Asia Pacific Dominated Steel Wire Market in 2023
According to our latest market study on “Steel Wire Market Forecast to 2031 – Global Analysis – by Material, Thickness, and Application,” the market was valued at US$ 77.47 billion in 2023 and is projected to reach US$ 123.23 billion by 2031; it is anticipated to record a CAGR of 6.0% from 2023 to 2031. The report includes the analysis of steel wire market growth prospects with respect to the current steel wire market trends and their foreseeable impact during the forecast period.
In 2023, Asia Pacific dominated the steel wire market share. According to the report published by the International Organization of Motor Vehicle Manufacturers, motor vehicle production in Asia Pacific was estimated to be 48.96 million units in 2022. China has emerged as one of the largest electric vehicle markets worldwide, supported by government policies promoting electric vehicles. In FY22, India produced 22.93 million vehicles. In FY23, the total passenger vehicle sales reached 3.89 million units. In the same financial year, the total automobile exports from India increased to 4.7 million units. South Korea is home to prominent car manufacturers such as Hyundai and Kia. According to the Korea Automobile Manufacturers Association (KAMA), in 2022, South Korean automakers accounted for 7.3% of the global market. Steel wire is used to create a variety of automotive components and assemblies. Steel wire is used for making springs, cables, and other suspension components, as well as connecting the internal wirings that allow the car to communicate with its various systems. Steel wire is also used to reinforce plastic components, such as bumpers, to increase its strength and improve the safety of the car. Thus, the growth in the automotive sector is anticipated to fuel the steel wire market in Asia Pacific in the near future.
Global Steel Wire Market Breakdown – by Region
Steel Wire Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material (Carbon Steel, Stainless Steel, and Alloy Steel), Thickness (Below 0.8 mm, 0.8 mm to 1.6 mm, and More Than 1.6 mm), Application (Construction, Automotive, Aerospace, Mining, Marine, Agriculture, and Others), and Geography
Steel Wire Market Size, Growth, Share by 2031
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In terms of revenue, in Asia Pacific, China accounted for the largest steel wire market share. According to the US Energy Information Administration, in 2021, an average of 35.5 billion cubic feet per day (Bcf/d) of natural gas was consumed in China. Due to high consumption, the country has increased spending on infrastructure for transporting chemicals, oil and gas, and other products. In April 2023, China Petrochemical Corp announced its plans to build the first long-distance hydrogen pipeline in the country, stretching over 400 km from Inner Mongolia to Beijing. According to the company, when completed, it will replace the Beijing-Tianjin-Hebei region's fossil fuel-based hydrogen production and help meet hydrogen demand in the transport sector. In 2023, CNOOC Ltd discovered an oilfield with estimated reserves of 100 million metric tons of light crude in the Bohai Sea, located on the northern coastline of China.
According to the report published by the US Geological Survey in 2022, China was the largest supplier of 25 non-fuel mineral commodities to several countries in 2021. Additionally, China is the producer of 16 critical minerals out of 25 minerals. Steel wire rope is utilized in the mine shafts, inclined tunnels, and open-pit mines for lifting materials. In the marine industry, it is used in ship rigging, offshore drilling operations, and underwater installations. Thus, the growing oil & gas industry, rising manufacturing of petroleum products, and mining operations are a few factors boosting the steel wire market growth in China.
Global Steel Wire Market: Trends
Governments and organizations are focused on creating policies and legislation to support the circular economy and materials recycling processes. With several initiatives, government bodies worldwide aim to promote sustainable economic practices and recycling/reusing materials to obtain the carbon neutrality goal by 2050. The adoption of recycled materials has grown among customers in response to rising environmental concerns. Manufacturers are increasing the use of scrap metals in steel wire manufacturing. For instance, Nucor Corporation produces steel using recycled scrap metal in an electric arc furnace across 24 mills in the US.
Various players operating in the market are focusing on recycling steel wire and related products. In 2022, Hendrik Veder Group launched a program to recycle steel wire ropes, followed by increasing its output of recycled wire rope. In June 2023, the company also announced that it aims to prevent approximately 42,000 metric tons of emissions through this program. In February 2024, Bekaert announced the Bekaert Recycled Content Standard to set the benchmark for transparency in steel circularity.
The industry standard is available as a reference for any entity that aims to provide or purchase steel wire products with guaranteed recycled content. In February 2024, Legrand UK & Ireland announced the purchase of cold-rolled XCarb, which is a recycled and renewably produced steel from ArcelorMittal. XCarb products are produced in an electric arc furnace powered by renewable energy and contain a minimum scrap content of 75%. Therefore, the aforementioned strategies focusing on recycling steel are likely to promote the growth of the steel wire market size in the coming future.
ArcelorMittal SA, Nippon Steel SG Wire Co Ltd, JFE Steel Corp, TATA Steel Ltd, Kobe Steel Ltd, JSW Steel Ltd, The HEICO Companies LLC, NV Bekaert SA, Tianjin Huayuan Metal Wire Products Co Ltd, and Henan Hengxing Science and Technology Co Ltd, are among the key players profiled in the steel wire market report.
The steel wire market involves the segmentation of the market based on:
The steel wire market analysis is based on material, thickness, application, and geography. Based on material, the market is segmented into carbon steel, stainless steel, and alloy steel. By thickness, the market is categorized into below 0.8 mm, 0.8 mm to 1.6 mm, and more than 1.6 mm. In terms of application, the market is segmented into construction, automotive, aerospace, mining, marine, agriculture, and others. The scope of the steel wire market report focuses on North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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