Steel Wire Rope Market is expected to reach US$ 13.59 Million by 2031

Asia Pacific Dominated Steel Wire Rope Market in 2023

According to our latest market study on “Steel Wire Rope Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, Type, and End Use,” the market was valued at US$ 9.54 million in 2023 and is projected to reach US$ 13.59 million by 2031; it is anticipated to record a CAGR of 4.5% from 2023 to 2031. The report highlights key factors driving the steel wire rope market growth and prominent players along with their developments in the market.

In 2023, Asia Pacific dominated the steel wire rope market share. Asia Pacific is a major hub for oil and gas exploration and production, as well as trade activities. Governments of various countries in Asia Pacific have initiated projects to address the rising demand for oil and gas in their countries. In April 2023, Indradhanush Gas Grid Limited (IGGL) completed Asia's largest underwater hydrocarbon pipeline below the Brahmaputra River. The pipeline connects Jorhat and Majuli in Assam, India. In May 2023, the Oil and Natural Gas Corporation (ONGC) discovered two major oil and gas reserves in the Arabian Sea block off the Mumbai coast, India. As per the United Nations Conference on Trade and Development, in 2021, Asia was the major maritime cargo handling center, accounting for 40% of total containerized trade on the main East-West routes between Asia, Europe, and the US.

Global Steel Wire Rope Market Breakdown – by Region

According to the US Energy Information Administration, China imported high volumes of crude oil during the first half of 2023. This increase is specifically attributed to the expansion of refineries in the country and initiatives to reopen the economy after the government eased restrictions related to the COVID-19 pandemic. In October 2023, the state of Western Australia released eight onshore blocks for oil and gas exploration. In the oil & gas industry, steel wire rope is utilized in drilling applications due to its properties such as high tensile strength, rust resistance, and corrosion resistance.

China is one of the developing economies in the world. The country ranks at the top worldwide in terms of the steel wire rope market share In 2021, an average of 35.5 billion cubic feet per day (Bcf/d) of natural gas was consumed in China, an increase in consumption of natural gas compared to any previous year. Due to these factors, China 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 China, 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 at the northern coastline of China.

According to the report published by the US Geological Survey in 2022, China was the largest supplier of 25 nonfuel mineral commodities to several countries globally in 2021. Additionally, China is the producer of 16 critical minerals out of 25 listed minerals. Steel wire rope is utilized in the mine shafts, inclined tunnels, and open-pit mines for lifting materials. It is used in ship rigging, offshore drilling operations, and underwater installations in the marine industry. Growing oil & gas industry, rising manufacturing of petroleum products, and increasing mining operations boost the steel wire rope market growth in China.

According to the India Energy Outlook 2021 (IEA), primary energy demand is expected to nearly double to ~1.3 billion metric tons of oil equivalent by 2040. In February 2023, Oil India Limited began an exploration project for an oil well in the Mahanadi Onshore Basin in Odisha. In May 2022, ONGC announced its plans to invest US$ 4 billion for FY2022–2025 to increase its exploration efforts in India. According to the Ministry of Ports, Shipping and Waterways, 70% of the country's trading by value and 95% of the country's trading by volume are achieved through maritime transport. In 2021, India and Russia planned to collaborate on shipbuilding and inland waterways. According to the National Investment Promotion & Facilitation Agency, the mining industry in India significantly contributes to the country's economy. India is the second-largest coal producer and ranks fifth among all countries in terms of coal deposits. The mineral production in the country accounted for US$ 1.21 billion from 2022 to 2023. Further, the government of India announced its plans to increase coal production by 1.3 billion metric tons by 2025 and 1.5 billion metric tons by 2030. The country also marks the presence of 1,533 operational mines. It produces 95 minerals, which include 4 fuels and 10 metallic, 23 nonmetallic, 3 atomic, and 55 minor minerals. In 2023, the production of copper concentrate, chromite, phosphorite, manganese ore, coal, limestone, and lead concentrate recorded growth of 41.9%, 34%, 32.8%, 13.6%, 12.5%, 7.6%, and 6.3%, respectively, compared to 2022. Thus, the rise in investments in crude oil exploration projects, development of the shipping industry, and increase in mining activities contribute to the growing steel wire rope market size in India.

The steel wire rope market trends include the focus on recycling steel. In recent years, there has been an increasing focus on using sustainable and biobased materials in various industries across the globe. Various industries are focusing on material recycling to reduce the amount of waste that is produced and to help reduce the environmental impact. Recycling can also help conserve natural resources. In addition, metal recycling helps reduce the expenses, energy, and time needed to mine valuable resources. There is a saving of one and a half tons of iron ore, half a ton of coal, and 40% of the water normally used in the production process for every ton of recycled steel.

Various players operating in the market are focusing on recycling steel wire ropes. In June 2023, Hendrik Veder Group, the provider of products, services, and solutions for steel wire rope and synthetic rope, announced that it has the capability to prevent nearly 42,000 metric tons (42,000,000 kg) of emissions through its sustainable solutions. Hendrik Veder Group is expecting to avoid CO2 emissions through its ability to recycle steel wire ropes. Therefore, the focus on recycling steel wire ropes is expected to emerge as a key trend in the steel wire rope market during the forecast period.

Drahtseile Gebr Henschel GmbH, Usha Martin Ltd, Asahi Intecc Co Ltd, Tyler Madison Inc, Central Wire Inc, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert are among the key players profiled in the steel wire rope market report.

The steel wire rope market involves the segmentation of the market based on:

The steel wire rope market analysis is based on product type, type, end use, and geography. Based on product type, the steel wire rope market is segmented into stainless steel wire rope, galvanized steel wire rope, carbon steel wire ropes, and coated steel wire ropes. By type, the market is bifurcated into regular lay and lang lay. In terms of end use, the market is segmented into mining, oil and gas, building and construction, marine and fishing, and others. The scope of the steel wire rope 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), the 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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