The global steel wire market is set to grow exponentially backed by the rising investments by the governments of several countries in the development of infrastructure. Besides, the usage of steel wire has surged owing to the rising construction of suspension bridges to enhance infrastructure and connectivity. The report further states that the steel wire market size was USD 91.33 billion in 2018 and is projected to reach USD 112.14 billion by 2026, exhibiting a CAGR of 2.7% during the forecast period.
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Steel Wire Market Drivers & Restraints-
Rising Need for Hospitals, Schools, & Residences to Spur Growth
The expansion of the construction industry in developing nations is a major factor that is set to contribute to the steel wire market growth during the forthcoming years. Apart from that, the increasing infrastructural, residential, and commercial construction by the private firms and governments would propel growth. Coupled with this, the rising need for the residential sector, hospitals, and schools would surge demand for steel wires. They are applied in binding and reinforcement of rebar to keep the structures intact. They are also resistant to deformation, corrosion, and abrasion. Their high strength makes them suitable for usage in the construction of dams, towers, and bridges.
Steel wires when twisted together in the form of helix, give rise to the development of steel rope. However, steel ropes are being replaced by plastic ropes as the latter reduce axle load, provide stability, and lower weight of the machine. This factor may hinder the demand for steel wires in the near future.
Fortune Business Insights™ presents a list of all the steel wire manufacturers operating in the global market. They are as follows:
- The Heico Companies
- Optimus Steel
- HBIS Group Co., Ltd
- Kobe Steel, Ltd.
- WireCo WorldGroup Inc.
- JFE Steel Corporation
- Nippon Steel
- Insteel Industries
- SHAGANG GROUP Inc.
- Byelorussian Steel Works
- Ferriere Nord S.p.a.
- Other key players
Browse Complete Research Report Summary: https://www.fortunebusinessinsights.com/steel-wire-market-102581
Rising Ore Extraction Activities to Skyrocket Demand for Steel Wires in Latin America
Regionally, in 2018, North America procured USD 8.24 billion revenue. This growth is attributable to the high demand for construction applications in this region. In Europe, the presence of reputed automotive manufacturing companies is set to propel the demand for steel wire. In Asia Pacific, the increasing infrastructural and construction activities in India and China would contribute to the growing demand for steel wires in this region. Latin America is expected to exhibit high growth backed by the increasing mining applications. Also, increasing ore extraction activities would aid growth in this region. Lastly, the Middle East & Africa would exhibit a slow growth rate fueled by the increasing oil & gas exploration activities in the region.