Steel Wire Market will exhibit a CAGR of 2.7% during the forecast period set between 2019 and 2026, and USD 112.14 billion by 2026, and the Market value as per 2018 was USD 91.33 billion.
Fortune Business Insights™ in a new 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.”
Steel Wire Market Drivers and Restraint:
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 activities will add impetus to the market.”
List of Key Players Covered in the Steel Wire Market Report:
- Optimus Steel
- Kobe Steel, Ltd.
- JFE Steel Corporation
- Insteel Industries
- Byelorussian Steel Works
- Ferriere Nord S.p.a.
- The Heico Companies
- HBIS Group Co., Ltd
- WireCo WorldGroup, Inc.
- Nippon Steel
- SHAGANG GROUP Inc.
- Other Players
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/steel-wire-market-102581
Some of the key industry developments in the Steel Wire Market Include:
February 2018– Optimus Steel acquires Gerdau SA’s Beaumont wire rod mill and two downstream facilities located in Texas for about USD 92 Million. The Beaumont steel mill has a melting capacity of about 700 KT per year and a rolling capacity of 800 KT per year. The mill produces coil rebar and wire rods.