Steel Wire Industry Global Market Insights for 2024

"The Business Research Company recently released a comprehensive report on the Global Steel Wire Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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..

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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

Didi Chuxing Technology Co, Uber Technologies Inc., Avis Budget Group, Lyft Inc., The Hertz Corporation, Grab Taxi Holdings Pvt. Ltd., Deutsche Bahn Connect GmbH, BlaBlaCar, Gett Inc, ANI Technologies Private Limited, Cao Cao Mobility, Grab, Gojek, Ofo, Yulu, Zoomcar, Sixt Share, Flinkster, Bolt, Miles, Beryl, Serco, Dott, Tier, Voi, Ginger, Neuron, Hourbike, Veturilo, MOL BuBi, Uklon, CityBee, Skok, Nextbike, Citymapper, Keolis, LimeBike, Mobike, Motivate, Ola, Scoot Networks, Transit, Via, Zipcar, Micromobility Inductries, Lalamobility, Awto, Alstom, Contxto, Bogotá, AlgoLion, Anagog, Arbe, DiDi Chuxing, Drive now, Ekar, ZayRide, Bole Meter Taxi, Yookoo Ride, Shuttlers, Careem

Steel Wire Market 2024 Key Insights:

• 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%.
• Rising Demand For High-Rise Buildings Drives Growth In The Steel Wires Market
• Strategic Mergers And Acquisitions Drive Innovations In The Steel Wire Market
• Asia-Pacific was the largest region in the steel wire market in 2023

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