The global steel wire market is anticipated to grow at a significant CAGR during the forecast period. Steel wire is a very useful and adaptable material that can be found in a variety of ordinary household items as well as in your automobile. Steel wire is also used for cleaning, spring-loaded devices, strengthening, structural integrity, and even generating music in aviation, construction, commercial, industrial, and military applications. However, not every wire can be utilised for every application. Steel wire is made to various strengths, elasticity, and thicknesses for various applications. Steel wires are in great demand in a variety of end-use sectors, including construction, automotive, and industrial, due to qualities including high strength, conductivity, and longevity. For instance, in 2020-21, India produced only 96.20 million tonnes of finished steel, which is two-thirds of the country’s capacity. India’s steel consumption is much lower than it produces and nowhere near its production capacity. India’s finished steel consumption between 2016 and 2021 ranged from 83.7 MTPA to 94.1 MTPA, according to the latest annual report of the Steel Authority of India Ltd. Crude steel production ranged between 95.5 MTPA and 110.9 MTPA in the same period.

Impact of COVID-19 Pandemic on Global Steel Wire Market

The COVID-19 pandemic had impacted most of the industries in the market. The spread of the virus led most governments across the globe to impose a lockdown that strictly restricted the supply chain, logistics, automotive industry. COVID-19 has caused multiple industries and automotive businesses to suspend production in various nations, resulting in lower demand for steel wire, which has impacted steel wire demand in European countries. During the projected period, steel wire demand will be driven by the recovery of end-use industries and the restoration of the supply chain.

Segmental Outlook 

The global steel wire market is segmented on the basis of waste form, type and end user. On the basis of form, the market is segmented into a rope and non-rope. Rope market is expected to contribute significant market share owing to their high load bearing strength mainly used in fishing and mining sectors. On the basis of type, the market is segmented into the alloy steel, carbon steel, and stainless steel. The carbon steel is expected to have a major market share due to the wear and shock resistance, light weight, and have high tensile strength useful in construction industry. By end-user, the market is segmented into the construction, automotive, energy, agriculture and industrial. Residential industry is expected to contribute to significant market due to various initiatives by government like pay as you throw across the globe.

Global Steel Wire Market Share by Type, 2021 (%) 

The Carbon Steel Segment Anticipated to Hold the Prominent Share in the Global Steel Wire Market

The carbon steel segment is estimated to dominate the market with a prominent share of the market during the forecast period owing to the most common steel used in the production of steel wire is carbon steel. Carbon steel wire is used in a variety of applications, including rubber, cables, hoses, Galvan wires and strands, ACSR strands and increases team of conductor cables, hinges, hooks, clips, staples, mesh, fences, nuts, nails, chains, barb wires, and carbon fibre in concrete. Carbon steel wires are widely used and accepted for a variety of purposes whereas for shipbuilding, agriculture, petroleum, automobiles, welding electrodes, brilliant bars, and home applications are among the sectors that employ stainless-steel wire products. Nuclear reactors, transmission lines, heat exchangers, and desulfurization scrubbers all employ stainless steel wires in the energy industry.

Regional Outlooks

The global steel wire market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).  The market can be analyzed for a particular region or country level as per the requirement. The Asia Pacific region is anticipated to be the fastest-growing region in the waste maangement market owing to the presence of the large number of market players within these regions such as Kangbo Solid Waste, Banyan Nation, Uproot, and others which are significantly contributing to the market. 

Global Steel wire Market Growth, by Region 2022-2028

The Europe Region Estimated to Grow Fastest in the Global Steel Wire Market

The Europe region is projected to grow fastest during the forecast period. European Steel Industry directly employs 330,000 highlyskilled people and through indirect and induced effects supports the jobs of up to 2.2 million more. The sector produces on average 170 million tonnes of steel per year at more than 500 steel production sites across 23 EU member states. The EU imported 25.3 million tonnes of finished steel products in 2019. According to the World Steel Association, the automotive end-use industry, finished steel consumption is predicted to reduce by 17% in 2020. however, consumption is expected to increase in the post-pandemic condition. Globally, finished steel consumption is predicted to increase by 13%. The automobile industry is centred in Europe, and its expansion presents an opportunity for steel wire makers in the area. Moreover, some European governments have proposed stimulus measures for the automobile sector, which are likely to benefit the region's automakers. Additionally, in October 2020, the European Steel Association (EUROFER) forecast EU steel demand to decline by 11.5% in 2020.

Market Players Outlook

The major companies serving the global steel wire market ArcelorMittal, HBIS  Group, Heico Wire Group, Nippon Steel & Sumitomo Metal Corporation, TATA Steel Ltd., and  others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Meltio, Linares, Spain,lauched a metal wire-based materials for Additive Manufacturing.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global steel wire market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.