Steel Wire Market Size to Reach USD 123.23 Billion by 2031
US & Canada, Nov. 22, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, global steel wire market is witnessing significant growth owing to the growing automotive industry. The report runs an in-depth analysis of market trends, key players, and future opportunities. Steel wire has a variety of applications, which is expected to propel the market growth in the coming years.
Browse Complete Report Details: https://www.theinsightpartners.com/reports/steel-wire-market
The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, steel wire manufacturers, distributors/suppliers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
Overview of Report Findings
Market Growth: The steel wire market is expected to reach US$ 123.23 billion by 2031 from US$ 77.47 billion in 2023; it is anticipated to record a CAGR of 6.0% during the forecast period. The global steel wire market has been experiencing significant growth owing to the growing global automotive industry. In November 2021, the US government approved a US$ 1.2 trillion infrastructure bill to aid federal investments in various infrastructure projects. Also, construction spending was estimated to increase by 5.5% in 2023. Such government infrastructure projects involving road construction, bridges, railways, and other urban development initiatives create demand for construction materials. The growing investments from government organizations lead to increased infrastructure improvements such as building roads, bridges, tunnels, ports, airports, and highways. Steel wire mesh is used in concrete reinforcement of slabs and walls in residential and commercial construction. In the infrastructure industry, engineered steel wire mesh has varied applications such as bridges and barriers. Thus, the rising investments in infrastructure projects led to the growth in the building & construction industry, which drives the steel wire market.
Growth of Global Automotive Industry: The automotive industry is experiencing robust growth owing to technological advancements and a surge in preference for SUVs, crossovers, and other light trucks. According to the report released by the European Automobile Manufacturers’ Association (ACEA) in January 2023, car production in North America increased by 10.3%, reaching 10.4 million units in 2022 compared to 2021. Similarly, passenger car production in South Korea grew by 7.6%, reaching 3.4 million units in 2022 compared to 2021. The report published by the ACEA stated that global passenger car production accounted for 68 million units in 2022, recording a rise of 7.9% compared to 2021. The automotive industry is experiencing robust growth owing to technological advancements and a surge in preference for SUVs, crossovers, and other light trucks. Steel wire is used for the fabrication of components such as bumper, seating frames, steering wheels, and cables. Thus, the rising demand for steel wire in the automotive industry fuels the market growth.
Growing Focus on Steel Wire Recycling: Governments and organizations are focused on establishing policies and legislation to promote and support the circular economy and recycling of materials. With several initiatives, government bodies worldwide aim to promote sustainable economic practices and recycling/reusing materials to achieve 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. 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 focus on recycling steel wire is expected to emerge as a key trend in the steel wire market during the forecast period.
Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.