Steel wire market will be valued at USD 96.87 billion by 2029.

Key Companies Covered in Steel Wire Market ArcelorMittal SA (Luxembourg), Brydon-Beckert Ropes Group (Belgium), Heco Companies Metal Processing Group (US), Optimus Steel (US), HBIS GROUP (China), KOBE Steel, Ltd. they are. . (Japan), WireCo World Group Inc. (US), JFE Steel Corporation (Japan), Nippon Steel Corporation (Japan), Institel Industries (US), SHAGANG GROUP Inc. (China), Byelorussian Steel Works (Belarus), GRUPPO PITTINI SPA (Italy) and more players are revealed.

PUNE, India, April 12, 2023 (GLOBE NEWSWIRE) — The global Steel wire market The size is valued at USD 61.66 billion in 2021 and is projected to grow from USD 65.17 billion in 2022 to USD 96.87 billion in 2029, exhibiting a CAGR of 5.8% during the forecast period.
The Covid-19 pandemic has had an unprecedented and disruptive impact on the world, and demand for metal wire in all regions has been below expectations compared to pre-pandemic levels. Market growth during the forecast period is expected to be aided by the expanding construction sector and infrastructure investments. As wire ropes and strands are used in various construction and mining applications, increasing demand for these products is predicted to create several opportunities for the market. Fortune business insights They provided this information in their report titled. “Global Steel Wire Market, 2022-2029.”

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List of Key Players Profiled in Steel Wire Market Report:

• ArcelorMittal SA (Luxembourg)

• Bridon-Bekaert Ropes Group (Belgium)

• Metal Processing Group of Heco Companies (US)

• Optimus Steele (USA)

• HBIS GROUP (CHINA)

• KOBE STEEL, LTD. (Japan)

• WireCo WorldGroup Inc. (US)

• JFE Steel Corporation (Japan)

• Nippon Steel Corporation (Japan)

• Steel Industries (USA)

• Shagang Group Inc. (China)

• Byelorussian Steel Works (Belarus)

• Pitini Group SpA (Italy)

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Report scope and division:

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Classes:

step by step, Carbon steel Room to gain traction from 2022-2029

Based on grade, the market is segmented into carbon steel, stainless steel, and alloy steel.
The carbon steel segment accounts for the largest share of the market due to its remarkable properties including high wear resistance, strength, toughness, and hardness. Carbon steel is frequently used for cutting tools, springs, high strength wires and dies. Due to its great flexibility, low carbon steel is a common choice for strength wires and wire rods. Because of their incredible strength, carbon steel-grade wires are used in construction and automotive applications.

Increase in product usage through infrastructure development will drive the construction industry.

In terms of end-use industry, the market is segmented into automotive, construction, power, agriculture, and others.
The construction sector had a large market share for steel wire, with the increasing use of carbon steel wires, cables and wire rods for additional infrastructure support as well as for transporting large machinery, equipment and materials used in construction. Market expansion is expected to be boosted by expansion of construction activity and acceleration of industrial development in developing countries.

The impact of Covid-19:

Due to high operating costs, the global market has collapsed
Demand for steel wire from the building and construction and automobile industries has dropped significantly due to the Covid-19 pandemic. According to our data, the world market in 2010 It showed a 1.4% decrease in 2020 compared to 2019. With labor and raw material shortages, supply chain disruptions, and tight government controls, many businesses have suffered greatly during the pandemic. As a result, consumption in these industries has decreased further. As medical and workers’ compensation costs rise, many manufacturers’ operating costs rise. High operating costs are due to the labor market’s intensification due to labor shortages following the pandemic.

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Report Coverage:
The report provides:

• Major growth drivers, restraints, opportunities and potential challenges for the market.

• General insights into regional developments.

• List of major industry players.

• Key Strategies Adopted by Market Players.

• Recent industry developments include product launches, partnerships, mergers and acquisitions.

Drivers and restraints:

Increasing market growth demand from the automotive industry

The automotive industry consumes a lot of steel wire to reinforce the rubber beads. It is a substance widely used in the automotive industry to provide performance, strength and safety to windscreens and other components. These strands of wire are woven together to form a helix structure employed in various cranes in production lines, hoists and the automobile sector. This wire is also important in the wire rope separators found in military vehicles. To withstand the harsh environment, wire rope isolators are designed to withstand strong vibrations and shocks. Due to their functionality, they are the perfect choice for military vehicles such as jeeps, tanks and airplanes for heavy terrain or blasting. These factors are expected to increase the growth of the steel wire market.

However, plastic cables are preferred in the mining industry due to their high performance. Developments in plastic cables may hinder the growth of the steel wire market.

Regional insights:

Increasing consumption of construction and machinery applications to drive the Asia Pacific market

The Asia Pacific market is estimated at USD 39.69 billion by 2021. With the presence of major steel producing countries such as China, India, and Japan, the Asia Pacific region is projected to hold the largest market share during the forecast period. Being a fast growing region. Demand for steel wire is driven by the rapidly expanding automotive sector in the region. In addition, the demand for the material is increasing due to its use in machinery and construction.

Competitive landscape

Major players focus on reducing CO2 emissions
Most market manufacturers are located worldwide. The main corporation controls many companies. For example, National Strand Products LP, Sivaco Inc., National Standard, and Davis Wire Corporation are trademarks of the Metal Processing Group of Heco Companies that sell steel wire and stranded wire products.
To achieve sustainability goals, many manufacturers are taking the initiative to reduce CO2 emissions. For example, Nippon Steel Corporation has adopted the Carbon Neutral Vision 2050 and invested heavily in sustainability. In the year By 2030, Nippon Steel wants to reduce carbon emissions by 30% or more compared to 2013, and to become carbon neutral by the end of 2050.

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Detailed Directory:

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Key industrial development

January 2019: GRUPPO PITTINI SpA forms a new joint venture with Cipro Stahl Schweiz called “Pittini Ciderproducte AG”. The new joint company will supply wire rod products to German customers.

Read related insights:

Stainless steel market It is expected to grow from 204.17 billion dollars in 2022 to 298.85 billion dollars in 2029 | Showing a CAGR of 5.6%

Flat iron market It is predicted to grow from 526.89 billion dollars in 2022 to 830.62 billion dollars in 2030 | Showing a CAGR of 5.9%

High strength steel market It is expected to reach USD 54.07 billion by 2027, showing a CAGR of 7.4%

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