Steel Wire Market Share, Size, Expected Growth Opportunities and Forecast by 2028 | Know the Russia Ukraine Impact On Steel Wire Industry in Japan
The global steel wires market size isprojected to reach USD 112.14 billion by 2026, on account of rising in the expenditure by the government to develop the existing infrastructures. Steel wires offer high resistance to shock and deformation, are lightweight, and have high strength. Fortune Business Insights™ provides a detailed analysis of the market in their recently published report titled, “Steel Wires Market Size, Share & Industry Analysis, By Grade (Carbon Steel, Stainless Steel, and Alloy Steel), By End-Use Industry (Automotive, Construction, Energy, Agriculture, and Others), and Regional Forecast, 2019-2026.” As per this report, the market value stood at USD 91.33 billion in 2018 and will exhibit a CAGR of 2.7% during the forecast period set between 2019 and 2026.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Steel Wire Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Steel Wire Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
What is the Scope of the Report?
The report is based on in-depth research and analysis on the steel wires market and suffices to both the qualitative and quantitative needs of the reader. It focuses on significant growth trajectories such as growth drivers, restraints, challenges, and opportunities. The talks about various segments of the market based on factors such as grade, end user, and geography with names of leading sectors and their attributed factors. It discusses the competitive landscape of the market. Additionally, the list of notable players operating in the market is provided in the report, coupled with the key strategies adopted by them to stay ahead of the competition. Current steel wires market trends and key industry developments are highlighted in the report.
Market Drivers
Increasing Number of Dams and Bridge Construction will Add Impetus to Market
Rise in construction activities worldwide is a significant factor in promoting the steel wires market growth. This includes the development of hospitals, schools, and residential buildings that increased the demand for steel wires. Besides this, steel wire has applications in the building of large infrastructures such as towers, dams, bridges, and also for reinforcement and rebar bindings. This will further aid in the expansion of the market.
However, the increasing popularity of plastic ropes for various applications may take over the market for steel ropes, which may challenge the demand for steel wires. The use of plastic ropes instead of steel ropes reduces the overall weight of the machine and the axle load. This may divert manufacturers away from purchasing steel wires and further cause major hindrance to the market growth in the coming years. Nevertheless, a lead analyst at Fortune Business Insights say, “Government-supported investments for the construction of suspension bridges and the implementation of steel wires for such construction activitieswill add impetus to the market.”
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Regional Segmentation:
North America to Dominate Market with High Demand for Construction Activities
From a geographical viewpoint, the global steel wires market is dominated by North America, with a revenue generation of USD 8.24 billion in 2018. This is attributable to the high demand for construction applications in the region. Additionally, Asia Pacific and Europe markets are likely to register a significant CAGR owing to the rise in the need for steel wires from the automobile industries. India and China are leading Asia Pacific with increasing construction activities. On the other side, the market in Latin America will grow steadily with an increase in mining and ore extraction activities. Furthermore, the rising number of gas and oil exploration activities will help the Middle East and Africa witness sluggish growth in the forecast period.
Competitive Landscape:
ArcelorMittalto Lead the Market Enjoying Leading Position with Diverse Portfolio
The competitive landscape of the steel wires market is fragmented in nature. However, ArcelorMittal is dominating the market, owing to the presence of a diverse portfolio that is utilized in a variety of applications. Other companies are focusing on strengthening their product and expansion of their geographical boundaries to attract high steel wire market revenue in the coming years. Furthermore, the increasing demand form the automotive and construction industries are encouraging manufacturers to implement different strategies such as merger and acquisition, product up-gradation and regional expansion and gain a competitive edge in the market in the forthcoming years.
List ofSignificant Steel Wires MarketCompnaies are:
- Bridon-Bekaert
- Optimus Steel
- Kobe Steel, Ltd.
- JFE Steel Corporation
- Insteel Industries
- Byelorussian Steel Works
- Ferriere Nord S.p.a.
- ArcelorMittal
- The Heico Companies
- HBIS Group Co., Ltd
- WireCoWorldGroup, Inc.
- Nippon Steel
- SHAGANG GROUP Inc.
- Other Players
KeyIndustry Developments of the Steel Wires Market Include:
March 2019 – The new 8-strand steel rope designed for underground mining applications, called Turbolite, was introduced by WireCo. The key feature of this new steel rope is its lightweight nature and tensile strength with better strength to weight ratio.
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