GIA announces the release of a comprehensive global report on Steel Wire markets. Global market for Steel Wire is projected to reach US$34 billion by 2020, driven by growing demand in major end-use markets such as construction, machinery manufacturing, automotive, oil & gas, telecom, and power, among others.
Produced from wire rods, a finished long steel product, steel wire finds use in several end-use sectors. Construction, machinery and automotive markets especially present significant opportunities for use of steel wire. Steel wires are also used in a range of infrastructure constructions such as suspension bridges, which are hung using steel ropes spun with thousands of steel wires bound together. Steel wires also find use for general engineering applications in machinery and heavy equipment. In the automotive industry, steel wires are used for reinforcing tires to add to their strength and durability.
The construction sector is one of the most prominent end-use markets for steel wire. Strong recovery in the construction industry in the United States after years of slowdown, and steady gains in construction spending in developing countries including BRIC, are expected to benefit demand in the near term. The construction sector typically uses steel wires not only in its primary wire form but also in various other forms such as wire mesh, strands and wire ropes to impart structural strength to concrete structures. Steel wire mesh forms the critical backbone of all modern reinforced cement concrete constructions. Steel wire mesh imparts significant degree of strengthening to the concrete column structure and allows it to support weight of much higher capacities. Additionally, steel binding wires are used to bind and fabricate complex skeletal steel structures for building piers of a high-rise multi-storied building, bridge or flyovers.
Steel wire is of critical importance in automotive manufacturing and is commonly used for reinforcing tires, and in manufacturing a range of components for exhaust, drivetrain, steering wheel, seating and vehicle door systems. The projected increase in automobile production and sales in the coming years, particularly in developing countries such as China and India, is therefore expected to benefit demand for steel wire in this sector. Increasing activity in the Oil & Gas sector is also expected to spur market growth. Steel wire finds mission critical use in this sector as drilling lines, geophysical cable, offshore mooring ropes and electromechanical cable. Migration to offshore drilling is poised to benefit demand for offshore steel wire for mooring and anchoring, towing, and lifting applications.
As stated by the new market research report on Steel Wire, Asia-Pacific represents the largest and the fastest growing regional market worldwide with a CAGR of 7.6% over the analysis period. Growth in the region is driven by economic development, industrialization, rapid urbanization, steady gains in construction spending, rise in automobile production, and continued strengthening of manufacturing activity in China, India, Taiwan, Singapore, Korea and Indonesia.
Key players covered in the report include ArcelorMittal S.A., Bridon International Ltd., Heico Wire Group, Davis Wire Corporation, National Standard, Insteel Industries Inc., Kobe Steel Ltd., Leggett & Platt Incorporated, N.V. Bekaert SA, POSCO, Steel Authority of India Ltd., Tata Steel Ltd., Tree Island Industries Ltd., and Wire Rope Industries, among others.
The research report titled “Steel Wire: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, service innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, Taiwan and Rest of Asia-Pacific), Middle East/Africa (Egypt, Iran, Saudi Arabia, UAE, and Rest of Middle East/Africa), and Latin America (Brazil, Mexico and Rest of Latin America). Product segments analysed in the report include Carbon Steel Wire (Plain, Plated/Coated with Zinc, Other Coated), Alloy Steel Wire (Plain & Coated), and Stainless Steel Wire (Round and Others).