The Business Research Company's Steel Wire research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 9, 2022 /PRNewswire/ -- 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 global steel wire market size 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 global steel wires market size is expected to grow to $105.82 billion in 2026 at a CAGR of 4.5%.
Steel Wire Market Trends Boost Demand -
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 Lisco 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.
Steel Wire Market Segments
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.
Steel Wire Market Regional Analysis
Asia-Pacific was the largest region in the steel wire market in 2021. Europe is expected to be the fastest-growing region in the global steel wire market during the forecast period. The regions covered in the global steel wires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the global steel wire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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