Rising Demand For High-Rise Buildings Drives Growth In The Steel Wires Market: An Emerging Driver Transforming The Steel Wire Market Landscape

The Steel Wire Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Steel Wire Market?
The size of the steel wire market has seen consistent growth over the past few years. The market is expected to increase from $110.63 billion in 2024 to $115.79 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.7%. The expansion in the previous period can be linked to a surge in construction demand, increment in disposable income, supportive government schemes, and economic advancement in developing markets.

The market for steel wire is projected to experience robust expansion in the coming years, swelling to a worth of $149.86 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. Factors contributing to the predicted growth during the forecast period include higher global government investment in infrastructure, rising demand for steel wire across various industries, and accelerating urbanisation. Key trends for the forecast period include emphasis on strategic mergers and acquisitions, the launch of new products, investment in green hydrogen technologies, and concentration on artificial intelligence technology.

Purchase the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=6089

What Are the Different Steel Wire Market 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

Subsegments:
1) By Carbon Steel: Low Carbon Steel Wire, Medium Carbon Steel Wire, High Carbon Steel Wire
2) By Alloy Steel: Low-Alloy Steel Wire, High-Alloy Steel Wire
3) By Stainless Steel: Austenitic Stainless Steel Wire, Ferritic Stainless Steel Wire, Martensitic Stainless Steel Wire

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6089&type=smp

What Are the Primary Drivers Shaping the Steel Wire Market?
The surging need for tall buildings is anticipated to propel the steel wires market's expansion. The construction of high-rise structures primarily utilizes reinforced concrete and steel. While skyscrapers typically have a steel framework, residential complexes are generally built of concrete. CommercialSearch, a real estate agency in the US, noted in February 2024 that around 475,000 multifamily units were finished in the country in 2022 and increased to over 500,000 units in 2023. It is projected that nearly 736,000 units will be completed in 2024. Consequently, the escalating demand for tall buildings is promoting the growth of the steel wire market.

Which Companies Are Leading in the Steel Wire Market?
Major companies operating in the steel wire market include 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, 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

What Are the Major Trends Shaping the Steel Wire Market?
The trend of strategic mergers and acquisitions aimed at fostering innovation is gaining traction in the steel wire market. Top players in this market are ramping up their merger and acquisition activities with fellow players in order to stimulate new product developments, secure a stronger position in the fiercely competitive steel wire market, and penetrate new geographical markets through the pooling of skills and expertise. In June 2022, Nucor Corporation, an American steel production firm, acquired Summit Utility Structures and Sovereign Steel Manufacturing for an undisclosed sum, thereby bolstering its standing as the market frontrunner in steel and its downstream products. This move positions Nucor as the go-to provider for utility transmission towers, substations, telecommunication towers, and highway signage structures. Both Summit Utility Structures and Sovereign Steel Manufacturing are American-based firms specializing in manufacturing steel cables and custom-engineered tubular poles.

Get the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/report/steel-wire-global-market-report

What Are the Top Revenue-Generating Geographies in the Steel Wire Market?
Asia-Pacific was the largest region in the steel wire market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the steel wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Steel Wire Market?
2. What is the CAGR expected in the Steel Wire Market?
3. What Are the Key Innovations Transforming the Steel Wire Industry?
4. Which Region Is Leading the Steel Wire Market?

Why This Report Matters:

Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.

Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.

Efficient Research: Quickly identify market growth, leading players, and major segments.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.