The global steel wire market is anticipated to grow at a significant CAGR during the forecast period. Steel wire is a very useful and adaptable material that can be found in a variety of ordinary household items as well as in your automobile. Steel wire is also used for cleaning, spring-loaded devices, strengthening, structural integrity, and even generating music in aviation, construction, commercial, industrial, and military applications. However, not every wire can be utilised for every application. Steel wire is made to various strengths, elasticity, and thicknesses for various applications. Steel wires are in great demand in a variety of end-use sectors, including construction, automotive, and industrial, due to qualities including high strength, conductivity, and longevity. For instance, in 2020-21, India produced only 96.20 million tonnes of finished steel, which is two-thirds of the country’s capacity. India’s steel consumption is much lower than it produces and nowhere near its production capacity. India’s finished steel consumption between 2016 and 2021 ranged from 83.7 MTPA to 94.1 MTPA, according to the latest annual report of the Steel Authority of India Ltd. Crude steel production ranged between 95.5 MTPA and 110.9 MTPA in the same period.
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The COVID-19 pandemic had impacted most of the industries in the market. The spread of the virus led most governments across the globe to impose a lockdown that strictly restricted the supply chain, logistics, automotive industry. COVID-19 has caused multiple industries and automotive businesses to suspend production in various nations, resulting in lower demand for steel wire, which has impacted steel wire demand in European countries. During the projected period, steel wire demand will be driven by the recovery of end-use industries and the restoration of the supply chain.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Steel Wire Market by Form
- Rope
- Non-Rope
Global Steel Wire Market by Type
- Alloy Steel
- Carbon Steel
- Stainless Steel
Global Steel Wire Market by End-User
- Construction
- Automotive
- Energy
- Agriculture
- Industrial
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Ansteel Group Corporation Limited
- Bridon International Ltd.
- China Baowu Steel Group Corporation Limited
- Davis Wire Corporation
- Gerdau S.A.
- Insteel Industries, Inc.
- JFE Steel Corporation
- Jiangsu Shagang Group
- Kobe Steel, Ltd.
- Leggett & Platt® Inc.
- National Standard
- NV Bekaert SA
- POSCO
- Shougang Corporation
- Tata Steel Group
- thyssenkrupp Steel Europe AG
- Tree Island Industries Ltd.
- Usha Martin Limited
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global steel wire market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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