Steel Wire Market: Overview
- Steel wire is a semi-finished commodity, which is rolled from steel billet and utilized for the manufacture of wire. This wire is then made into coils. The coils are made either by tying with a wire or using a strapping band. They are usually sold in a rolled condition. The user may prepare the wires for further processing by cleaning & coating, or by heating.
- Steel wires are rolled up in the coil and ordinarily have a circular cross-section with a diameter from 5.5-42mm. Steel for the rod is generated by modern steel making methods such as basic oxygen and electric furnace methods. Steel wires have high tensile strength & durability and are utilized in various industrial applications such as wire loops, spring cables, barbed wires, steel reinforcing, wire mesh, and automobile components.
Key Drivers and Restraints of Steel Wire Market
- The construction industry is the largest application industry of the steel wire market in terms of volume. Steel wire is used in the construction industry in road, river & railway bridges, flyovers, atomic reactor domes, slabs, silos, hangers, aqueducts, high-rise buildings, viaducts, and railway sleeper construction. Rise in demand for steel wires in these applications is expected to drive the steel wire market during the forecasted period.
- Increasing adoption of steel wire in aviation, construction, and automobile industries is a significant driver of the steel wire market. Increase in demand for high-quality wire owing to its flexibility and escalating urbanization are triggering the demand for steel wire. Enhanced automotive performance, and cost-effective and upgraded production technology are the anticipated to boost the market in the near future.
- However, emergence of plastic and hybrid ropes is a major restrain of the steel wire market
Global Steel Wire Market: Segmentation
- The global steel wire market can be segmented based on form, type, and end-use industry
- Based on form, the global steel wire market can be segmented into non-rope and rope. The rope segment is projected to expand at the highest CAGR during the forecast period.
- Based on type, the global steel wire market can be segmented into carbon steel, alloy steel, and stainless steel. The carbon steel segment accounted for larger share of the steel wire market in 2020. Carbon steel wire is used in a wide range of applications such as tires, cords, hoses, galvanized wires and strands, ACSR strands, and armoring of conductor cables, fencing, springs, fasteners, clips, staples, mesh, screws, nails, barbed wires, chains, and steel fibers in concrete.
- Based on end-use industry, the global steel wire market can be segmented into construction, automotive, energy, agriculture, and industrial. Construction holds the major share of the market. Rise in construction activities related to residential and commercial spaces, and infrastructure is likely to influence the demand for steel wire. Increase in construction of bridges, dams, airports, and others is also boosting the steel wire market.
Global Steel Wire Market: Regional Segmentation
- In terms of region, the global steel wire market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- Asia Pacific holds the major share of the steel wire market owing to the increasing demand for steel wires in construction & infrastructure projects in the region
COVID-19 Impact on Global Steel Wire Market
- The COVID-19 pandemic has adversely affected the global steel wire market. This has led to a reduction in the consumption of steel wires across industrial manufacturing, mining, automotive, aerospace & defense, and other industries. However, recovery of demand for commercial airlines after the lifting of lockdowns in different countries promises market growth in the short term.
Key Players in Market
The steel wire market is fragmented market, with companies focusing on integrating advanced technologies to increase their market share. Companies are offering a complete portfolio of products, and are focusing on different business strategies to strengthen their position in the market.
Key players operating in the global market are:
- Nippon Steel
- JFE Steel Corporation
- TATA Steel Limited
- Bekaert SA
- The Heico Companies
- Ferrier Nord
- Byelorussian Steel Works
- Kobe Steel, Ltd.
- VIRAJ PROFILES LTD.
Global Steel Wire Market: Research Scope
Global Steel Wire Market, by Form
Global Steel Wire Market, by Type
- Carbon Steel
- Alloy Steel
- Stainless Steel
Global Steel Wire Market, by End-use Industry
Global Steel Wire Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa