Steel Wire Market Size is projected to reach USD 163.44 Billion by 2030, growing at a CAGR of 5.5 %: Spherical Insights
Global Steel Wire Market Size to grow from USD 100.95 billion in 2021 to USD 163.44 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. Asia Pacific emerged as the largest market for the global Steel Wire market, with a market share of around 53.5% and 54.0 billion of the market revenue in 2021.
New York, United States, Nov. 07, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Steel Wire Market Size to grow from USD 100.95 billion in 2021 to USD 163.44 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. The market for steel wires is predicted to grow as a result of rising demand for high-rise structures as steel is the main building blocks required in high-rise structures.
Key Insights
The global Steel Wire Market was valued at USD 100.95 billion in 2021.
The market is growing at a CAGR of 5.5% from 2021 to 2030
The global Steel Wire Market is expected to reach USD 163.44 billion by 2030
The North America is expected to grow the fastest during the forecast period
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The Carbon Steel segment to account for the largest market size during the forecast period
Based on the material, the global Steel Wire Market is categorized into Carbon Steel, Stainless Steel, and Alloy Steel. The Carbon Steel segment to account for the largest market size during the forecast period. Recyclability, safety when handling, and durability are all advantages of carbon steel wire. These qualities, together with the fact that they are widely used in the construction, railroad, industrial, and other related industries. These factors are expected to help in the growth of the Carbon Steel segment expansion.
The Construction segment to hold a higher CAGR during the forecast period
Based on the application, the Steel Wire Market is categorized into Automotive, Agriculture, Industrial, Energy, Construction, and Others. The Construction segment to hold a higher CAGR during the forecast period. During the forecast period, it is predicted that numerous uses of steel wire-based ropes, cables, strands, and cords in moving machinery, supporting structures, and various applications in the construction industry would contribute to the segment's dominance.
“Global Steel Wire Market Size, Share, and COVID-19 Impact Analysis By Material (Carbon Steel, Stainless Steel and Alloy Steel), By Application Type (Construction, Automotive, Energy, Industrial, Agriculture and Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents. https://www.sphericalinsights.com/reports/steel-wire-market
Report Scope
Report Metric | Details |
Market Size 2030 | USD 163.44 Billion |
CAGR | 5.5% (2020-2030) |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Billion) |
Segments Covered | By Material, By Application Type, By Region, COVID-19 Impact Analysis |
Report Coverage | Drivers, Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Geographies Covered | North America, Europe, Asia-Pacific, Latin America, the Middle East, Africa and Rest of the World |
Key Companies Profiled/Vendors | Arcelor Mittal, Bekaert, JFE Steel Holdings, Kobe Steel Limited, LIBERTY Steel Group, Nippon Steel Corporation, Tata Steel Limited, VAN MERKSTEIJN INTERNATIONAL, |
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Market Segment
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Steel Wire Market based on the below-mentioned segments:
Global Steel Wire Market, By Material
Carbon Steel
Stainless Steel
Alloy Steel
Global Steel Wire Market, By Application
Construction
Automotive
Industrial
Agriculture
Energy
Others
Asia- Pacific is estimated to account for the highest market share in 2021.
The Global Steel Wire Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. The presence of raw material suppliers, producers, and end users accounts for the Asia Pacific region's dominance. Manufacturers located in Asia are increasing their output to meet demand from both domestic and foreign markets. North America to hold a higher CAGR during the forecast period.
Regions Covered
North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa
List of Key Market Players:
Arcelor Mittal
Bekaert
JFE Steel Holdings
Kobe Steel Limited
LIBERTY Steel Group
Nippon Steel Corporation
Tata Steel Limited
VAN MERKSTEIJN INTERNATIONAL
Henan Hengxing Science & Technology Co., Ltd.
Tianjin Huayuan Metal Wire Products Co.Ltd.
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Table of Content
Introduction
Objectives of the Study
Market Definition
Research Scope
Research Methodology and Assumptions
Executive Summary
Premium Insights
Porter’s Five Forces Analysis
Value Chain Analysis
Top Investment Pockets
Market Attractiveness Analysis By Material
Market Attractiveness Analysis By Application
Market Attractiveness Analysis By Region
Industry Trends
Market Dynamics
Market Evaluation
Drivers
Increase investments
Restraints
Increasing substituents
Opportunities
Rise in government initiatives
Challenge
5.5.1. Maintenance cost
Global Steel Wire Market Analysis and Projection, By Material
Segment Overview
Carbon Steel
Stainless Steel
Alloy Steel
Global Steel Wire Market Analysis and Projection, By Application
Segment Overview
Construction
Automotive
Industrial
Agriculture
Energy
Others
Global Steel Wire Market Analysis and Projection, By Regional Analysis
Segment Overview
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Asia-Pacific
Japan
China
India
South America
Brazil
Middle East and Africa
UAE
South Africa
Global Steel Wire Market-Competitive Landscape
Overview
Market Share of Key Players in the Steel Wire Market
Global Company Market Share
North America Company Market Share
Europe Company Market Share
APAC Company Market Share
Competitive Situations and Trends
Coverage Launches and Developments
Partnerships, Collaborations, and Agreements
Mergers & Acquisitions
Expansions
Company Profiles
Arcelor Mittal
Business Overview
Company Snapshot
Company Market Share Analysis
Company Coverage Portfolio
Recent Developments
SWOT Analysis
Bekaert
Business Overview
Company Snapshot
Company Market Share Analysis
Company Coverage Portfolio
Recent Developments
SWOT Analysis
JFE Steel Holdings
Business Overview
Company Snapshot
Company Market Share Analysis
Company Coverage Portfolio
Recent Developments
SWOT Analysis
Kobe Steel Limited
Business Overview
Company Snapshot
Company Market Share Analysis
Company Coverage Portfolio
Recent Developments
SWOT Analysis
LIBERTY Steel Group
Business Overview
Company Snapshot
Company Market Share Analysis
Company Coverage Portfolio
Recent Developments
SWOT Analysis
Nippon Steel Corporation
Business Overview
Company Snapshot
Company Market Share Analysis
Company Coverage Portfolio
Recent Developments
SWOT Analysis
Tata Steel Limited
Business Overview
Company Snapshot
Company Market Share Analysis
Company Coverage Portfolio
Recent Developments
SWOT Analysis
VAN MERKSTEIJN INTERNATIONAL
Business Overview
Company Snapshot
Company Market Share Analysis
Company Coverage Portfolio
Recent Developments
SWOT Analysis
Henan Hengxing Science & Technology Co., Ltd.
Business Overview
Company Snapshot
Company Market Share Analysis
Company Coverage Portfolio
Recent Developments
SWOT Analysis
Get a Details TOC of This Report @ https://www.sphericalinsights.com/table-of-contents/steel-wire-market
Market News
In October 2021- WTEC, a company based in the United States announced plans to build a new production plant in Chamberino, New Mexico. Steel wire cables made by the company are used in solar and wind energy systems.
In January 2022- A new greenfield steel wire rod mill with a capacity of 580 kilotons will be built in Eemshaven by the Netherlands-based VAN MERKSTEIJN INTERNATIONAL by 2024 at an estimated cost of EUR 300 million (USD 305.4 million).
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FAQs are covered of Steel Wire Market
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About the Spherical Insights
Spherical Insights is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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