Steel wire market size, share and trend analysis report by material (carbon steel, stainless steel, alloy steel), application and segment forecast from 2022-2030

The global steel wire market size was valued at USD 102.98 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. Rising investments in the construction industry are expected to boost the market growth over the forecast period. Downstream products of steel wire include ropes and strands, which have many uses in the construction industry, such as supporting suspension bridges and as additional reinforcement for towers. They are widely used in prestressed concrete to support floor beams, roofs, runways, tall columns and tall retaining walls.

Automotive is another major end-use of the market, where ropes made from steel wire are used to move loads, position equipment and produce various automotive parts. Additionally, other end uses include fasteners, exhaust pipes, wire mats, cables, radial automotive tires, and more. The increasing emphasis on increasing the production of automobiles is expected to bring fruitful results to the market.

Considering the availability of alternatives such as plastic rope, the market growth is expected to be restrained. Factors such as sustainability and cost-effectiveness have led some small manufacturers to turn to plastic ropes due to their benefits such as reduced product weight, improved stability and reduced production waste. Therefore, the continuous advancement in the development of plastic ropes is expected to hinder the market growth in the forthcoming years.

Materials Insights

Carbon steel dominated the global market with a revenue share of over 64.0% in 2021 and this trend is expected to continue throughout the forecast period. Both mild and high carbon steels are used to make electrical wires, mainly in industries such as construction, automotive and military. They can be drawn in a wide diameter range from 0.2mm to 8mm.

Applications for high carbon steel wire include cutting silicon ingots for the photovoltaic industry, bridge cables, tire reinforcements and musical instruments. Compared to low carbon, they are less malleable, but stronger. Other benefits of carbon steel wire include recyclability, safe handling and durability. These characteristics, coupled with their widespread use in construction, railway, machinery, and other such industries, are expected to drive the growth of the segment.

Stainless steel is expected to witness the fastest growth rate over the forecast period. Wires made from this material are used in springs, wire mesh, screws, cables and hardware. Due to its characteristics of high corrosion resistance, pressure resistance, hygiene, beauty, heat and fire resistance, flexibility and long life, it is in great demand in industries such as electronics, petroleum and kitchen utensils. Its lower market share is attributed to its high cost compared to other materials.