Steel Wire Market size is projected 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 Wire 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.
What is the Scope of the Report?
The report is based on in-depth research and analysis on the Steel Wire 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 Wire Market trends and key industry developments are highlighted in the report.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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ArcelorMittal to Lead the Market Enjoying Leading Position with Diverse Portfolio
The competitive landscape of the Steel Wire 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.