Major players in the steel wire market are ArcelorMittal, Nippon Steel, JFE Steel Corporation, Bekaert SA, Tata Steel Limited, Kobe Steel Limited, The Heico Companies, Ferrier Nord, Chung Woo Rope Co.

New York, July 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Steel Wire Global Market Report 2022" - https://www.reportlinker.com/p06290011/?utm_source=GNW
Ltd, Fasten Group, Gustav Wolf GmbH, Bharat Wire Ropes Limited., Certex Svenska AB, DaeChang Steel, Kiswire Inc., Mahadev Industries, Mazzella Companies, Shinko Wire Company Ltd., SWR Ltd., Metallia U.S.A. LLC, Republic Steel, King Steel, Cascade Steel Rolling Mills Inc., North American Stainless, Global Steel Wire, Keystone Consolidated Industries Inc., Greenmount Corporation., BRUGG Lifting AG, Tokyo Rope Mfg. Co, and Cortland Limited.

The global steel wire market is expected to grow from $84.9 billion in 2021 to $88.67 billion in 2022 at a compound annual growth rate (CAGR) of 4.4%. The steel wire market is expected to grow to $105.82 billion in 2026 at a CAGR of 4.5%.

The steel wires market consists of sales of steel products by entities (organizations, sole traders and partnerships) that produce steel products such as tubes and pipes from iron and steel, shapes drawn through rolling or drawing of purchased iron or steel, and draw steel wire. Steel wire manufacturing consists of different sizes, diameters, and strengths that are used for the purpose and survival of several types of equipment.

The main types of steel wires are carbon steel and alloy steel.Carbon steel is a special type of steel that has a higher concentration of carbon than other types of steel.

Alloy steel is alloyed with a variety of elements in total amounts between 1.0% and 50% by weight to improve its mechanical properties. Steel wires come in various form such as none rope and rope. These steel wires come in thicknesses of 0.01 to 0.8 mm, 0.8mm to 1.6 mm, 1.6 mm to 4 mm, 4 mm and above. Steel wires are used by end user such as construction, automotive, energy, agriculture, and industrial.

Asia Pacific was the largest region in the steel wire market in 2021.Europe is expected to be the fastest-growing region in the forecast period.

The regions covered in the steel wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The steel wire market research report is one of a series of new reports that provides steel wire market statistics, including steel wire industry global market size, regional shares, competitors with a steel wire market share, detailed steel wire market segments, market trends and opportunities, and any further data you may need to thrive in the steel wire industry. This steel wire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Growing demand for high-rise buildings is expected to drive the growth of the steel wires market.The materials used for the structural system of high-rise buildings are reinforced concrete and steel.

Skyscrapers have a steel frame, while residential blocks are usually constructed of concrete. For instance, in 2021, world’s 7.8 billion population live in cities and urban areas, and 2.5 billion more are expected to join them within the next 20-25 years. High-rise buildings, particularly residential ones, have proved to be beneficial in densely-populated cities where vacant plots in cities with over 3 million people. Therefore, growing demand for high-rise buildings leads to the growth of the market.

Product innovations and new product launch are a key trend gaining popularity in the steel wire market.Companies in the market are focusing on introducing new, advanced and efficient steel wires.

For instance, in 2020, India based steel product company, Steel Authority of India’s Iisco Steel Plant Burnpur (SAIL- ISP) introduced a premium segment of wire rod products, as part of its effort to expand market share across various industries and cater to growing needs of its customers. The company developed Cable Armour Quality Wire Rod which provides mechanical protection, allowing the cable can withstand higher stress.

In January 2022, Nippon Steel Corporation, a steel-producing corporations acquired G Steel and G J Steel company for an undisclosed amount.This acquisition is expected for Nippon steel company to expand its business in locally integrated Thailand and capture demand for hot-rolled steel sheets.

G Steel and GJ Steel is a Thailand based steel manufacturer.

The countries covered in the steel wire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06290011/?utm_source=GNW

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