The Worldwide Steel Wire Industry is Projected to Reach $124.7 Billion
The global steel wire market size is projected to grow from USD 93.1 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0% between 2020 and 2025.To get more news about
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Steel wires are demanded in various end-use industries including construction, automotive, industrial; due to their advantages properties such as high strength, conductivity, and durability. However, global pandemic disease COVID-19 has disrupted the operations of construction, automotive, and other industries which are expected to decrease the demand for steel wire in 2020.
The non-rope form steel wires find wide applications in various end-use industries. Some of the major applications include a 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. The increasing demand from these applications is expected to drive the non-rope steel wire market during the forecasted period.
The stainless-steel wire products are mainly used in industries such as shipbuilding, agriculture, petroleum, automobile, welding electrode, and bright bars & household applications. In the energy sector, stainless steel wires are used in nuclear reactors, transmission lines, heat exchangers, and desulfurization scrubbers. The increasing demand for stainless steel wire products from spring steel products and oil & gas applications is expected to drive the market during the forecast period. Stainless steel products are used in applications where products need to be used in corrosive and harsh environmental conditions.
The 1.6 mm to 4 mm thickness segment of the steel wire market is the fastest-growing segment. It is the most common thickness of steel wire used. The steel wires of this thickness range are used in TIG welding wire, core wire, electropolish wire, conveyor belt wire, nail wire, nickel-coated base wire for spring, automotive tire cord, automotive spoke wire, bicycle spoke wire, cable armor, fencing, chain link fencing, and among others.
In the automotive end-use industry, steel wires are used in tire reinforcement, spring steel wires, spoke wires, fasteners, exhaust lines, windshield wipers, airbag safety systems, and reinforcement for fuel or brake hose, among others. The recovery in the automotive industry post-Covid-19 era is expected to drive the steel wire market in the automotive end-use industry.
Europe is projected to register the highest CAGR in terms of value in the global steel wire market during the forecast period. The growth of the steel wire industry in this region is supported by the recovery in end-use industries, the advancement of industrial technology solutions, and increasing spending on infrastructural projects.
Due to COVID-19, numerous industries and automotive companies have halted their production sites across various countries that has led to reduced demand for steel wire, which affected the steel wire demand in European countries. The recovery in the end-use industries with restoration in the supply chain would drive the steel wire demand during the forecast period.
The Worldwide Steel Wire Industry is Projected to Reach $124.7 Billion
