Increasing construction & infrastructure projects support the demand for steel wire market

Steel wire are used in a various of end-use industries, including construction, automotive, energy, agriculture, industrial, and others. It possesses high strength, scrub resistance, and good conductivity, which makes it useful in 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. However, amidst the global COVID-19 pandemic, the demand for steel wires from the industries mentioned above is expected to show a sharp decline. The global steel wire market size is expected to grow from USD 93.2 billion in 2020 to USD 124.7 billion by 2025, projecting a CAGR of 6.0 % during the forecast period between 2020 and 2025.

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The construction end-use industry holds the dominant market share in the global steel wire market, both in terms of value and volume. The construction industry has increased demand for steel wire in prestressed concrete applications as it reduces the construction time and concrete material requirement. The demand for steel wires from construction end-use is expected to decline in 2020 due to halts in construction projects in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.

APAC is expected to account for the largest market share in the steel wire market

APAC accounts for the biggest share of the global steel wire market. The construction and automotive end-use industry are major consumers of steel wire in the region. The region is home to some of the major steel wire manufacturers such as Kobe Steel, Tata Steel, and Nippon Steel. Moreover, the China is a manufacturing hub of various commercial, military, and passenger automotive vehicles. Europe is the second major consumer of steel wire construction; automotive and energy are the major industries fueling the growth of the steel wire market in this region.

However, the COVID-19 outbreak has affected the demand for steel wire s in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in steel wire market. Such initiatives coupled with recovery in the application industries will increase the demand for steel wire in APAC and European region.

The key players in the steel wire market include ArcelorMittal (Luxembourg), Nippon Steel (Japan), JFE Steel Corporation (Japan), TATA Steel Limited (India) and Kobe Steel, Ltd. (Japan), are some of the key players in the steel wire market. JSW Steel Ltd. (India), Bekaert SA (Belgium), The Heico Companies (United States), Ferrier Nord (Italy) and Byelorussian Steel Works (Belarus), and among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the steel wire market. These players have taken different organic and inorganic developmental strategies over the past five years.

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Steel Wire Market worth $124.7 billion by 2025

The 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” The global 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. 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.

Browse 143 market data Tables and 50 Figures spread through 200 Pages and in-depth TOC on “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 “
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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 stell 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 manuafturing 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.

The construction end-use industry accounted for the largest market share in the global steel wire market during the forecast period in terms of value and volume.

APAC is expected to account for the largest market share in the steel wire market during the forecast period.

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Impact of COVID-19 on global steel wire market

The steel wire market is expected to witness a decline in 2020 due to the COVID-19 pandemic. This deadly virus has adversely affected the entire globe, especially the North American and European regions. To prevent the further spread of this virus, companies have shut down their operations and manufacturing facilities. This has led to a reduction in the consumption of steel wires across industrial manufacturing, mining, automotive, aerospace & defence, and other industries.

The global 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. 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.

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Recovery in automotive end-use industry post COVID-19

The automotive end-use industry is the worst-affected industry due to the COVID-19 pandemic. The automotive demand fell by 19% in the first ten months of 2020 as compared with 2019. According to the World Steel Association, the consumption of finished steel is expected to fall by 17% in 2020 in the automotive end-use industry; the consumption is expected to grow in the post-pandemic situation. The finished steel consumption is expected to grow by 13% globally. Europe is the hub for the automotive industry; the growth in the automotive sector is an opportunity for steel wire manufacturers in the region. Also, various governments have offered stimulus packages for the automotive industry in the European region, which is expected to help the automotive manufacturers in the region.

Need to maintain uninterrupted supply chain and operate at full capacity post COVID-19

The global construction, automotive, mechanical manufacturing, and metal industries have witnessed adverse and immediate consequences of the COVID-19 pandemic. These are the worst-affected industries, and the biggest challenge for steel wire manufacturers is to resume production at their original capacities and make up for the revenue loss and damage caused by the pandemic. The COVID-19 pandemic has created ripples across the global steel wire industries due to the closure of national and international borders, leading to disrupted supply chains. The challenges in the current and future scenarios for the steel wire industry are to ensure the smooth flow of global supply chains, responsible for rapidly transporting materials and components across borders and fabrication facilities. These industries have to make up for the delays or non-arrival of raw materials.

APAC held the largest market share in the steel wire market

The region has a largest share in the steel wires market owing to its increasing demand from construction & infrastructure projects, growing automotive production, growing energy transfer infrastructure, and increasing industrial manufacturing. The region has presence of number of tire one manufacturers, electricity consumption is growing in the region which has huge opportunity for steel wire markets in these sectors.

Key Market Players

The key players in the global steel wire market are:

ArcelorMittal (the Luxembourg),
Nippon Steel (Japan)
JFE Steel Corporation (Japan)
Bekaert SA (Belgium)
Tata Steel Limited (India)
Kobe Steel Limited (Japan)
The Heico Companies (United States),
Ferrier Nord (Italy)

These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the steel wire industry. The study includes an in-depth competitive analysis of these key players in the steel wire market, with their company profiles, recent developments, and key market strategies.

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Steel Wire Market Competitive Analysis with Growth Forecast Till 2025

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Over the past years, steel wire manufacturers have strengthened their position in the global steel wires market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for steel wire from automotive, industrial and energy end-use industries has declined sharply, which resulted in declined demand for steel wire. For instance, as per European Automobile Manufacturers Association the demand for the demand for new cars in Europe is declined by 25% in first quarter of 2020, thereby reducing steel wire demand.

The major manufacturers profiled in this report include ArcelorMittal (Luxembourg), Nippon Steel (Japan), JFE Steel Corporation (Japan), TATA Steel Limited (India) and Kobe Steel, Ltd. (Japan), are some of the key players in the steel wire market. JSW Steel Ltd. (India), Bekaert SA (Belgium), The Heico Companies (United States), Ferrier Nord (Italy) and Byelorussian Steel Works (Belarus), and among others. The steel wire business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. Reduced demand for steel wire from several OEMs and disruption in the supply chain have compelled the steel wire manufacturing companies to operate at partial capacities. However, several steel wire manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for steel wires during the forecast period. For instance, Bekaert SA reached to and acquisition agreement with Bridon-Bekaert Ropes Group and took full ownership. The company adopted this strategy to grow their business globally and to create significant value over the period of time.

Increasing demand from the construction industry to drive the demand for steel wire

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The construction industry is the largest application industry in the steel wire market in terms of volume. Steel wire find wide applications in construction industry in road, river & railway bridges and flyovers, atomic reactor domes, slabs, silos, hangers, aqueducts, high-rise buildings, viaducts, and railway sleeper construction.

The construction industry has increased demand for steel wire in prestressed concrete applications as it reduces the construction time and concrete material requirement. The demand for steel wires from construction end-use is expected to decline in 2020 due to halts in construction projects in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.

Recent Developments

In January 2019, Byelorussian Steel Works signed the supply contract with a Continental (Germany) in order to supply around 32.8 thousand tons of steel cords. This agreement helped company to maintain their competitive position in the market.
In April 2018, Bekaert SA reached to and acquisition agreement with Bridon-Bekaert Ropes Group and took full ownership. The company adopted this strategy to grow their business globally and to create significant value over the period.

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