windshield wipers, airbag safety systems, and reinforcement for fuel or brake hose, among others. The recovery in the automotive industry post-Covid-19 era is expected to drive the steel wire market in the automotive end-use industry.
Europe is the fastest-growing steel wire market.
Europe is projected to register the highest CAGR in terms of value in the global steel wire market during the forecast period. The growth of the steel wire industry in this region is supported by the recovery in end-use industries, the advancement of industrial technology solutions, and increasing spending on infrastructural projects.
Due to COVID-19, numerous industries and automotive companies have halted their production sites across various countries that has led to reduced demand for steel wire, which affected the steel wire demand in European countries. The recovery in the end-use industries with restoration in the supply chain would drive the steel wire demand during the forecast period.
Market Dynamics
Drivers
- European Expenditure on Infrastructure Development Projects
- Rise in the Use of Galvanized Steel Wire
Restraints
- Emergence of Plastic and Hybrid Ropes
Opportunities
- Recovery in Automotive End-Use Industry Post COVID-19
Challenges
- Need to Maintain Uninterrupted Supply Chain and Operate at Full Capacity Post COVID-19
Companies Mentioned
- Arcelormittal
- Bekaert Sa
- Byelorussian Steel Works
- CB Trafilati Acciai S.P.A.
- DWK Drahtwerk Koln GmbH
- Fagersta Stainless Ab
- Fapricela - Industria De Trefilaria
- Ferrier Nord
- G.P. Manufacturas Del Acero
- Hbis Group Ltd.
- Hy-Ten Group Limited
- Insteel Industries, Inc.
- Intersig N. V.
- JFE Steel Corporation
- Jiangsu Shagang Group
- JSW Steel Ltd.
- Kamaridis Global Wire Sa
- Kobe Steel, Ltd.
- Nippon Steel
- Tata Steel Limited
- The Heico Companies
- Van Merksteijn International
- Viraj Profiles Ltd.
- Voestalpine Wire Austria GmbH
- ZDB Dratovna
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