Steel Wire Market Size, Share, Growth, Trends, Applications, Strategies And Forecast 2033

The steel wire market size has grown strongly in recent years. It will grow from $106.72 billion in 2023 to $112.23 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increasing demand for construction, rise in disposable income, favorable government initiatives, economic growth in emerging markets.

The steel wire market size is expected to see strong growth in the next few years. It will grow to $139.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to increasing government investment in infrastructure around the globe, increasing demand for steel wire from various applications, increasing urbanization. Major trends in the forecast period include focus on strategic mergers and acquisitions, focus on launching new products, focus on investing in green hydrogen-based technologies and focus on artificial intelligence technology.

Market Overview -
The steel wires refer to steel products such as tubes and pipes from iron and steel, shapes drawn through rolling or drawing of purchased iron or steel, and draw steel wire. Steel wire manufacturing consists of different sizes, diameters, and strengths that are used for the purpose and survival of several types of equipment.

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Rising Demand For High-Rise Buildings Drives Growth In The Steel Wires Market
Growing demand for high-rise buildings is expected to drive the growth of the steel wires market. The materials used for the structural system of high-rise buildings are reinforced concrete and steel. Skyscrapers have a steel frame, while residential blocks are usually constructed of concrete. For instance, in 2021, the world's 7.8 billion population live in cities and urban areas, and 2.5 billion more are expected to join them within the next 20-25 years. High-rise buildings, particularly residential ones, have proved to be beneficial in densely-populated cities where vacant plots in cities with over 3 million people. Therefore, the growing demand for high-rise buildings leads to the growth of the market.

Competitive Landscape -
Major companies operating in the steel wire market report are ArcelorMittal, Nippon Steel Corporation, HBIS Group Co Ltd, JFE Steel Corporation, Bekaert SA, TATA Steel Limited, JSW Steel Ltd, Kobe Steel Ltd, The Heico Companies, WireCo WorldGroup Inc, Baowu steel, Nippon Steel, Ningbo BST Metal Products Co. Ltd, Nanjing Hengjie Industrial Co. Ltd, Hengshui Huaxing Steel Wire Rope Co. Ltd, Wuxi Shengli Steelrope Co. Ltd, Suzuki Garphyttan Ab, Avocet Steel, Barnfather Wire (Midlands) Ltd, SWR Group, Ormiston Wire, KTS WireLtd, ANCORA SCM, Valteknica Incom SRL, Vandor Industry SRL, Beloretsk Metallurgical Plant AO, Nucor Corporation, Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc, Ternium S.A., Aperam, Siderca, Companhia Siderúrgica Nacional, Saudi Iron and Steel Company, Qatar Steel, Emirates Steel, Kuwait Steel, Egyptian Iron and Steel Company, Ezz Steel, African Industries Group, Steelmor Industries, Md Iron & Steel Foundry, Beshay Steel, Scaw Metals Group, Libyan Iron and Steel Company, Maghreb Steel, Suez Steel

Strategic Mergers And Acquisitions Drive Innovations In The Steel Wire Market
Strategic mergers and acquisitions to drive innovations are the major trends gaining popularity in the steel wire market. Major players in the steel wire market are increasing mergers and acquisitions with other players to drive product innovations, succeed in the increasingly competitive steel wire market and enter into new geographies to develop innovative products, through sharing skills and expertise with other players. In June 2022, Nucor Corporation, a US-based steel production company, acquired Summit Utility Structures and Sovereign Steel Manufacturing for an undisclosed amount. This acquisition strengthens Nucor's position as the market leader in steel and downstream steel products, and Nucor will become the preferred solutions provider for utility transmission towers, substations, telecommunication towers and highway signage structures. Summit Utility Structures and Sovereign Steel Manufacturing are US-based manufacturers, that manufacture steel cables and custom-engineered tubular poles.

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Key Segments -
The steel wire market covered in this report is segmented -
1) By Type: Carbon Steel, Alloy Steel, Stainless Steel
2) By Thickness: 0.01 Mm To 0.8 Mm, 0.8 Mm To 1.6 Mm, 1.6 Mm To 4 Mm, 4 Mm and Above
3) By Form: Non Rope, Rope
4) By End-Use: Construction, Automotive, Energy, Industrial, Other End-Use Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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