The global steel wire market size reached USD 98.96 Billion in 2021 and is expected to register a revenue CAGR of 5.5% during the forecast period, according to latest analysis by Emergen Research. Significant investments in construction of fences for various applications and purposes is a major factor driving market revenue growth. In addition, initiatives being undertaken by government bodies to install restraints to avoid human-animal conflicts and need to change fences from time to time are driving revenue growth of the market. Steel wires are preferred for fence construction due to ease of installation, visibility, and durability. One of the key properties of wire fencing is the freedom to customize and configure as per requirements. Also, companies invest in production equipment to manufacture different styles and finishes, and steel wires made from galvanized steel are more cost-effective and fences deployed with a combination of steel with wood posts for enhanced durability are more preferred.
However, wide availability of plastic and hybrid ropes as a replacement for steel ropes is a major factor restraining market revenue growth. Steel ropes are used in the construction of cranes, elevators, and others but due to disruptions in the supply chains and cost-effectiveness associated with the manufacturing of plastic and hybrid ropes, small & medium-scale industries are shifting towards the aforementioned alternatives. In addition, replacing steel ropes with plastic ropes has significantly reduced the weight of products, provide better stability, and reduced equipment load. Moreover, plastic ropes can withstand harsh environmental conditions and tolerate conditions during installation, handling, and equipment maintenance.
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Some Key Highlights From the Report
Stainless Steel segment accounted for a significantly robust revenue share in 2021. Increasing demand for stainless steel wire in the electronics industry and increasing application of stainless steel wire as a raw material for screws, springs, metallic net, hardware, and others are major factors driving revenue growth of this segment. Industry professionals also prefer to incorporate stainless steel due to its fire and heat resistance properties, good impact resistance and high strength, and corrosion resistance among others.
Rope segment accounted for a significantly robust revenue share in 2021. Increasing demand for steel wire ropes in the marine industry is a major factor driving revenue growth of this segment. In addition, strategic initiatives undertaken by companies such as Bekaert and others to expand their respective product portfolios and existing capabilities is another key factor contributing to revenue growth of this segment.
Construction segment accounted for a significantly large revenue share in 2021. Significant investments in construction of commercial units and renovation of industrial facilities are major factors driving market revenue growth. Steel wire has wide applications in the construction industry. For instance, it is used in the reinforcement of bridges and binding of rebar to keep structures intact. Moreover, industry professionals prefer to use steel wire during construction activities due to its high strength, corrosion and deformation resistance, and others.
One of the report’s central components is the broad Steel Wire market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the Steel Wire market players.
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Emergen Research has segmented global steel wire market on the basis of type, form, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Form Outlook (Revenue, USD Billion; 2019-2030)
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Highlights of the TOC:
1. Report Overview 1.1 Research Scope 1.2 Key Steel Wire market segments 1.3 Major players 1.4 Market analysis by product 1.5 Market analysis by application 1.6 Report timeline
2. Global Growth Trends 2.1 Global Steel Wire market size 2.2 Latest Steel Wire market trends 2.3 Key growth trends
3. Competitive Landscape 3.1 Global Steel Wire market key players 3.2 Global Steel Wire size by manufacturers 3.3 Products of major players 3.4 Entry barriers in the Steel Wire market 3.5 Mergers, acquisitions, joint ventures, and strategic alliances
Key geographical areas:
Middle East & Africa
Leading Players Profiled in the Report:
ArcelorMittal, HBIS Group, Nippon Steel Corporation, Bekaert, Tata Steel, JSW Steel, Kobe Steel, Ltd., JFE Steel Corporation, Heiko Companies, Insteel Industries, Inc., Fagersta Stainless AB, and GP Steel Manufacturing SA.
Key questions addressed in the report:
What are the key factors driving the global Steel Wire market?
Who are the key manufacturers in this market space?
Who are the distributors, traders and dealers of this market?
What are the market opportunities and risks affecting the performance of the vendors in the global Steel Wire market?
What are the sales and revenue estimations for the top manufacturers in this market over the projected timeline?
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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