The global steel wire market size is expected to grow from USD 93.1 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0% during the forecast period. Steel wire is extensively being used in the construction, automotive, energy, agriculture, industrial, and other end-use industries. The increasing construction & infrastructure projects support the demand for steel wire in the construction end-use industry.
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The construction industry is the largest application industry in the steel wire market in terms of volume. Steel wire find wide applications in construction industry in road, river & railway bridges and flyovers, atomic reactor domes, slabs, silos, hangers, aqueducts, high-rise buildings, viaducts, and railway sleeper construction.
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.
Recent Developments
In January 2019, Byelorussian Steel Works signed the supply contract with a Continental (Germany) in order to supply around 32.8 thousand tons of steel cords. This agreement helped company to maintain their competitive position in the market.
In April 2018, Bekaert SA reached to and acquisition agreement with Bridon-Bekaert Ropes Group and took full ownership. The company adopted this strategy to grow their business globally and to create significant value over the period.
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.
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
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