Steel Wire Market Size, Share & Trends Analysis Report By Material (Carbon Steel, Stainless Steel, Alloy Steel), By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global steel wire market size was valued at USD 102.98 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. Growing investments in the construction industry are anticipated to augment market growth during the forecast period. Downstream products of steel wires include ropes and strands, which find numerous uses in the construction industry, such as in supporting suspension bridges and as an added reinforcement in towers. These are extensively used in prestressed concrete, which supports floor beams, roofs, runways, tall columns, and high retaining walls.

The progressing construction spending in the U.S. is anticipated to augment the demand for steel wires in the country. According to the American Society of Civil Engineers, the U.S. needs over USD 2.6 trillion over the next decade to fulfill the repair needs of the country’s infrastructure. The government signed funding for USD 550 billion under the Infrastructure Investment and Jobs Act in November 2021 to improve infrastructure developments.

Various cities in the U.S. have planned to use their share in repairing roads and bridges and giving priority to vehicle infrastructure projects. The country commenced the construction of numerous bridge-related projects in 2021 itself. Key projects include the Portal Bridge Enhancement worth USD 1.88 billion, I-70 Rocheport Bridge & Mineola Climbing Lanes - USD 240 million, Sherman Minton Bridge Rehabilitation USD - 137 million, and Rumson-Sea Bright Bridge Replacement - USD 130 million.

Automotive forms another major end-use for the market where ropes made from steel wires find application in moving loads, positioning equipment, and producing various auto parts. Furthermore, other end-uses include fasteners, exhaust lines, wire pads, cables, radial car tires, etc. The rising emphasis on boosting auto production is anticipated to prove fruitful for the market.

The market growth is anticipated to be restricted considering the availability of substitutes like plastic ropes. Factors such as sustainability and cost-effectiveness have led certain small-scale manufacturers to switch to plastic ropes as they offer benefits such as reduction in product weight, improved stability, and less wastage in production. Thus, growing advancements in the development of plastic ropes are expected to impede market growth over the coming years.

Material Insights

Carbon steel dominated the global market in 2021 with a revenue share of over 64.0%, and this trend is anticipated to continue across the forecast period. Both low and high carbon steel is used in making wires, which are primarily used in industries such as construction, automotive, and the military. They can be drawn into a broad diameter range from 0.2 mm to 8 mm.

Applications of high carbon steel wire include cutting silicon ingots for the PV industry, bridge cables, tire reinforcement materials, and musical instruments. These are less ductile but are stronger compared to low carbon. Other benefits of carbon steel wire include recyclability, safe to handle, and durability. These characteristics, coupled with their widespread usage across construction, railways, machinery, and other such industries, are anticipated to boost segment growth.

Stainless steel is anticipated to register the fastest growth rate over the forecast period. Wires made from this material are used in springs, metallic nets, screws, cables, and hardware. Its demand is high in industries like electronics, oil, and kitchenware owing to characteristics such as high corrosion resistance, pressure resistance, hygiene, aesthetics, imperviousness to heat and fire, flexibility, and longevity. Its low market share is attributable to its high cost compared to other materials.

Application Insights

The construction segment held the largest revenue share of over 40.0% of the global market in 2021. Widespread uses of steel wire-based ropes, cables, strands, and cords in moving equipment, supporting structures, and various applications in the construction industry are anticipated to help maintain the segment’s dominance during the forecast period.

Energy is anticipated to emerge as the fastest-growing application segment during the forecast period. The growing need for power and its distribution is propelling massive investments in the energy industry, which is benefiting market growth. For instance, in April 2022, new investment plans were announced for Dubai, worth AED 40 billion (USD 10.9 billion). This investment plan is for electricity and water projects for the next five years, covering distribution networks, clean and renewable energy, etc.

Steel wires are used in armored cables, which are power cables used for supplying electricity. These are seen in power networks, underground systems, and cable ducting. These can withstand high stress, providing mechanical protection. Steel wires are used in multicore cables, whereas cables with single core use aluminum due to their non-magnetic nature. Steel wires are extensively used in fencing as well.

Agriculture is another fast-growing segment of the market, where the product finds applications in fencing, producing creeper cages and poultry cages, baling, and other tying purposes. The growing world population is propelling the need for crop production, extending the demand for wires. For instance, according to the USDA, world wheat production is anticipated to increase by 1.9% in 2022 from 2021.

Regional Insights

In 2021, Asia Pacific dominated the global market with a revenue share of 56.0%, and this trend is expected to continue over the forecast period. The stronghold of the region is attributable to the presence of both raw material suppliers, manufacturers, and end-users. Asia-based manufacturers are expanding their production to cater not just to domestic customers but to international demand as well.

For instance, in October 2021, India-based Rajratan Global Wire Limited announced the construction of a 60 kilotons annual capacity manufacturing facility in Chennai, Tamil Nadu to cater to the markets in the U.S. and Europe with domestic demand. The company has an existing manufacturing capacity of 1 lakh tons with its two plants in Pithampur, M.P., and Ratchaburi, Thailand. It produces tire beads and high-carbon steel wire.

North America is anticipated to emerge as the fastest-growing regional segment of the global market. Growing investments in the construction, energy, and industrial sectors are anticipated to augment product demand in the region during the forecast period. For instance, in October 2021, U.S.-based WTEC announced plans to set up a new production facility in Chamberino, New Mexico. The company produces steel wire cables for solar and wind energy units.

Key Companies & Market Share Insights

The market is competitive owing to high demand, the presence of established players, and integration across the value chain. For example, market players such as ArcelorMittal and Nippon Steel Corporation are involved in making billets, wire rods, and wires. Growing demand for the product is compelling market players to expand their production.

For instance, in January 2022, Netherland-based VAN MERKSTEIJN INTERNATIONAL announced plans to build a new greenfield steel wire rod mill in Eemshaven by 2024, which is worth an investment of EUR 300 million (USD 305.4 million) and has a capacity of 580 kilotons. The company resumed this plan after obtaining all necessary approvals, which were first put on hold in 2019 owing to problems with economic uncertainty and necessary permits. Some prominent players in the global steel wire market include:

• Arcelor Mittal

• Bekaert

• JFE Steel Holdings

• Kobe Steel Limited

• LIBERTY Steel Group

• Nippon Steel Corporation

• Tata Steel Limited

• VAN MERKSTEIJN INTERNATIONAL

• Henan Hengxing Science & Technology Co., Ltd.

• Tianjin Huayuan Metal Wire Products Co.Ltd.

Recent Development

• In February 2022,Bridon-Bekaert Ropes Group (BBRG) announced the acquisition of VisionTek Engineering Srl. This acquisition was an important strategic step towards in developing and providing advanced services in the steel wire and rope market.

Steel Wire Market Report Scope

Global Steel Wire Market Segmentation

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global steel wire market report based on material, application, and region:

• Material Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Carbon Steel

  • Stainless Steel

  • Alloy Steel

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Construction

  • Automotive

  • Energy

  • Industrial

  • Agriculture

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • Poland

    • Czechia

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa