Steel Wire Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Steel Wire Market size is valued at USD 98,930.6 million in 2021 and is expected to reach a value of USD 150,30.9 million by 2028, growing at a CAGR of 6.2% during the forecast period 2022 to 2028. The global market provides a detailed overview of the steel wire market and that can be segmented by form, type, thickness, and end-user. By form, the steel wire market has been segmented into non-rope and rope. The non-rope segment is likely to be the largest and fastest-growing segment in terms of form. Based on type, the steel wire market is segmented into carbon steel, alloy steel, and stainless steel. Among these, the carbon steel segment is expected to have the fastest-growing market during the forecast period 2022-2028. On the basis of thickness, the market is segmented into 0.01 mm to 0.8 mm, 0.8 mm to 1.6 mm, 1.6 mm to 4 mm, and 4 mm & above. Among these, the 0.01 mm to 0.8 mm segment is expected to have the fastest-growing market during the forecast period 2022-2028. By end-user, the market is segregated into construction, automotive, energy, agriculture, industrial and others. The construction segment is likely to be the largest and fastest-growing segment in the market.

Key Developments:

In Jan 2019, Byelorussian Steel Works has contracted to supply 32.8 thousand tons of steel cables to a Continental firm (Germany). This deal improved the company’s capacity to stay competitive in the industry.