The global steel wire market value stood at US$110.04 billion in 2023, and is expected to reach US$155.13 billion by 2029

Increased demand for steel wires across various end user industries, burgeoning urbanization & population growth, rising demand for automobiles, increasing manufacturing activities, global push for electrification in rural and remote areas, and increased construction activity in China and India, as well as replacement demand in mature markets such as the US and Europe, has been positively contributing to the growth of global steel wire market over the years. In addition, the market is largely fueled by rising infrastructure development activities in emerging economies, and increasing government investments in public infrastructure. Governments and private entities are heavily investing in the construction of residential buildings, commercial spaces, educational institutes, and other infrastructure projects, thereby driving the demand for steel wire in the market. The market is expected to grow at a CAGR of 5.89% over the projected period of 2024-2029.

Market Segmentation Analysis:

By Material: The report provides the bifurcation of the global steel wire market into four segments on the basis of material, namely, carbon steel, stainless steel, alloy steel, and others. Carbon steel is the largest segment of global steel wire market owing to increasing number of large-scale infrastructure projects, rapid industrialization, fast growing housing market and commercial building construction, high recyclability of carbon steel, rapid growth of metal fabrication industry, increasing focus on sustainability, and increasing applications of high carbon steel wires in cutting silicon ingots for the PV industry, bridge cables, tire reinforcement materials, and musical instruments.

Stainless steel is the fastest growing segment of global steel wire market owing to rising popularity of stainless steel kitchenware and utensils, increasing demand for luxury and premium residential and commercial buildings, rising demand in the automotive industry, growing application in the medical and pharmaceutical sector, supportive government initiatives to boost the demand for electronic products, and ongoing research and development activities in stainless steel alloys.

By Application: The report provides the bifurcation of the global steel wire market into six segments on the basis of application: construction, automotive, energy, industrial, agriculture, and other applications. Construction is the largest segment of global steel wire market owing to rapid industrialization and urbanization, increasing renovation projects globally, thriving real estate market, surge in establishment of industrial parks and manufacturing facilities, growing demand for housing, and ongoing innovations in construction methods, such as precast concrete & modular buildings.