Steel Wire Global Market Report 2023: Sector to Reach $174 Billion by 2031 at a 6.5% CAGR

DUBLIN, Jan. 27, 2023 /PRNewswire/ -- The "Steel Wire Global Market Opportunities And Strategies To 2031" report has been added to  ResearchAndMarkets.com's offering.

The global steel wire market reached a value of nearly $97,043.3 million in 2021, having increased at a compound annual growth rate (CAGR) of 4.7% since 2016. The market is expected to grow from $97,043.3 million in 2021 to $127,252.7 million in 2026 at a rate of 5.6%. The market is then expected to grow at a CAGR of 6.5% from 2026 and reach $174,146.5 million in 2031.

Growth in the historic period resulted from increasing demand for construction, rise in disposable income, favorable government initiatives, economic growth in emerging markets. Factors that negatively affected growth in the historic period were geo-political tensions, counterfeit products, and coronavirus pandemic.

Going forward, increasing government investment in infrastructure around the globe, increasing demand for steel wire from various applications, increasing urbanization will drive market growth. Factors that could hinder the growth of the steel wire market in the future include increasing substitution of steel ropes for plastic ropes in several applications, stringent government regulations, Russia-Ukraine war and effect of inflation.

The steel wire market is segmented by type into carbon steel, alloy steel and stainless steel. The carbon steel market was the largest segment of the steel wire market by type, accounting for 70.7% of the total market in 2021. The alloy steel market is expected to be the fastest-growing segment in steel wire market type, going forward at a CAGR of 5.9% during 2021-2026 period.

The steel wire market is segmented by thickness into 0.01 mm to 0.8 mm, 0.8 mm to 1.6 mm, 1.6 mm to 4 mm, 4 mm and above. The 1.6 mm to 4 mm market was the largest segment of the steel wire market by thickness accounting for 51.3% of the total market in 2021. The 1.6 mm to 4 mm market is expected to be the fastest-growing segment in steel wire market by thickness, going forward at a CAGR of 5.8% during 2021-2026 period.

The steel wire market is segmented by form into non rope and rope. The rope was the largest segment of the steel wire market by form, accounting for 57.5% of the total market in 2021. The non rope segment is expected to be the fastest-growing segment in steel wire market segmented by form, going forward at a CAGR of 5.9% during 2021-2026 period.

The steel wire market is segmented by end-use into construction, automotive, energy, industrial and other end-use industries. The construction was the largest segment of the steel wire market by end-use, accounting for 36.6% of the total market in 2021. The energy segment is expected to be the fastest-growing segment in steel wire market segmented by end-use, going forward at a CAGR of 5.9% during 2021-2026 period.

Asia-Pacific was the largest region in the steel wire market, accounting for 37.9% the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the steel wire market will be Asia-Pacific and the Western Europe, where growth will be at CAGRs of 6.2% and 5.9% respectively from 2021-2026.

Major Market Trends

• New Product Launches And Innovation
• Green Hydrogen-based Technologies
• Strategic Merger and Acquisitions (M&A) To Drive Innovations
• AI-Fueled Applications for the Steel Industry

Scope:

Markets Covered:

• 1) By Type: Carbon Steel; Alloy Steel; Stainless Steel
• 2) By Thickness: 0.01 Mm To 0.8 Mm; 0.8 Mm To 1.6 Mm; 16 Mm To 4 Mm; 4 Mm and Above
• 3) By Form: Non Rope; Rope
• 4) By End-Use: Construction; Automotive; Energy; Industrial; Other End-Use Industries

Key Topics Covered:

1. Steel Wire Market Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction and Market Characteristics

7. Major Market Trends

8. Global Market Size And Growth

9. Global Steel Wire Market Segmentation

10. Steel Wire Market, Regional And Country Analysis

11. Asia-Pacific Market

12. Western Europe Market

13. Eastern Europe Market

14. North America Market

15. South America Market

16. Middle East Market

17. Africa Market

18. Competitive Landscape And Company Profiles

19. Company Profiles

20. Key Mergers And Acquisitions In The Steel Wire Market

21. Steel Wire Market Opportunities And Strategies

22. Steel Wire Market, Conclusions And Recommendations

23. Appendix

A selection of companies mentioned in this report includes

• ArcelorMittal
• Nippon Steel Corporation
• HBIS Group Co Ltd.
• JFE Steel Corporation
• Bekaert SA

For more information about this report visit https://www.researchandmarkets.com/r/6fpc4b-wire-global?w=5

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SOURCE Research and Markets