USD 65.24 Billion
Steel Wire Market Size, Share, Growth Analysis, By Product Type(gaming machines, gaming tables, and others), By Distribution channel(direct sales and distributors), By End-user(land-based casinos, and online casinos), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25N2011 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
87
|Figures:
76
Steel Wire Market Insights
Global Steel Wire Market size was valued at USD 65.24 Billion in 2022 and is poised to grow from USD 69.02 Billion in 2023 to USD 108.36 Billion by 2031, at a CAGR of 5.8% during the forecast period (2024-2031).
One of the primary factors fueling the market growth is the increasing infrastructure development activities in both developed and emerging economies. Governments and private entities are investing heavily in the construction of residential buildings, commercial spaces, educational institutes, and other infrastructure projects, thereby driving the demand for steel wire. The automotive industry is another major contributor to the market's growth, as steel wire is extensively used in vehicle components and structures. The rising demand for automobiles, especially in developing countries, is propelling the need for steel wire. Additionally, the market is experiencing advancements in production technologies, resulting in improved performance and cost-effectiveness of steel wire. These advancements are further boosting its adoption across various industries.
However, the market also faces challenges such as the emergence of substitute materials like plastic ropes and hybrid ropes, which offer advantages such as reduced weight and lower maintenance costs. Economic fluctuations and slowdowns can also impact the market growth, as they can lead to reduced investments and demand. Overall, the global steel wire market is expected to witness steady growth in the coming years, driven by ongoing infrastructure development, increasing demand from the automotive industry, and technological advancements. Market players are focusing on product innovation and expanding their production capacities to meet the growing demand and stay competitive in the market.
US Steel Wire Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Carbon steel
Fastest Growth
Carbon steel
Growth Rate
5.8% CAGR
Global Steel Wire Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Steel Wire Market Segmental Analysis
The global steel wire market is segmented on the basis of material, application, and region. By material, the market is segmented into carbon steel, stainless steel, and alloy steel. By application, the market is segmented into construction, automotive, energy, industrial, agriculture, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Material
Carbon steel maintained its dominance in the global market. This trend is expected to persist throughout the forecast period. Both low and high carbon steel are utilized in the production of wires, which find extensive applications in industries such as construction, automotive, and the military.
Meanwhile, stainless steel is projected to exhibit the highest growth rate over the forecast period. Wires manufactured from stainless steel are widely used in various applications, including springs, metallic nets, screws, cables, and hardware. The demand for stainless steel wires is particularly high in industries such as electronics, oil, and kitchenware, owing to its remarkable characteristics such as high corrosion resistance, pressure resistance, hygiene, aesthetics, heat and fire resistance, flexibility, and durability.
Analysis By Application
The construction segment emerged as the leading revenue contributor. The extensive utilization of steel wire-based ropes, cables, strands, and cords in moving equipment, supporting structures, and various applications within the construction industry is expected to sustain the segment's dominance throughout the forecast period.
Furthermore, the energy segment is projected to experience the highest growth rate during the forecast period. The increasing demand for power generation and its efficient distribution has led to significant investments in the energy industry, consequently driving the growth of the market in this segment.
Global Steel Wire Market By Material
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Steel Wire Market Regional Insights
Asia Pacific has emerged as the dominant region in the global market. This trend is expected to persist in the forecast period, driven by the region's strong presence of raw material suppliers, manufacturers, and end-users. Manufacturers based in Asia are expanding their production capabilities to meet not only domestic demand but also international requirements.
On the other hand, North America is poised to be the fastest-growing regional segment of the global market. The region is experiencing substantial investments in the construction, energy, and industrial sectors, which are expected to fuel the demand for products in the region during the forecast period. This growth can be attributed to the increasing emphasis on infrastructure development and industrial expansion in North America.
Global Steel Wire Market By Region
- Largest
- Fastest
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Steel Wire Market Dynamics
Drivers
Surging investment in construction activities
- Steel wire finds extensive applications in the construction industry, including the construction of roads, flyovers, railway bridges, slabs, and high-rise buildings, among others. Additionally, it plays a crucial role in lifting heavy objects such as machinery, cement blocks, and even people in elevators. As a result, the growing investments in construction projects are driving the demand for steel wire and are expected to fuel the market's growth.
Restraints
Challenges
- The presence of substitutes is a notable factor affecting the market. Small-scale manufacturers are increasingly opting for plastic ropes due to their sustainability and cost-effectiveness. Plastic ropes offer advantages such as reduced weight, improved stability, and decreased manufacturing waste. This trend in the manufacturing of plastic ropes is expected to hinder the growth of the steel wire market in the coming years.
- The heavy weight of steel wire is another concern. Its weight can pose challenges in certain applications and may require additional handling and support. This aspect can impact the usability and practicality of steel wire in certain industries.
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Steel Wire Market Competitive Landscape
The global steel wire market is highly competitive in nature, with a diverse range of players vying for market share. The market is characterized by the presence of numerous manufacturers, suppliers, and distributors operating on a global scale. These companies strive to differentiate themselves through various strategies such as product innovation, expansion of production capacity, mergers and acquisitions, and partnerships. Key players in the global steel wire market focus on developing advanced manufacturing techniques to enhance product quality and meet the evolving demands of end-users. They also emphasize improving their distribution networks to ensure efficient supply chain management and timely delivery of products to customers. Market players are actively engaged in research and development activities to introduce new applications and explore untapped market segments. Additionally, they prioritize sustainability initiatives, including the use of eco-friendly production processes and recycling techniques, to align with environmental regulations and meet consumer preferences. The competitive landscape of the global steel wire market is characterized by intense competition, innovation, and a strong focus on customer satisfaction. Market players continuously strive to maintain their market position and expand their customer base through strategic initiatives.
Top Player’s Company Profile
- ArcelorMittal (Luxembourg)
- Nippon Steel Corporation (Japan)
- POSCO (South Korea)
- Tata Steel (India)
- Baosteel Group Corporation (China)
- Jiangsu Shagang Group (China)
- JFE Steel Corporation (Japan)
- Nucor Corporation (United States)
- Hebei Iron and Steel Group (China)
- United States Steel Corporation (United States)
- Evraz Group (Russia)
- Hyundai Steel (South Korea)
- Gerdau S.A. (Brazil)
- Outokumpu Oyj (Finland)
- HBIS Group (China)
- Ansteel Group Corporation Limited (China)
- NSSMC Group (Japan)
- Thyssenkrupp AG (Germany)
- Steel Authority of India Limited (India)
- Baoshan Iron & Steel Co., Ltd. (China)
Recent Developments
- In April 2022, ArcelorMittal announced the acquisition of an 80% stake in voestalpine's Hot Briquetted Iron (HBI) plant located in Texas.
- In January 2022, Netherlands-based VAN MERKSTEIJN INTERNATIONAL is planning to construct a new greenfield steel wire rod mill in Eemshaven. With a capacity of 580 kilotons, the mill is expected to be completed by 2024, with an estimated cost of EUR 300 million (USD 305.4 million).
Steel Wire Key Market Trends
- Increasing Demand from Construction Industry: The construction industry is a major driver of the global steel wire market. The growing need for infrastructure development, residential and commercial buildings, and other construction projects is fueling the demand for steel wire.
- Growing Adoption in Automotive and Aerospace Industries: Steel wire is widely used in the automotive and aerospace sectors for applications such as tire reinforcement, suspension systems, seat frames, and aircraft cables. The increasing production and demand for automobiles and aircraft are contributing to the growth of the steel wire market.
Steel Wire Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global steel wire market analysis the adoption of steel wire is driven by its benefits such as high tensile strength, flexibility, and resistance factors are the key growth drivers. The market is fuelled by the rising infrastructure development in developing countries, as well as increased investments in infrastructure by governments. The automotive and aviation industries are also contributing to the growth of the market, driven by enhanced performance, cost-effectiveness, and advancements in production technology. However, the market faces challenges such as the growing use of plastic ropes and hybrid ropes as substitutes for steel wire, which may hinder market growth. Additionally, the slowdown in the global economy has impacted the market. Despite these challenges, the global steel wire market is expected to continue its growth trajectory, driven by the increasing demand from various industries and ongoing infrastructure development projects. The global steel wire market is experiencing steady growth, with the Asia-Pacific region dominating the market due to rapid industrialization, infrastructure development, and strong manufacturing activities. Asia-Pacific is expected to remain the dominant region in the foreseeable future. Meanwhile, North America is emerging as the fastest-growing region in the global steel wire market, driven by the presence of thriving automotive and aerospace industries, along with a shift towards lightweight materials and sustainable solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 65.24 Billion |
| Market size value in 2031 | USD 108.36 Billion |
| Growth Rate | 5.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Steel Wire Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Steel Wire Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Steel Wire Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Steel Wire Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Steel Wire Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Steel Wire Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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