Summary

The steel wire market size was valued at US$ 77.47 billion in 2023 and is expected to reach US$ 123.23 billion by 2031; it is estimated to register a CAGR of 6.0% from 2023 to 2031.

Steel wire is a versatile product utilized in building & construction, automotive, agriculture, mining, marine, and other industries. Low-carbon steel wires are used for the manufacturing of fencing and mesh for construction purposes. Medium-carbon steel wires are used for the production of springs, ropes, and cables. High-carbon steel wires are used for manufacturing springs and piano wires. Galvanized carbon steel wires are utilized for several applications, including fencing and suspension bridges. Cold-drawn carbon steel wires have applications in the production of automotive components and bicycle spokes. High-tensile carbon steel wire is used in the production of cables and utilized for the construction of suspension bridges. Spring steel wires are used in automotive and other industrial applications.

Based on material, the steel wire market is segmented into carbon steel, stainless steel, and alloy steel. The carbon steel segment held the largest share of the market in 2023 and is expected to record the highest CAGR from 2023 to 2031. Carbon steel is an alloy consisting of carbon and iron. Carbon steel wire is produced by drawing hot rolled rods through smaller dies. The drawing process hardens the steel, making it stronger. The wire is then heated, making it more ductile and malleable. The specific ratio of iron to carbon varies depending on the properties of the final product. There are four major types of carbon steel wire, i.e., low carbon steel wire, medium carbon steel wire, high carbon steel wire, and ultra high carbon steel wire. The properties of carbon steel wire include tensile strength, malleable nature, and hardness, which boosts its utilization in various industries. Carbon steel wire is used in construction and agriculture applications, manufacturing of clothes hangers, automobile parts, and various other applications.

Asia Pacific is estimated to register the fastest CAGR in the global steel wire market from 2023 to 2031. Asia Pacific is the largest continent in the world and is renowned for its varied culture. China, Japan, India, South Korea, and Australia are among the major economies in Asia Pacific. Urbanization and rapid industrialization across China, India, Japan, South Korea, and Southeast Asian nations are fueling the demand for steel wire. With increasing urban populations, there is a surge in construction projects, including residential complexes, commercial buildings, and infrastructure projects. Various government initiatives for infrastructure development in the region is also driving demand for stee wire. In February 2024, according to the report by the Department for Promotion of Industry and Internal Trade (DPIIT), the Government of India has announced its plans to boost the infrastructure and construction services through several policies such as open foreign direct investment (FDI) norms, large budget allocation to the infrastructure sector, and smart cities mission.

A few players operating in the global steel wire market include ArcelorMittal SA, Nippon Steel SG Wire Co Ltd, JFE Steel Corp, TATA Steel Ltd, Kobe Steel Ltd, JSW Steel Ltd, The HEICO Companies LLC, NV Bekaert SA, Tianjin Huayuan Metal Wire Products Co Ltd, and Henan Hengxing Science and Technology Co Ltd. Players operating in the market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.

The overall global steel wire market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the steel wire market.

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Table of Contents

TABLE OF CONTENTS

1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
3.3 Limitations and Assumptions
4. Steel Wire Market Landscape
4.1 Overview
4.2 PORTER’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers
4.3.2 Steel Wire Manufacturers
4.3.3 Distributors/Suppliers
4.3.4 End-Use Industry
4.3.5 List of Vendors in the Value Chain
5. Steel Wire Market – Key Market Dynamics
5.1 Steel Wire Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growth in Building & Construction Industry
5.2.2 Rising Demand for Steel Wire in Automotive Industry
5.3 Market Restraints
5.3.1 Fluctuations in Raw Material Prices
5.4 Market Opportunities
5.4.1 Adoption of Low-Carbon Steel Wire across End-Use Industries
5.5 Future Trends
5.5.1 Growing Focus on Steel Wire Recycling
5.6 Impact of Drivers and Restraints:
6. Steel Wire Market – Global Market Analysis
6.1 Steel Wire Market Volume (Kilo Tons), 2021–2031
6.2 Steel Wire Market Volume Forecast and Analysis (Kilo Tons)
6.3 Steel Wire Market Revenue (US$ Million), 2023–2031
6.4 Steel Wire Market Forecast and Analysis
7. Steel Wire Market Volume and Revenue Analysis – by Material
7.1 Carbon Steel
7.1.1 Overview
7.1.2 Carbon Steel: Steel Wire Market – Volume and Forecast to 2031 (Kilo Tons)
7.1.3 Carbon Steel: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Stainless Steel
7.2.1 Overview
7.2.2 Stainless Steel: Steel Wire Market – Volume and Forecast to 2031 (Kilo Tons)
7.2.3 Stainless Steel: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Alloy Steel
7.3.1 Overview
7.3.2 Alloy Steel: Steel Wire Market – Volume and Forecast to 2031 (Kilo Tons)
7.3.3 Alloy Steel: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
8. Steel Wire Market Revenue Analysis – by Thickness
8.1 Below 0.8 mm
8.1.1 Overview
8.1.2 Below 0.8 mm: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
8.2 0.8 mm to 1.6 mm
8.2.1 Overview
8.2.2 0.8 mm to 1.6 mm: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
8.3 More than 1.6 mm
8.3.1 Overview
8.3.2 More than 1.6 mm: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
9. Steel Wire Market Revenue Analysis – by Application
9.1 Construction
9.1.1 Overview
9.1.2 Construction: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Automotive
9.2.1 Overview
9.2.2 Automotive: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Aerospace
9.3.1 Overview
9.3.2 Aerospace: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Mining
9.4.1 Overview
9.4.2 Mining: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
9.5 Marine
9.5.1 Overview
9.5.2 Marine: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
9.6 Agriculture
9.6.1 Overview
9.6.2 Agriculture: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
9.7 Others
9.7.1 Overview
9.7.2 Others: Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10. Steel Wire Market – Geographical Analysis
10.1 Overview
10.2 North America
10.2.1 North America Steel Wire Market Overview
10.2.2 North America Steel Wire Market – Volume and Forecast to 2031 (Kilo Tons)
10.2.3 North America Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.2.4 North America Steel Wire Market Breakdown by Material
10.2.4.1 North America Steel Wire Market Volume and Forecast and Analysis – by Material
10.2.4.2 North America Steel Wire Market Revenue and Forecast and Analysis – by Material
10.2.5 North America Steel Wire Market Breakdown by Thickness
10.2.5.1 North America Steel Wire Market Revenue and Forecast and Analysis – by Thickness
10.2.6 North America Steel Wire Market Breakdown by Application
10.2.6.1 North America Steel Wire Market Revenue and Forecast and Analysis – by Application
10.2.7 North America Steel Wire Market Revenue and Forecast and Analysis – by Country
10.2.7.1 North America Steel Wire Market Volume and Forecast and Analysis – by Country
10.2.7.2 North America Steel Wire Market Revenue and Forecast and Analysis – by Country
10.2.7.3 United States Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.2.7.3.1 United States Steel Wire Market Breakdown by Material
10.2.7.3.2 United States Steel Wire Market Breakdown by Thickness
10.2.7.3.3 United States Steel Wire Market Breakdown by Application
10.2.7.4 Canada Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.2.7.4.1 Canada Steel Wire Market Breakdown by Material
10.2.7.4.2 Canada Steel Wire Market Breakdown by Thickness
10.2.7.4.3 Canada Steel Wire Market Breakdown by Application
10.2.7.5 Mexico Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.2.7.5.1 Mexico Steel Wire Market Breakdown by Material
10.2.7.5.2 Mexico Steel Wire Market Breakdown by Thickness
10.2.7.5.3 Mexico Steel Wire Market Breakdown by Application
10.3 Europe
10.3.1 Europe Steel Wire Market Overview
10.3.2 Europe Steel Wire Market – Volume and Forecast to 2031 (Kilo Tons)
10.3.3 Europe Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.3.4 Europe Steel Wire Market Breakdown by Material
10.3.4.1 Europe Steel Wire Market Volume and Forecast and Analysis – by Material
10.3.4.2 Europe Steel Wire Market Revenue and Forecast and Analysis – by Material
10.3.5 Europe Steel Wire Market Breakdown by Thickness
10.3.5.1 Europe Steel Wire Market Volume and Forecast and Analysis – by Thickness
10.3.5.2 Europe Steel Wire Market Revenue and Forecast and Analysis – by Thickness
10.3.6 Europe Steel Wire Market Breakdown by Application
10.3.6.1 Europe Steel Wire Market Volume and Forecast and Analysis – by Application
10.3.7 Europe Steel Wire Market Revenue and Forecast and Analysis – by Country
10.3.7.1 Europe Steel Wire Market Volume and Forecast and Analysis – by Country
10.3.7.2 Europe Steel Wire Market Revenue and Forecast and Analysis – by Country
10.3.7.3 Germany Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.3.7.3.1 Germany Steel Wire Market Breakdown by Material
10.3.7.3.2 Germany Steel Wire Market Breakdown by Thickness
10.3.7.3.3 Germany Steel Wire Market Breakdown by Application
10.3.7.4 France Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.3.7.4.1 France Steel Wire Market Breakdown by Material
10.3.7.4.2 France Steel Wire Market Breakdown by Thickness
10.3.7.4.3 France Steel Wire Market Breakdown by Application
10.3.7.5 United Kingdom Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.3.7.5.1 United Kingdom Steel Wire Market Breakdown by Material
10.3.7.5.2 United Kingdom Steel Wire Market Breakdown by Thickness
10.3.7.5.3 United Kingdom Steel Wire Market Breakdown by Application
10.3.7.6 Italy Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.3.7.6.1 Italy Steel Wire Market Breakdown by Material
10.3.7.6.2 Italy Steel Wire Market Breakdown by Thickness
10.3.7.6.3 Italy Steel Wire Market Breakdown by Application
10.3.7.7 Russia Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.3.7.7.1 Russia Steel Wire Market Breakdown by Material
10.3.7.7.2 Russia Steel Wire Market Breakdown by Thickness
10.3.7.7.3 Russia Steel Wire Market Breakdown by Application
10.3.7.8 Rest of Europe Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.3.7.8.1 Rest of Europe Steel Wire Market Breakdown by Material
10.3.7.8.2 Rest of Europe Steel Wire Market Breakdown by Thickness
10.3.7.8.3 Rest of Europe Steel Wire Market Breakdown by Application
10.4 Asia Pacific
10.4.1 Asia Pacific Steel Wire Market Overview
10.4.2 Asia Pacific Steel Wire Market – Volume and Forecast to 2031 (Kilo Tons)
10.4.3 Asia Pacific Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.4.4 Asia Pacific Steel Wire Market Breakdown by Material
10.4.4.1 Asia Pacific Steel Wire Market Volume and Forecast and Analysis – by Material
10.4.4.2 Asia Pacific Steel Wire Market Revenue and Forecast and Analysis – by Material
10.4.5 Asia Pacific Steel Wire Market Breakdown by Thickness
10.4.5.1 Asia Pacific Steel Wire Market Volume and Forecast and Analysis – by Thickness
10.4.6 Asia Pacific Steel Wire Market Breakdown by Application
10.4.6.1 Asia Pacific Steel Wire Market Revenue and Forecast and Analysis – by Application
10.4.7 Asia Pacific Steel Wire Market Revenue and Forecast and Analysis – by Country
10.4.7.1 Asia Pacific Steel Wire Market Volume and Forecast and Analysis – by Country
10.4.7.2 Asia Pacific Steel Wire Market Revenue and Forecast and Analysis – by Country
10.4.7.3 Australia Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.4.7.3.1 Australia Steel Wire Market Breakdown by Material
10.4.7.3.2 Australia Steel Wire Market Breakdown by Thickness
10.4.7.3.3 Australia Steel Wire Market Breakdown by Application
10.4.7.4 China Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.4.7.4.1 China Steel Wire Market Breakdown by Material
10.4.7.4.2 China Steel Wire Market Breakdown by Thickness
10.4.7.4.3 China Steel Wire Market Breakdown by Application
10.4.7.5 India Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.4.7.5.1 India Steel Wire Market Breakdown by Material
10.4.7.5.2 India Steel Wire Market Breakdown by Thickness
10.4.7.5.3 India Steel Wire Market Breakdown by Application
10.4.7.6 Japan Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.4.7.6.1 Japan Steel Wire Market Breakdown by Material
10.4.7.6.2 Japan Steel Wire Market Breakdown by Thickness
10.4.7.6.3 Japan Steel Wire Market Breakdown by Application
10.4.7.7 South Korea Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.4.7.7.1 South Korea Steel Wire Market Breakdown by Material
10.4.7.7.2 South Korea Steel Wire Market Breakdown by Thickness
10.4.7.7.3 South Korea Steel Wire Market Breakdown by Application
10.4.7.8 Rest of APAC Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.4.7.8.1 Rest of APAC Steel Wire Market Breakdown by Material
10.4.7.8.2 Rest of APAC Steel Wire Market Breakdown by Thickness
10.4.7.8.3 Rest of APAC Steel Wire Market Breakdown by Application
10.5 Middle East and Africa
10.5.1 Middle East and Africa Steel Wire Market Overview
10.5.2 Middle East and Africa Steel Wire Market – Volume and Forecast to 2031 (Kilo Tons)
10.5.3 Middle East and Africa Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.5.4 Middle East and Africa Steel Wire Market Breakdown by Material
10.5.4.1 Middle East and Africa Steel Wire Market Volume and Forecast and Analysis – by Material
10.5.4.2 Middle East and Africa Steel Wire Market Revenue and Forecast and Analysis – by Material
10.5.5 Middle East and Africa Steel Wire Market Breakdown by Thickness
10.5.5.1 Middle East and Africa Steel Wire Market Volume and Forecast and Analysis – by Thickness
10.5.5.2 Middle East and Africa Steel Wire Market Revenue and Forecast and Analysis – by Thickness
10.5.6 Middle East and Africa Steel Wire Market Breakdown by Application
10.5.6.1 Middle East and Africa Steel Wire Market Revenue and Forecast and Analysis – by Application
10.5.7 Middle East and Africa Steel Wire Market Revenue and Forecast and Analysis – by Country
10.5.7.1 Middle East and Africa Steel Wire Market Volume and Forecast and Analysis – by Country
10.5.7.2 Middle East and Africa Steel Wire Market Revenue and Forecast and Analysis – by Country
10.5.7.3 South Africa Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.5.7.3.1 South Africa Steel Wire Market Breakdown by Material
10.5.7.3.2 South Africa Steel Wire Market Breakdown by Thickness
10.5.7.3.3 South Africa Steel Wire Market Breakdown by Application
10.5.7.4 Saudi Arabia Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.5.7.4.1 Saudi Arabia Steel Wire Market Breakdown by Material
10.5.7.4.2 Saudi Arabia Steel Wire Market Breakdown by Thickness
10.5.7.4.3 Saudi Arabia Steel Wire Market Breakdown by Application
10.5.7.5 United Arab Emirates Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.5.7.5.1 United Arab Emirates Steel Wire Market Breakdown by Material
10.5.7.5.2 United Arab Emirates Steel Wire Market Breakdown by Thickness
10.5.7.5.3 United Arab Emirates Steel Wire Market Breakdown by Application
10.5.7.6 Rest of Middle East and Africa Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.5.7.6.1 Rest of Middle East and Africa Steel Wire Market Breakdown by Material
10.5.7.6.2 Rest of Middle East and Africa Steel Wire Market Breakdown by Thickness
10.5.7.6.3 Rest of Middle East and Africa Steel Wire Market Breakdown by Application
10.6 South and Central America
10.6.1 South and Central America Steel Wire Market Overview
10.6.2 South and Central America Steel Wire Market – Volume and Forecast to 2031 (Kilo Tons)
10.6.3 South and Central America Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.6.4 South and Central America Steel Wire Market Breakdown by Material
10.6.4.1 South and Central America Steel Wire Market Volume and Forecast and Analysis – by Material
10.6.4.2 South and Central America Steel Wire Market Revenue and Forecast and Analysis – by Material
10.6.5 South and Central America Steel Wire Market Breakdown by Thickness
10.6.5.1 South and Central America Steel Wire Market Revenue and Forecast and Analysis – by Thickness
10.6.6 South and Central America Steel Wire Market Breakdown by Application
10.6.6.1 South and Central America Steel Wire Market Revenue and Forecast and Analysis – by Application
10.6.7 South and Central America Steel Wire Market Revenue and Forecast and Analysis – by Country
10.6.7.1 South and Central America Steel Wire Market Volume and Forecast and Analysis – by Country
10.6.7.2 South and Central America Steel Wire Market Revenue and Forecast and Analysis – by Country
10.6.7.3 Brazil Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.6.7.3.1 Brazil Steel Wire Market Breakdown by Material
10.6.7.3.2 Brazil Steel Wire Market Breakdown by Thickness
10.6.7.3.3 Brazil Steel Wire Market Breakdown by Application
10.6.7.4 Argentina Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.6.7.4.1 Argentina Steel Wire Market Breakdown by Material
10.6.7.4.2 Argentina Steel Wire Market Breakdown by Thickness
10.6.7.4.3 Argentina Steel Wire Market Breakdown by Application
10.6.7.5 Rest of South and Central America Steel Wire Market – Revenue and Forecast to 2031 (US$ Million)
10.6.7.5.1 Rest of South and Central America Steel Wire Market Breakdown by Material
10.6.7.5.2 Rest of South and Central America Steel Wire Market Breakdown by Thickness
10.6.7.5.3 Rest of South and Central America Steel Wire Market Breakdown by Application
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Mergers And Acquisitions
12.3 Agreements, Collaborations, And Joint Ventures
12.4 Product Launch
12.5 Expansions And Other Strategic Developments
13. Company Profiles
13.1 ArcelorMittal SA
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Nippon Steel SG Wire Co Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 JFE Steel Corp
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Tata Steel Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Kobe Steel Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 JSW Steel Ltd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 The Heico Companies LLC
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 NV Bekaert SA
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Tianjin Huayuan Metal Wire Products Co Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Henan Hengxing Sciecnce and Technology Co Ltd
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners