Steady Expansion Forecast for Steel Wire Market, Projected to Reach $149.86 Billion by 2029

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What Will the Steel Wire Industry Market Size Be by 2025?
In recent times, there has been consistent growth in the steel wire market size. From $110.63 billion in 2024, it is projected to expand to $115.79 billion in 2025, recording a compound annual growth rate (CAGR) of 4.7%. Factors contributing to this growth in the past years include an upsurge in construction needs, an increase in disposable income, supportive government policies, and economic development in emerging markets.

What's the Long-Term Growth Forecast for the Steel Wire Market Size Through 2029?
Over the coming years, the steel wire market is predicted to experience a substantial increase in size, expanding to $149.86 billion by 2029 with a compound annual growth rate (CAGR) of 6.7%. The expansion during the projected period is largely due to enhanced government funding in global infrastructure, a growing need for steel wire in diverse applications, and rising urbanization. Key trends anticipated within this projection timeline are a concentration on strategic mergers and acquisitions, the introduction of new products, investment in eco-friendly hydrogen technologies, and an emphasis on artificial intelligence technology.

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What Are the Key Growth Drivers Fueling the Steel Wire Market Expansion?
The increasing need for tall buildings is anticipated to fuel the expansion of the steel wires market. Reinforced concrete and steel are the materials employed in the structural system of tall buildings. While cra*pers have a steel framework, residential blocks are typically built of concrete. According to CommercialSearch, a real estate agency based in the US, about 475,000 multifamily units were finalized in 2022 in the U.S, and that number increased to over 500,000 units in 2023. The completion of nearly 736,000 units is anticipated for 2024. Thus, the increasing requirement for tall buildings contributes to the expansion of the steel wire market.

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What Are the Key Trends Driving Steel Wire Market Growth?
The escalating trend of implementing strategic consolidations and takeovers for spurring innovation is becoming highly attractive in the steel wire industry. Leading industry players are leveraging mergers and acquisitions with their counterparts to stimulate product advancements and secure a winning position in the fiercely competitive steel wire market, while also expanding into new geographic markets. They are achieving this by pooling their expertise and abilities with those of other industry participants. For instance, in June 2022, Nucor Corporation, a US-based steel manufacturing entity, acquired both Summit Utility Structures and Sovereign Steel Manufacturing for a non-disclosed sum. The acquisition has fortified Nucor's standing as the market frontrunner in steel and downstream steel products, positioning Nucor to emerge as a sought-after solution provider for utility transmission towers, substations, telecommunication towers, and highway signage structures. Both Summit Utility Structures and Sovereign Steel Manufacturing, situated in the US, are manufacturers of steel cables and custom-engineered tubular poles.

How Is the Steel Wire Market Segmented?
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

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Which Companies Are Leading the Charge in Steel Wire Market Innovation?
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

Which Regions Are Leading the Global Steel Wire Market in Revenue?
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.

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