Chicago, Jan. 07, 2024 (GLOBE NEWSWIRE) -- 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% during the forecast period, as per the recent study by MarketsandMarkets™. 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.
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List of Key Players in Steel Wire Market:
- ArcelorMittal (the Luxembourg)
- Nippon Steel (Japan)
- JFE Steel Corporation (Japan)
- Bekaert SA (Belgium)
- Tata Steel Limited (India)
- Kobe Steel Limited (Japan)
- The Heico Companies (United States)
- Ferrier Nord (Italy)
Key Findings of the Study:
- The non-rope form of steel wire comprises a major share of the steel wire market in terms of value and volume.
- The carbon steel type accounts for the largest market share in the global steel wire market during the forecasted period in terms of value and volume.
- The construction end-use industry accounted for the largest market share in the global steel wire market during the forecast period in terms of value and volume.
- APAC is expected to account for the largest market share in the steel wire market during the forecast period.
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.
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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 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 into non-rope form and rope form. The non-rope form of steel wire accounted for the 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.
Due to the COVID-19 crisis, several players in the steel wire market have implemented various strategies. For instance, many companies are operating in staggered shifts or running at partials capacities.
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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.
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