Global Steel Wire Market is valued at approximately USD 87.92 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6 % over the forecast period 2020-2027. Steel wire is available in helix formation, very flexible and circular in cross section, made from various metals and alloys, including iron, steel, brass, widely used in tyre wire, hoses, galvanized wire and strands, ACSR strands and conductor cable armoring, springs, fasteners, pins, staples, mesh, fencing, screws, nails, barbed wire, locks, etc. The factors driving the market could be attributed to heavy use in construction segment. In terms of volume, the construction industry is the largest application industry in the global steel wire market. In the construction industry, steel wire finds large applications in road, river & railway bridges and flyovers, atomic reactor domes, slabs, silos, hangers, aqueducts, high-rise buildings, viaducts, and sleeper railway construction. It is expected that increased demand from these applications would boost the market growth. In addition to that, these wires have an excellent resistance to impact, longevity, high strength, abrasion, and corrosion resistance. In the coming years, these factors are expected to drive the growth of the industry. As of January 2019, Continental AG signed a supply contract with Byelorussian Steel Works a in order to deliver around 32.8 thousand tons of steel cords. This agreement helped company to maintain their competitive position in the market. In April 2018, Bridon-Bekaert Ropes Group was acquired by Bekaert SA and took full ownership. This strategic move was executed by the organization to spread out their company internationally and generate substantial value over the period. However, compared to steel wire ropes, plastic ropes have higher strength and lower weight, and plastic ropes are likely to become a stronger alternative to traditional ropes. There is limited stretch of plastic ropes, and even though the rope splits, it falls to the ground without snapping back like wire rope, causing no injuries. Thus, hampering the progress of the market.
The regional analysis of the global Steel Wire Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of Market share owing due to the rising demand for meat products in emerging and developing countries such as India, China, and South Korea. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027, Owing to the rise in the buying power of the population and demand for protein-rich meat diets in the region.
Major Market player included in this report are:
JFE Steel Corporation
TATA Steel Limited
Kobe Steel, Ltd.
JSW Steel Ltd.
The Heico Companies
Byelorussian Steel Works
The objective of the study is to define Market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Market. Additionally, the report shall also incorporate available opportunities in micro-Markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the Market are explained below:
By End-User Industry:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027.
Target Audience of the Global Steel Wire Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers