DUBLIN–(BUSINESS WIRE)–”The steel wire market is based on form (non-rope, rope), type (carbon steel, alloy steel, stainless steel), end-use industry (construction, automotive, energy, agriculture, industry), thickness and The “Regional Global Forecast to 2025″ report has been added to the product of ResearchAndMarkets.com.
The global steel wire market is expected to grow from USD 93.1 billion in 2020 to USD 124.7 billion in 2025, with a compound annual growth rate of 6.0% from 2020 to 2025.
Various end-use industries require steel wire, including construction, automotive, and industry; because of its high strength, electrical conductivity, and durability. However, the global pandemic COVID-19 has disrupted operations in construction, automobiles and other industries, which are expected to reduce their demand for steel wire in 2020.
Non-rope steel wires are widely used in various end-use industries. Some of the main applications include tire cords, hoses, galvanized and stranded wires, ACSR stranded wires, and conductor cables for armoring, springs, fasteners, clips, staples, nets, fences, screws, nails, barbed wire, Chain etc. During the forecast period, the growing demand for these applications is expected to drive the non-rope steel wire market.
Stainless steel wire products are mainly used in shipbuilding, agriculture, petroleum, automobiles, welding rods, bright bars and household industries. In the energy sector, stainless steel wire is used in nuclear reactors, transmission lines, heat exchangers and desulfurization scrubbers. It is expected that during the forecast period, the increasing demand for stainless steel wire products for spring steel products and oil and gas applications will drive the market. Stainless steel products are used in applications where products need to be used under corrosive and harsh environmental conditions.
In terms of value, the thickness section of 1.6 mm to 4 mm is the fastest growing thickness section of the steel wire.
The 1.6 mm to 4 mm thickness portion of the steel wire market is the fastest growing segment. It is the most commonly used wire thickness. Steel wires in this thickness range are used for TIG welding wire, core wire, electropolished wire, conveyor belt wire, nail wire, spring nickel-plated wire, automobile tire cord, automobile spoke wire, bicycle spoke wire, cable armor, fencing, chain link fencing Wait.
In the automotive end-use industry, steel wire is used for tire reinforcement, spring steel wire, spoke steel wire, fasteners, exhaust pipes, windshield wipers, airbag safety systems, and fuel or brake hose reinforcement. The recovery of the automotive industry after Covid-19 is expected to drive the steel wire market in the automotive terminal industry.
During the forecast period, Europe is expected to achieve the highest compound annual growth rate in terms of the value of the global steel wire market. The growth of the steel wire industry in the region is supported by the recovery of the terminal industry, the advancement of industrial technology solutions, and the increase in spending on infrastructure projects.
Due to COVID-19, many industries and automobile companies have stopped their production bases in various countries, resulting in a reduction in the demand for steel wires, which has affected the demand for steel wires in European countries. The recovery of the terminal industry and the recovery of the supply chain will drive the demand for steel wire during the forecast period.
Post time: Nov-22-2021