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Major Growth Driver Identified in 2025 Steel Wire Market: Rising Demand For High-Rise Buildings Drives Growth In The Steel Wires Market
Steel Wire
Steel Wire Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the steel wire market has consistently expanded over the past few years. It is predicted to swell from $110.63 billion in 2024 to $114 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 3.0%. The surge observed in the historical period can be associated with an escalating demand in construction, an increase in disposable income, advantageous government policies, and economic development in burgeoning markets.
Steel Wire Market Size Forecast: What's the Projected Valuation by 2029?
In the next couple of years, the steel wire market is projected to enjoy robust expansion, reaching a value of $144.68 billion in 2029 and achieving a compound annual growth rate (CAGR) of 6.1%. This anticipated surge over the forecast period is largely credited to the rise in global government spending on infrastructure, growing demand for steel wire across multiple applications, and escalating urbanization. Key trends shaping this forecast period comprise emphasis on strategic mergers and acquisitions, the intent to roll out new products, investment efforts around eco-friendly hydrogen technologies, and the convergence with artificial intelligence technology.
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What Are the Drivers Transforming the Steel Wire Market?
The escalation in the need for skysers is anticipated to fuel the expansion of the steel wires market. Reinforced concrete and steel are the primary materials employed in the structural framework of tall buildings. Steel frames are prevalent in skysers, whereas residential complexes are usually built from concrete. In line with the data provided by CommercialSearch, a U.S.-based real estate agency, in 2022, around 475,000 multifamily units were finalized in the U.S., and this number surged to more than 500,000 units in 2023, with a forecast of nearly 736,000 units reaching completion in 2024. Hence, the increasing demand for high-rise structures contributes to the expansion of the steel wire market.
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What Trends Will Shape the Steel Wire Market Through 2029 and Beyond?
Innovative advancements brought about by strategic mergers and acquisitions constitute the main trend that is gaining traction in the steel wire industry. Key players in this market are escalating their merger and acquisition activities with other industry players in an effort to boost product innovation, remain competitive in the complex steel wire industry landscape, and establish presence in new territories by blending their proficiency and knowledge with other firms. Nucor Corporation, a company that specializes in steel production based in the US, purchased Summit Utility Structures and Sovereign Steel Manufacturing in June 2022 for a non-disclosed sum. These moves have fortified Nucor's standing as a leading entity in the steel and steel derivative product market, positioning the company as the go-to solution for demand pertaining to utility transmission towers, substations, telecommunication towers, and highway signage structures. Both Summit Utility Structures and Sovereign Steel Manufacturing are headquartered in the US and manufacture steel cables and bespoke tubular poles.
Which Segments in the Steel Wire Market Offer the Most Profit Potential?
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 Firms Dominate the Steel Wire Market by Market Share and Revenue in 2025?
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 Offer the Highest Growth Potential 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.
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