Steel Wire Market worth $124.7 Billion by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, Jan. 15, 2021 /PRNewswire/ -- According to the new market research report "Steel Wire Market by Form (Non-rope, Rope), Type (Carbon Steel, Alloy Steel, Stainless Steel), End-use Industry (Construction, Automotive, Energy, Agriculture, Industrial), Thickness, and Region - Global Forecast to 2025", published by MarketsandMarkets, the Steel Wire Market size is expected to grow from USD 93.1 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0% during the forecast period.
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Steel wire is extensively being used in the construction, automotive, energy, agriculture, industrial, and other end-use industries. The increasing construction & infrastructure projects support the demand for steel wire in the construction end-use industry.
Non-rope form of steel wire comprises a major share of the steel wire market in terms of value and volume.
In the non-rope form, steel wires are used in a wide range of applications such as wire for tires, hoses, galvanized wires and strands, ACSR strands, and armoring of conductor cables, springs, fasteners, clips, staples, mesh, fencing, screws, nails, barbed wires, chains, etc. Steel wire finds wide applications in the construction industry, including steel fiber in concrete and prestressed steel wire in the prestressed concrete structure; It also finds applications in the automotive industry.
The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for steel wire from various end-use industries. The market for the non-rope form of the steel wire segment is expected to decline by 6.7% in terms of volume in 2020 compared with the previous year.
The carbon steel type accounts for the largest market share in the global steel wire market during the forecasted period in terms of value and volume
Carbon steel is the largest type of steel used for manufacturing steel wire. The carbon steel wire gives high strength and it is used in a wide range of applications such as for tires, cords, hoses, galvanized wires and strands, ACSR strands and armoring of conductor cables, fencing, springs, fasteners, clips, staples, mesh, screws, nails, barbed wires, chains, and steel fibers in concrete. The wide applications and acceptance of carbon steel wires is expected to drive the demand during the forecasted period. The COVID-19 pandemic has resulted in reduced demand for steel wires from major applications such as construction reinforcement and ACSR strands. These factors are expected to reduce the demand for carbon steel wire in 2020. The steel wire consumption is expected to recover post the pandemic.