Steel Wire Market Size to Reach USD 123.23 Billion by 2031: Growing Construction Industry Propels | The Insight Partners
US & Canada, Nov. 22, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, global steel wire market is witnessing significant growth owing to the growing automotive industry. The report runs an in-depth analysis of market trends, key players, and future opportunities. Steel wire has a variety of applications, which is expected to propel the market growth in the coming years.
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The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, steel wire manufacturers, distributors/suppliers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
Overview of Report Findings
- Market Growth: The steel wire market is expected to reach US$ 123.23 billion by 2031 from US$ 77.47 billion in 2023; it is anticipated to record a CAGR of 6.0% during the forecast period. The global steel wire market has been experiencing significant growth owing to the growing global automotive industry. In November 2021, the US government approved a US$ 1.2 trillion infrastructure bill to aid federal investments in various infrastructure projects. Also, construction spending was estimated to increase by 5.5% in 2023. Such government infrastructure projects involving road construction, bridges, railways, and other urban development initiatives create demand for construction materials. The growing investments from government organizations lead to increased infrastructure improvements such as building roads, bridges, tunnels, ports, airports, and highways. Steel wire mesh is used in concrete reinforcement of slabs and walls in residential and commercial construction. In the infrastructure industry, engineered steel wire mesh has varied applications such as bridges and barriers. Thus, the rising investments in infrastructure projects led to the growth in the building & construction industry, which drives the steel wire market.
- Growth of Global Automotive Industry: The automotive industry is experiencing robust growth owing to technological advancements and a surge in preference for SUVs, crossovers, and other light trucks. According to the report released by the European Automobile Manufacturers’ Association (ACEA) in January 2023, car production in North America increased by 10.3%, reaching 10.4 million units in 2022 compared to 2021. Similarly, passenger car production in South Korea grew by 7.6%, reaching 3.4 million units in 2022 compared to 2021. The report published by the ACEA stated that global passenger car production accounted for 68 million units in 2022, recording a rise of 7.9% compared to 2021. The automotive industry is experiencing robust growth owing to technological advancements and a surge in preference for SUVs, crossovers, and other light trucks. Steel wire is used for the fabrication of components such as bumper, seating frames, steering wheels, and cables. Thus, the rising demand for steel wire in the automotive industry fuels the market growth.
- Growing Focus on Steel Wire Recycling: Governments and organizations are focused on establishing policies and legislation to promote and support the circular economy and recycling of materials. With several initiatives, government bodies worldwide aim to promote sustainable economic practices and recycling/reusing materials to achieve the carbon neutrality goal by 2050. The adoption of recycled materials has grown among customers in response to rising environmental concerns. Manufacturers are increasing the use of scrap metals in steel wire manufacturing. For instance, Nucor Corporation produces steel using recycled scrap metal in an electric arc furnace across 24 mills in the US. The industry standard is available as a reference for any entity that aims to provide or purchase steel wire products with guaranteed recycled content. In February 2024, Legrand UK & Ireland announced the purchase of cold-rolled XCarb, which is a recycled and renewably produced steel from ArcelorMittal. XCarb products are produced in an electric arc furnace powered by renewable energy and contain a minimum scrap content of 75%. Therefore, the focus on recycling steel wire is expected to emerge as a key trend in the steel wire market during the forecast period.
- Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.
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Report Scope & Segmentation-
| Report Coverage | Details | |
| Forecast Period | 2024-2031 | |
| Forecast Period 2023 to 2030 CAGR | 6.0 | % |
| 2031 Value Projection | US$ 123.23 Billion | |
| Base Year | 2023 | |
| Proposal Management Software Market Size in 2023 | US$ 77.47 Billion | |
| Historical Data for | 2021-2022 | |
| No. of Pages | 203 | |
| Segments covered | By Material, By Thickness, & By Application | |
Market Segmentation
- Based on material, the steel wire market is segmented into carbon steel, stainless steel, and alloy steel. The carbon steel segment held the largest share of the market in 2023.
- By thickness, the steel wire market is categorized into below 0.8 mm, 0.8 mm to 1.6 mm, and more than 1.6 mm. The 0.8 mm to 1.6 mm segment accounted for the largest share of the market in 2023.
- In terms of application, the steel wire market is segmented into construction, automotive, aerospace, mining, marine, agriculture, and others. The construction segment dominated the market in 2023.
- The steel wire market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Competitive Strategy and Development
- Key Players: A few of the major companies operating in the steel wire market are ArcelorMittal SA, Nippon Steel SG Wire Co Ltd, JFE Steel Corp, TATA Steel Ltd, Kobe Steel Ltd, JSW Steel Ltd, The HEICO Companies LLC, NV Bekaert SA, Tianjin Huayuan Metal Wire Products Co Ltd, and Henan Hengxing Science and Technology Co Ltd.
- Trending Topics: Recycled steel wire, stainless steel wire, steel wire rope, and galvanized steel wire, among others.
Global Headlines on Steel Wire
- Insteel Acquired Liberty Engineered Wire Products
- JENNMAR Acquired Majority Stake in Australian Steel & Wire
- Kataria Industries Acquired Ratlam Wires’ Wire Manufacturing Business
- Schnitzer Steel Industries Launched GRN Steel, A Line Of Net Zero Carbon Products From Its Cascade Steel Manufacturing Operations
- Meltio Added Four New Metal Wires To Its Metal Wire Materials Range, Emphasizing The Importance of Materials in 3D Printing
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Conclusion
Construction, automotive, aerospace, and several other industries widely use steel wire for various applications. The adoption of recycled steel wire has expanded among customers in response to rising environmental concerns. The global transition toward sustainability has encouraged the adoption of low-carbon steel in various industries, aiming to minimize environmental issues. Low-carbon steel wires are widely used in the fabrication of springs, wire mesh, reinforcement, partition panels, cables, and material handling applications. Thus, the rising focus on sustainable and low-carbon steel with increasing demand for steel wire from various end-use industries propels the steel wire market growth.
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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