Steel wire are used in a various of end-use industries, including construction, automotive, energy, agriculture, industrial, and others. It possesses high strength, scrub resistance, and good conductivity, which makes it useful in applications such as wire for tires, hoses, galvanized wires and strands, ACSR strands, and armoring of conductor cables, springs, fasteners, clips, staples, mesh, fencing, screws, nails, barbed wires, chains, etc. However, amidst the global COVID-19 pandemic, the demand for steel wires from the industries mentioned above is expected to show a sharp decline. The global steel wire market size is expected to grow from USD 93.2 billion in 2020 to USD 124.7 billion by 2025, projecting a CAGR of 6.0 % during the forecast period between 2020 and 2025.
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The construction end-use industry holds the dominant market share in the global steel wire market, both in terms of value and volume. The construction industry has increased demand for steel wire in prestressed concrete applications as it reduces the construction time and concrete material requirement. The demand for steel wires from construction end-use is expected to decline in 2020 due to halts in construction projects in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.
APAC is expected to account for the largest market share in the steel wire market
APAC accounts for the biggest share of the global steel wire market. The construction and automotive end-use industry are major consumers of steel wire in the region. The region is home to some of the major steel wire manufacturers such as Kobe Steel, Tata Steel, and Nippon Steel. Moreover, the China is a manufacturing hub of various commercial, military, and passenger automotive vehicles. Europe is the second major consumer of steel wire construction; automotive and energy are the major industries fueling the growth of the steel wire market in this region.
However, the COVID-19 outbreak has affected the demand for steel wire s in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in steel wire market. Such initiatives coupled with recovery in the application industries will increase the demand for steel wire in APAC and European region.
The key players in the steel wire market include ArcelorMittal (Luxembourg), Nippon Steel (Japan), JFE Steel Corporation (Japan), TATA Steel Limited (India) and Kobe Steel, Ltd. (Japan), are some of the key players in the steel wire market. JSW Steel Ltd. (India), Bekaert SA (Belgium), The Heico Companies (United States), Ferrier Nord (Italy) and Byelorussian Steel Works (Belarus), and among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the steel wire market. These players have taken different organic and inorganic developmental strategies over the past five years.
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