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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.