Press Release   -

Steel Wire Market to Reach USD 181 Billion by 2032

According to analysts at Vantage Market Research, the Global Steel Wire Market size is worth USD 108.6 Billion in 2023 and is projected to reach USD 181 Billion by 2032, growing at a CAGR (Compound Annual Growth Rate) of 5.9% from 2024 to 2032. The steel wire market is primarily driven by increasing infrastructure investments, growing automotive production, and advancements in construction technologies. Additionally, innovations in manufacturing processes and sustainable practices present new growth avenues. As industries seek efficient and eco-friendly solutions, advancements in wire production technologies and applications offer substantial competitive advantages and potential for market expansion.

Market Overview

In the automotive sector, steel wire is crucial for reinforcing tire beads, which improves the performance, durability, and safety of components such as windshields. It is also used in the production of wire rope isolators for military vehicles, which must withstand significant vibrations, shocks, and extreme conditions, making them suitable for challenging environments like those faced by jeeps, tanks, and aircraft. Moreover, the growing Electric Vehicle (EV) industry, which requires electric wire harnesses at a rate three times higher than traditional internal combustion engine vehicles, is expected to significantly boost production volumes in the cables and wires segment. This anticipated growth in the EV sector is expected to further drive the global steel wire market.

The construction sector dominates the steel wire market by volume, utilizing the material extensively for various applications such as road, river, and railway bridges, flyovers, atomic reactor domes, silos, slabs, hangers, aqueducts, high-rise buildings, viaducts, and railway sleepers. The increasing demand for these infrastructure projects is projected to drive growth in the steel wire market over the forecast period. In the US, there is a concerted effort to allocate funds towards road and bridge repairs and to prioritize infrastructure projects, with notable initiatives including the $1.88 billion Portal Bridge Enhancement, $137 million Sherman Minton Bridge Rehabilitation, $240 million I-70 Rocheport Bridge & Mineola Climbing Lanes, and $130 million Rumson-Sea Bright Bridge Replacement.

ArcelorMittal's €213 Million Investment in New EAF at Gijón Plant

Recently, ArcelorMittal began constructing an electric arc furnace (EAF) at its Gijón plant with a €213 million investment. This facility will enhance production capacity to 1.1 million tonnes of semi-finished steel annually, serving the rail and wire-rod mills. The EAF is anticipated to reduce CO2 emissions by over 35% initially, with potential reductions of up to 1 million tonnes of CO2 equivalent per year after full implementation.

Kobe Steel Acquires 25% Stake in Thai Wire Rod Facility

Kobe Steel, Ltd. revealed it had signed a share transfer agreement with Millcon Steel Public Company Limited in November 2022. Under the agreement, Kobe Steel acquired a 25% stake in Kobelco Millcon Steel Co., Ltd. (KMS), a wire rod production facility in Thailand established in 2016 as a 50-50 joint venture with Millcon Steel. This share transfer has made KMS a consolidated subsidiary of Kobe Steel.

Key Takeaways from the Report

• In 2023, Asia Pacific led the market with a 57.5% share, propelled by increased demand from expanding construction activities, rising steel exports and imports, and a thriving automotive sector
• North America is projected to experience the highest growth rate during the forecast period
• Carbon Steel segment dominated the market with a 65.2% revenue share in 2023, driven by its extensive applications in sectors such as construction, automotive, and military
• In 2023, the Construction segment held the largest market share at 41.5%, driven by increased construction activities and a growing need for steel wires in various building and infrastructure projects

Top Companies

• Nippon Steel
• ArcelorMittal
• JSW Steel Ltd.
• TATA Steel Limited
• JFE Steel Corporation
• Kobe Steel Ltd.
• Bekaert SA
• Ferrier Nord
• The Heico Companies
• Byelorussian Steel Works
• Tianjin Huayuan Metal Wire Products Co. Ltd.
• Henan Hengxing Science & Technology Co. Ltd.

Latest News

Kobe Steel's Kobenable Steel Chosen for Automotive Wire Rods in Japan

• In July 2023, Kobe Steel, Ltd. announced that its low-CO2 blast furnace steel product, Kobenable Steel, has been selected for special steel wire rods used in automobiles in Japan for the first time. Since its launch in 2022, Kobenable Steel has been applied in various sectors, including automotive steel sheets, building materials, and shipbuilding.

ArcelorMittal to Acquire Majority Stake in voestalpine’s HBI Plant in Texas

• In April 2022, ArcelorMittal announced it had agreed to acquire an 80% share in voestalpine’s Hot Briquetted Iron (HBI) plant in Corpus Christi, Texas. voestalpine will retain the remaining 20%. The transaction, valued at $1 billion, is subject to customary regulatory approvals.

About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.