Steel Wire Market Synopsis

Steel Wire Market Size Was Valued at USD 77.58 Billion in 2023, and is Projected to Reach USD 140.25 Billion by 2032, Growing at a CAGR of 6.80% From 2024-2032.

Steel wire is an elastic material which is produced from steel generally containing iron and carbon with addition of other elements. This property makes it famous for its high strength, hardness, flexibility and ductility hence its application in industries and commerce. The Continuous galvanized steel wire is applied in construction, making cables, fencing, automobile industries, and other machineries which call for tensile strength as well as resistance to corrosion. It can come in various thicknesses and can be painted or can be galvanized especially when used in construction.

• The basic market of the steel wire is crucial to different portions of industries all over the world through its flexibility in constructions, autos, manufacturing, and structures. These essential characteristics customer in steel wire thereby making it to be basic to these industries; tensile strength, durability, and flexibility. In construction, it is applied in construction of concrete buildings to improve on their strength and as fencing materials since it does not corroded. Some of the automotive application includes tire reinforcement, springs and cables that can harness the strength of the steel wire with regard to stress and fatigue. 

•  Manufacturing sectors use steel wire for example in personalities to produce wire mesh, welding electrodes & fastening. It is also useful where flexibility and electrical conductivity are required such as in electrical wires and telecommunication cables. Foreign markets are further driven by urbanization, industrialization and developing infrastructure in the global market especially in the emerging economies where there is a rapid industrialization which requires material such as the steel wire. 

• Market factors include but not limited to changes in cost of the raw materials, changes in the technological field, and the imposed laws on the environmental impact of the manufacturing processes. New applications for steel wire, higher strength steel wire alloys and new corrosion resistant coatings keep steel wire competitive in today and tomorrow markets. However, the market structure of fresh water is also affected by trade liberalization, shift in the global supply chains and geopolitical considerations of pricing of water.

•  Pain areas examined for the steel wire industry include: cost volatility resulting from the cost of raw materials, issues and environmental standards regarding emission and waste, and threats posed by substitutes such as aluminum and synthetic fibers. The participants also emit their resources in the constant search for new innovations in the development of products, which improves the quality of products, reduces the cost of production and choose other market areas to invest this in, thus, retaining market growth in progressive industries. 

•  As such, the emphasis is made on the future market growth due to the continuous infrastructure projects, new developments in the automotive industry and innovative technologies. While more and more industries continue to embrace sustainability, as well as efficiency, steel wire is flexible and has value as a timeless resource for potential future changes in the market.

Steel Wire Market Trend Analysis

Increasing Demand for High-Strength Steel Wire

• Several factors and drivers explain the current and future trends of high-strength steel wire supply and demand on the global market. High-strength steel wire is used in automobile, construction, aircraft, and other industries because of its excellent mechanical properties like tensile strength, toughness, and corrosion resistance. The use of high strength steel wires for the production of the springs, cables and tire reinforcements in automotive industry has also been boosted by the need to make lighter vehicles that are fuel efficient and also which meet set safety standards. Likewise, in construction and infrastructure projects, these wires are used because they can handle large loads and tough conditions and therefore increase the longevity of the structure of buildings and bridges.

•  Furthermore, steel wires are used in aerospace applications that include frames, engine components and landing gears of aircrafts because of their strength and durability when exposed to operational stress. Thus, the market for steel wires is also likely to expand in the future as technological improvements in manufacturing processes and product quality are gradually improving the production of high-strength steel wires, mainly used in automotive and construction industries, while investments in these sectors are gradually increasing around the globe.

Increasing Demand for Lightweight Materials in Automotive Sector

• The automobile industry needs lightweight materials and thus, has greatly affected the steel wire industry. Steel wires are used in almost every automobile part as they offer high tensile strength, and they are also very durable. Nevertheless, due to the increasing focus on the reduction of the weight of automobiles to enhance efficiency and reduce the emission of gases, other materials such as the advanced high-strength steels (AHSS), aluminum, and composites have gained more popular than the conventional steels.

• Automotive has hence put pressure on steel wire producers to come up with advanced, lighter weight steel wires that can pass through stringent automotive tests while at the same providing weight reduction. Also, the increasing use of electric vehicles that need lighter materials to increase range and the lifespan of batteries boosts this trend. Therefore, the steel wire market has shifted its strategy to create lighter wires that do not affect the strength and performance of the wire used in automobiles, thus supporting the automotive industry’s green initiatives and innovation.

Steel Wire Market Segment Analysis:

Steel Wire Market Segmented based on  Type of Steel Wire, End User Industry  and Application.

By Type of Steel Wire, Carbon Steel Wire segment is expected to dominate the market during the forecast period

• The global steel wire market is classified on the basis of type into carbon steel wire, alloy steel wire, stainless steel wire, and others. Carbon steel wire is the most popular type of wire because it is extensively used in construction, automotive, and industrial industries where the wire must be strong and durable. The Alloy Steel wire comes next with improved mechanical properties and corrosion resistance for the specific applications in the aerospace and manufacturing industry.

• Stainless steel wire constitutes the largest market share owing to its corrosion resistance and its application in aesthetic purposes in areas of medical devices, food processing, and marine use. The ‘others’ category also consists of specific varieties like the galvanized steel wire that is used in making fences and agriculture. In general, the market is rather heterogeneous and contains numerous applications across various industries; each kind of steel wire serves certain functions and purposes, which positively affect the development of the global steel wire market.

By End User Industry, Automotive segment held the largest share in 2023

• The Steel Wire market by End-User Industry has been depicted in detail with regard to its uses in different industries. In the construction filed, steel wire finds its application in the reinforcement of concrete structures and constructions, giving it the required strength and stability. Automotive uses steel wire for the reinforcement of tires, seat frames and suspension systems because of its high tensile strength as well as its durability. In the manufacturing industry, the most common application is in machinery and equipment manufacture, to produce sturdy subassemblies and fittings for sturdy items.

• In the energy sector steel wire is used in cables and wires for transmitting and distributing electricity and through its conductivity and ability to stand harsh conditions. Another major application of steel wire can be seen in aerospace industries as steel wire is a light weight yet very strong material used in aircraft and structural parts of an aircraft. Other sectors that have adopted steel wire include agriculture, telecommunication, and consumer products where it is used in fencing, telecommunication cables, and household products among others; demonstrating the universality of the product given its characteristics such as strength, durability and flexibility to different conditions.

Steel Wire Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• The steel wire market in the North American region is expected to hold the largest market share in the near future. The following are therefore the factors that are driving this projection. First, North America is home to a developed industrial economy coupled with suitable infrastructure, which creates a strong market for this product including construction, automotive, and manufacturing industries. Also, quality control measures and set standards in North America provide for high standards of steel wire products hence their wide application. In addition, technological advancements and innovation in the processes of steel wire production add more value to the region’s steel wire production industry in the international market.

• It is also important to note that key steel wire manufacturers and distributors are located in the United States and Canada which also add to dominance of the North America market. Also, the infrastructural development projects being undertaken across the globe specifically in transportation and utilities has led to the enhanced demand for steel wire products. Thus, North America can be considered as the most promising region in the global steel wire market due to the active approach to technological advancements, well-developed industry, and active investment in infrastructure projects in the near future.

Active Key Players in the Steel Wire Market

• Royal Dutch Shell PLC (Netherlands)
• Nippon Steel Corporation (Japan)
• Tata Steel (India)
• Kobe Steel (Japan)
• POSCO (South Korea)
• Bekaert (Belgium)
• Insteel Industries (US)
• Davis Wire Corporation (US)
• Hubei Fuxing Science and Technology Co., Ltd. (China)
• Jiangsu Shagang Group (China)
• Others Key Player

Key Industry Developments in the Steel Wire Market

• July 2023: KOBE Steel announced that its Kobenable Steel, a low-CO2 blast furnace steel product, has opted for special steel wire rods in automobiles in Japan for the first time.

• March 2023 - Systematic Group, one of the leading Gl wire manufacturers in India has acquired a new manufacturing unit in Kolkata to expand their operations and introduce wires made from Green Steel in the country. This development has the helped the company to cater to the Eastern market region.

• November 2022: Kobe Steel purchased 25% of Millcon Steel's issued share in Kobelco Millcon Steel Co., Ltd. (KMS), a Thai company that produces wire rods. In the ASEAN region, KMS is the only special steel wire rod manufacturer.

• April 2022: ArcelorMittal signed an agreement to acquire Voestalpine's world-class Hot Briquetted Iron ('HBI') plant, which is located in Corpus Christi, Texas. ArcelorMittal will have 80% shareholding, and Voestalpine will retain the remaining 20%.

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Steel Wire Market by Type of Steel Wire
 4.1 Steel Wire Market Snapshot and Growth Engine
 4.2 Steel Wire Market Overview
 4.3 Carbon Steel Wire
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Carbon Steel Wire: Geographic Segmentation Analysis
 4.4 Alloy Steel Wire
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Alloy Steel Wire: Geographic Segmentation Analysis
 4.5 Stainless Steel Wire
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Stainless Steel Wire: Geographic Segmentation Analysis
 4.6 Others
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 Others: Geographic Segmentation Analysis

Chapter 5: Steel Wire Market by End-Use Industry
 5.1 Steel Wire Market Snapshot and Growth Engine
 5.2 Steel Wire Market Overview
 5.3 Construction
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Construction: Geographic Segmentation Analysis
 5.4 Automotive
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Automotive: Geographic Segmentation Analysis
 5.5 Manufacturing
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Manufacturing: Geographic Segmentation Analysis
 5.6 Energy
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Energy: Geographic Segmentation Analysis
 5.7 Aerospace
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 Aerospace: Geographic Segmentation Analysis
 5.8 Others
  5.8.1 Introduction and Market Overview
  5.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.8.3 Key Market Trends, Growth Factors and Opportunities
  5.8.4 Others: Geographic Segmentation Analysis

Chapter 6: Steel Wire Market by Application
 6.1 Steel Wire Market Snapshot and Growth Engine
 6.2 Steel Wire Market Overview
 6.3 Fasteners
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Fasteners: Geographic Segmentation Analysis
 6.4 Springs
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Springs: Geographic Segmentation Analysis
 6.5 Bearings
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Bearings: Geographic Segmentation Analysis
 6.6 Wire Rope
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Wire Rope: Geographic Segmentation Analysis
 6.7 Welding Consumables
  6.7.1 Introduction and Market Overview
  6.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.7.3 Key Market Trends, Growth Factors and Opportunities
  6.7.4 Welding Consumables: Geographic Segmentation Analysis
 6.8 Others
  6.8.1 Introduction and Market Overview
  6.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.8.3 Key Market Trends, Growth Factors and Opportunities
  6.8.4 Others: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Steel Wire Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 ROYAL DUTCH SHELL PLC (NETHERLANDS)
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 NIPPON STEEL CORPORATION (JAPAN)
 7.4 TATA STEEL (INDIA)
 7.5 KOBE STEEL (JAPAN)
 7.6 POSCO (SOUTH KOREA)
 7.7 BEKAERT (BELGIUM)
 7.8 INSTEEL INDUSTRIES (US)
 7.9 OTHER MAJOR PLAYERS

Chapter 8: Global Steel Wire Market By Region
 8.1 Overview
 8.2. North America Steel Wire Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Type of Steel Wire
   8.2.4.1 Carbon Steel Wire
   8.2.4.2 Alloy Steel Wire
   8.2.4.3 Stainless Steel Wire
   8.2.4.4 Others
  8.2.5 Historic and Forecasted Market Size By End-Use Industry
   8.2.5.1 Construction
   8.2.5.2 Automotive
   8.2.5.3 Manufacturing
   8.2.5.4 Energy
   8.2.5.5 Aerospace
   8.2.5.6 Others
  8.2.6 Historic and Forecasted Market Size By Application
   8.2.6.1 Fasteners
   8.2.6.2 Springs
   8.2.6.3 Bearings
   8.2.6.4 Wire Rope
   8.2.6.5 Welding Consumables
   8.2.6.6 Others
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Steel Wire Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Type of Steel Wire
   8.3.4.1 Carbon Steel Wire
   8.3.4.2 Alloy Steel Wire
   8.3.4.3 Stainless Steel Wire
   8.3.4.4 Others
  8.3.5 Historic and Forecasted Market Size By End-Use Industry
   8.3.5.1 Construction
   8.3.5.2 Automotive
   8.3.5.3 Manufacturing
   8.3.5.4 Energy
   8.3.5.5 Aerospace
   8.3.5.6 Others
  8.3.6 Historic and Forecasted Market Size By Application
   8.3.6.1 Fasteners
   8.3.6.2 Springs
   8.3.6.3 Bearings
   8.3.6.4 Wire Rope
   8.3.6.5 Welding Consumables
   8.3.6.6 Others
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Steel Wire Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Type of Steel Wire
   8.4.4.1 Carbon Steel Wire
   8.4.4.2 Alloy Steel Wire
   8.4.4.3 Stainless Steel Wire
   8.4.4.4 Others
  8.4.5 Historic and Forecasted Market Size By End-Use Industry
   8.4.5.1 Construction
   8.4.5.2 Automotive
   8.4.5.3 Manufacturing
   8.4.5.4 Energy
   8.4.5.5 Aerospace
   8.4.5.6 Others
  8.4.6 Historic and Forecasted Market Size By Application
   8.4.6.1 Fasteners
   8.4.6.2 Springs
   8.4.6.3 Bearings
   8.4.6.4 Wire Rope
   8.4.6.5 Welding Consumables
   8.4.6.6 Others
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Steel Wire Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Type of Steel Wire
   8.5.4.1 Carbon Steel Wire
   8.5.4.2 Alloy Steel Wire
   8.5.4.3 Stainless Steel Wire
   8.5.4.4 Others
  8.5.5 Historic and Forecasted Market Size By End-Use Industry
   8.5.5.1 Construction
   8.5.5.2 Automotive
   8.5.5.3 Manufacturing
   8.5.5.4 Energy
   8.5.5.5 Aerospace
   8.5.5.6 Others
  8.5.6 Historic and Forecasted Market Size By Application
   8.5.6.1 Fasteners
   8.5.6.2 Springs
   8.5.6.3 Bearings
   8.5.6.4 Wire Rope
   8.5.6.5 Welding Consumables
   8.5.6.6 Others
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Steel Wire Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Type of Steel Wire
   8.6.4.1 Carbon Steel Wire
   8.6.4.2 Alloy Steel Wire
   8.6.4.3 Stainless Steel Wire
   8.6.4.4 Others
  8.6.5 Historic and Forecasted Market Size By End-Use Industry
   8.6.5.1 Construction
   8.6.5.2 Automotive
   8.6.5.3 Manufacturing
   8.6.5.4 Energy
   8.6.5.5 Aerospace
   8.6.5.6 Others
  8.6.6 Historic and Forecasted Market Size By Application
   8.6.6.1 Fasteners
   8.6.6.2 Springs
   8.6.6.3 Bearings
   8.6.6.4 Wire Rope
   8.6.6.5 Welding Consumables
   8.6.6.6 Others
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Steel Wire Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Type of Steel Wire
   8.7.4.1 Carbon Steel Wire
   8.7.4.2 Alloy Steel Wire
   8.7.4.3 Stainless Steel Wire
   8.7.4.4 Others
  8.7.5 Historic and Forecasted Market Size By End-Use Industry
   8.7.5.1 Construction
   8.7.5.2 Automotive
   8.7.5.3 Manufacturing
   8.7.5.4 Energy
   8.7.5.5 Aerospace
   8.7.5.6 Others
  8.7.6 Historic and Forecasted Market Size By Application
   8.7.6.1 Fasteners
   8.7.6.2 Springs
   8.7.6.3 Bearings
   8.7.6.4 Wire Rope
   8.7.6.5 Welding Consumables
   8.7.6.6 Others
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research