Steel Wire Rod and Wire Market

Market Overview:
The global steel wire rod and wire market was valued at USD 174.5 billion in 2022 and is projected to rise at a compound annual growth rate (CAGR) of 5.6% to reach USD 269.5 billion by 2030.

The increasing popularity of electric vehicles presents a new market for steel wire. EVs require specific steel wire materials for applications including electric motors, charging stations, and battery components. As EV usage continues to expand, there will likely be an increase in demand for these specialist wire supplies. In the steel wire rod and wire sector, technological advancements have consistently improved product quality, manufacturing efficiency, and sustainability.

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Market Dynamics and Trends:
Growing Requirements from the Automotive and Construction Sectors

The automotive industry uses steel wire rods and wire for a variety of applications, including suspension systems, tire reinforcement, and seat structures. Sophisticated steel wire solutions that combine strength and weight reduction are in more demand now that the industry is focusing on lightweight to maximize fuel economy and minimize emissions.

As an illustration, on November 14, 2022, Kobe Steel, Ltd. announced that it had signed a share transfer agreement with Millcon Steel Public Company Limited. According to the terms of the deal, Kobe Steel acquired 25% of Millcon Steel's issued shares in Kobelco Millcon Steel Co., Ltd. (KMS), a joint venture that was established in 2016 as a wire rod manufacturing plant in Thailand.

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Geographical Penetration:
Asia-Pacific's Need for Steel Wire Rods and Wire Is Growing Due to Growing Auto Demand

In the global steel wire rod and wire market, Asia-Pacific has been a dominant force, with China holding one of the largest shares as of 2022, accounting for about one-third of the market. The automotive market in Asia-Pacific has been expanding rapidly. Steel wire goods are essential to this business for many applications, including building structures and auto parts. The middle class is growing and so is the demand for cars, which is raising the cost of steel wire rods and wire.

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