The demand for steel wire is expected to grow by leaps and bounds in the coming years. Upon further analysis, the demand for steel wire is increasing with the development of infrastructure in emerging economies. The Asia-Pacific region, which currently dominates the market, is expected to remain one of the most attractive markets during the forecast period.
NEWARK, Feb. 14, 2023 (GLOBE NEWSWIRE) — The steel wire market is valued at approximately $94.56 billion in 2021 with a CAGR of 2022-2030. will be almost 4.6%. The market is expected to reach approximately $142.5 billion by 2030.
Solid, stranded or braided types of wire are stretched cylindrical metal structures. Iron, carbon, silicon and manganese combine to form the alloys they are made of. They can be of a wide variety of shapes, including square, round, and others, including rectangles. Steel wire has many unique physical properties, including high tensile strength, flexibility, higher modulus of elasticity, and lower contact pressure. Metal mesh, mesh and rope are usually made of steel wire. A significant factor in the expansion of the steel wire market is the dramatic increase in the use of steel wire in various industries such as manufacturing, construction, aerospace and automotive. The widespread use of steel wire is due to its many advantages, including high tensile strength, flexibility, and high electrical resistance.
The growing development of infrastructure in emerging economies, including housing estates, educational institutions, commercial structures and other developments, significantly increases the demand for steel wire around the world. Due to the economic development of these countries, governments of other countries are investing more in infrastructure construction.
The market for steel wire is expanding through its use in the automotive and aerospace industries. In addition, the benefits, including improved performance, cost savings, and modernized production technologies, are expected to drive market expansion.
One of the biggest factors driving the expansion of the global steel wire market is the expansion of the automotive industry in countries such as India, China, the US, Germany and the UK. Companies such as BMW, Tata Motors, Honda, Volkswagen and Daimler are pouring money into setting up factories in China and India. The government is increasing sales of electric vehicles in response to growing concerns about the environmental issues associated with the use of fossil fuel vehicles. The automotive industry is a major end user for a large amount of steel wire used in manufacturing operations. Therefore, the expansion of the automotive industry, mainly driven by the growth of electric vehicles, will be the main driver of the growth of the respective market over the expected period of time.
A lot of public money is spent on construction. New government initiatives such as the construction of new roads and bridges are numerous and all of them are related to the construction industry. Suspension bridges built to facilitate infrastructure and communications have led to an increase in the use of steel wire. Every weight on the bridge puts a strain on the steel cables that support the highway. Cables are suspended on cables. The increase in investment in construction is expected to increase the demand for steel wire. The American Society of Civil Engineers estimates that the United States will need to spend more than $2.6 trillion on infrastructure repairs over the next decade. In November 2021, the government approved $550 billion in infrastructure improvements under the Infrastructure Investment and Jobs Act. Many American communities intend to use their fair share of funding to repair roads and bridges and prioritize projects that will improve the nation’s transportation infrastructure. In 2021 alone, several bridge-related projects were launched in the country.
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The steel wire market is segmented by material and application. According to the data, carbon steel sheet is expected to grow at the fastest rate. Commonly used in industries such as the construction, automotive and military industries, wire is made from mild and high carbon steels. Various diameters from 0.2 mm to 8 mm are possible. In the photovoltaic industry, high-carbon steel wire is used to cut silicon ingots, as well as to make musical instruments, bridge cables, tire reinforcement materials, etc. They are stronger, but less ductile than low-carbon ones. Recyclability, disposal safety and durability are just some of the other benefits of carbon steel wire. It is expected that these qualities will stimulate the expansion of the segment and their widespread use in construction, railway transport, equipment and other related industries.
Stainless steel is forecast to grow at the fastest rate during the forecast period. Wire from this material is used for the manufacture of hardware, metal mesh, cables, screws and springs. It is in high demand in cookware, electronics and oil industries due to its excellent pressure resistance, corrosion resistance, hygienic design, aesthetics, heat resistance and durability. It has a small market share due to its high price compared to other materials.
The steel wire market by application is expected to be dominated by the construction industry during the forecast period. The leadership in this segment is expected to continue over the forecast period as wire ropes, strands, cables and wire ropes are frequently used in a variety of applications in the mobile equipment, structural framework and construction industry.
In the steel wire market, the Asia-Pacific region holds the largest market share overall. The region holds the largest share of the steel wire market due to growing demand from construction and infrastructure projects, growth in automobile production, expansion of power transmission infrastructure and growth in industrial production. There are many tire manufacturers nearby and electricity consumption is increasing, which opens up many opportunities for the steel wire market in these industries. Sales and consumption of steel wire ropes is significant throughout the Asia-Pacific region, especially in China, Indonesia and India.
North America is expected to become the fastest growing region in the global market. Increased investment in industry, energy and construction is expected to increase demand for products in the region over the forecast period. For example, US company WTEC announced plans to build a new manufacturing facility in Chamberino, New Mexico in October 2021. The company manufactures steel wire ropes for use in solar and wind energy systems.
Revenue estimates and forecasts, company profiles, competitive landscape, growth drivers and recent trends
• Arcelor Mittal• Bekaert• Nippon Steel Corporation• Tata Steel Limited• VAN MERKSTEIJN INTERNATIONAL• Kobe Steel Limited• LIBERTY Steel Group• Tianjin Huayuan Metal Wire Products Co.Ltd.• Henan Hengxing Technology Co., Ltd• JFE Steel Holdings
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