Steel Wire Market worth $124.7 billion by 2025 | Key players ArcelorMittal (Luxembourg), Nippon Steel (Japan), JFE Steel Corporation (Japan), TATA Steel Limited (India), Kobe Steel, Ltd. (Japan).

According to recent market research the "Steel Wire Market by Form (Non-rope, Rope), Type (Carbon Steel, Alloy Steel, Stainless Steel), End-use Industry (Construction, Automotive, Energy, Agriculture, Industrial), Thickness, and Region - Global Forecast to 2025" The global steel wire market size is expected 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. Steel wire is extensively being used in the construction, automotive, energy, agriculture, industrial, and other end-use industries. The increasing construction & infrastructure projects support the demand for steel wire in the construction end-use industry.

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In the non-rope form, steel wires are used in a wide range of applications such as wire for tires, hoses, galvanized wires, and strands, ACSR strands, and armoring of conductor cables, springs, fasteners, clips, staples, mesh, fencing, screws, nails, barbed wires, chains, etc. Steel wire finds wide applications in the construction industry, including steel fiber in concrete and prestressed steel wire in the prestressed concrete structure; It also finds applications in the automotive industry.

The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for steel wire from various end-use industries. The market for the non-rope form of the steel wire segment is expected to decline by 6.7% in terms of volume in 2020 compared with the previous year.

Carbon steel is the largest type of steel used for manufacturing steel wire. The carbon steel wire gives high strength, and it is used in a wide range of applications such as for tires, cords, hoses, galvanized wires and strands, ACSR strands and armoring of conductor cables, fencing, springs, fasteners, clips, staples, mesh, screws, nails, barbed wires, chains, and steel fibers in concrete. The wide applications and acceptance of carbon steel wires is expected to drive the demand during the forecasted period. The COVID-19 pandemic has resulted in reduced demand for steel wires from major applications such as construction reinforcement and ACSR strands. These factors are expected to reduce the demand for carbon steel wire in 2020. The steel wire consumption is expected to recover post the pandemic.

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APAC accounts for the biggest share of the global steel wire market. The construction and automotive end-use industry are major consumers of steel wire in the region. The region is home to some of the major steel wire manufacturers such as Kobe Steel, Tata Steel, and Nippon Steel. Moreover, the China is a manufacturing hub of various commercial, military, and passenger automotive vehicles. Europe is the second major consumer of steel wire construction; automotive and energy are the major industries fueling the growth of the steel wire market in this region.

However, the COVID-19 outbreak has affected the demand for steel wire s in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in steel wire market. Such initiatives coupled with recovery in the application industries will increase the demand for steel wire in APAC and European region.

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. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the steel wire market. These players have taken different organic and inorganic developmental strategies over the past five years.

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The major manufacturers profiled in this report 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. The steel wire business of these companies is severely affected due to the outbreak of COVID - 19 pandemic. Reduced demand for steel wire from several OEMs and disruption in the supply chain have compelled the steel wire manufacturing companies to operate at partial capacities.

However, several steel wire manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for steel wires during the forecast period. For instance, Bekaert SA reached to and acquisition agreement with Bridon-Bekaert Ropes Group and took full ownership. The company adopted this strategy to grow their business globally and to create significant value over the period.

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