Press release
Steel Wire Market: Analyzing its Steady Growth, Upcoming Market Trends, and Future Projections
Steel Wire Market
Booming Construction Industry and Rising Disposable Income Stoke Demand for Steel Wire
What Is The Projected Market Size Of The Global Steel Wire Market And Its Growth Rate?
•The steel wire market has seen consistent growth, escalating from $110.63 billion in 2024 to $115.79 billion in 2025. This represents a compound annual growth rate (CAGR) of 4.7%. This growth is due, in part, to an increased demand for construction, growth in disposable income, and positive government initiatives.
•The market is expected to sustain strong growth, with projections tipping the scale at $149.86 billion by 2029 - a CAGR of 6.7%. This surge in the forecast period is attributed to global government investment in infrastructure, rising demand for steel wire in various applications, and increasing urbanization.
What Is Driving The Growth In The Steel Wire Market?
The steel wire market is largely driven by the growing demand for high-rise buildings. High-rise buildings typically use reinforced concrete and steel for their structural systems, with skyscrapers featuring a steel frame and residential blocks usually constructed of concrete. According to CommercialSearch, a US-based real estate agency, nearly 736,000 multifamily units are projected to be completed in the U.S. in 2024, up from approximately 475,000 in 2022 and over 500,000 in 2023. Consequently, the burgeoning demand for high-rise buildings acts as a catalyst for the growth of the steel wire market.
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Who Are the Key Players Driving Steel Wire Market Growth?
•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
What Are The Key Trends In The Steel Wire Market?
•Focus on strategic mergers and acquisitions
•Increasing launch of new products
•Investments in green hydrogen-based technologies
•Drive towards artificial intelligence technology
What Are The Segments Of The Global Steel Wire Market?
• By Type: Carbon Steel, Alloy Steel, Stainless Steel
• 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
• By Form: Non Rope, Rope
• By End-Use: Construction, Automotive, Energy, Industrial, Other End-Use Industries
Which Region Leads The Steel Wire Market?
Asia-Pacific led the steel wire market in 2024, showcasing the largest market share. However, Europe is expected to experience the most rapid growth during the forecast period. The steel wire market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Steel Wire Market Global Market Report?
- Market Size Analysis: Analyze the Steel Wire Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Steel Wire Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Steel Wire Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Steel Wire Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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