Steel Wire Rod Market Size, Share, Growth, and Industry Analysis, By Type (Ordinary Wire Rod, High Carbon Wire Rod, Alloy Wire Rod), By Application (construction industry, car industry, machinery industry) and Regional Forecast to 2032

Updated On: 04 November 2024

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STEEL WIRE ROD MARKET REPORT OVERVIEW

The Global Steel Wire Rod Market size expanded rapidly in 2023 and the market is projected to grow substantially by 2032, exhibiting a prodigious CAGR during the forecast period.

The Global steel wire rod  market is also poised for substantial growth in the coming years, driven by several factors. Anticipated growth in demand for items like wire ropes and strands is expected to generate numerous market opportunities due to their usage in various construction and mining applications. Steel wire rods play a crucial role in the automotive sector for the production of tires, suspension systems, and seat frames, due to their essential characteristics of high tensile strength and durability. Their connectivity makes them essential for making electrical cables, wire ropes, and fencing materials. Steel wire is used to provide reinforcement and improve structural strength. It possesses several advantageous properties, such as resistance to deformation, shock and wear resistance, high bearing capacity, and rust and corrosion resistance. Fusing steel wires with different materials has found applications in multiple industries. The growing construction industry and infrastructure investments are expected to boost market growth during the forecast period.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Lockdown and restrictions

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The covide-19 pandemic has badly affected the Steel Wire Rod Market. Many countries imposed restrictions on material distribution and transportation, affecting the value chain of steel-based wire manufacturers. Manufacturing industries were severely impacted as there was no workforce available and there was shortage of materials because supply chains were totally disturbed. This, in turn, decreased the product consumption in these industries even further. However, post-pandemic the market has returned to its normal growth due to the increasing product adoption in the automotive and construction industries.

LATEST TRENDS

"Increasing demand for infrastructure expansion to Drive Market Growth"

A latest trend in the global Steel Wire Rod Market is the increasing demand of the rods in the infrastructure expansion. Many emerging markets are experiencing rapid urbanization due to increased migration to urban cities. Steel wire consumption is increasing as a result of the respective countries’ increased investments in the construction sector. Massive infrastructure development spending, attributed to overall national growth, has prompted the demand. They are used in the construction of buildings, houses, roads, bridges The integration of advanced technology reflects the industry's drive towards meeting consumer demands for cutting-edge solutions, making them a sought-after trend in the global market.

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STEEL WIRE ROD MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Ordinary Wire Rod, High Carbon Wire Rod, Alloy Wire Rod

• Ordinary Wire Rod: they are the most commonly used wire rods in many industries as raw material. They are cylindrical in shape and are very long.

• High Carbon Wire Rod: They are the type of steel wire rods in which carbon is incorporated in a higher amount. They have a different composition than normal steel wire rods.

• Alloy Wire Rod: They are the type of steel wire rods in which alloy is incorporated in a higher amount.

By Application

Based on application the global market can be categorized into construction industry, car industry, machinery industry

• Construction industry: steel wire rods are the most important raw material used in the construction industry. They provide a strong reinforcement and structural support for the construction.

• Car industry: they are used in the manufacturing of tyres and seat frames.

• Machinery industry: they are used for the manufacturing of various machines. The wiring of machines is also made up of steel rods.

DRIVING FACTORS

"Increasing in automotive industry to Boost the Market"

One of the key driving factors in the global Steel Wire Rod Market growth is the increasing automotive industry. The wire rods are very important for the automotive industries as they are used in the tyre of the vehicles and to make the frames for the seats. The wire rods used in tyres are very strong and durable. They are used in military vehicles also to withstand heavy vibrations and extreme environments, which further drives the market growth.

"Rise in Construction sector to Expand the Market"

Another driving factor in the global Steel Wire Rod Market is the increase in the rise of the construction sector. Strong wires or strands are widely used in a construction site. Engineers and workers put strong wires to appropriate use where fibrous ropes fail to work. They use these wires to lift heavy materials, including machinery, cement blocks, or even workers in the lift. Steel-based wires are also used in the construction itself, serving as additional support. The construction applications of these wires depend greatly on the type of construction and processes occurring on the site.

RESTRAINING FACTORS

"Availability of substitutes to Potentially Impede Market Growth"

One of the key restraining factors in the global Steel Wire Rod Market is the availability of different substitutes. Plastic ropes significantly impact steel rope consumption, given the advancements in plastic materials. Plastic ropes are less flexible than wire ropes, which prevent industrial injury as even after operational breaking, they fall back to the ground without snapping back. Some small-scale businesses are switching to plastic ropes. Plastic ropes offer advantages, including reduced product weight and less manufacturing waste. Factors, such as cost-effectiveness and sustainability have also influenced this decision. The mining industry's demand for plastic rope increased due to its superior performance. Several wire rope manufacturers provide customized plastic ropes to cater to the demand for crucial tasks in the mining industry.

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STEEL WIRE ROD MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific Region Dominating the Market due to Presence of major steel producers"

Asia-Pacific has emerged as the most dominant region in the global Steel Wire Rod Market share due to several factors. Countries such as India, China and Japan in the Asia Pacific region have the major steel manufacturing players. The region is also expanding its automotive and construction sector that gives them more domination over any other region. There is an increase in renovation and restoration of residential and commercial spaces that drive the demand for Steel Wire Rod Market in the region. Moreover, increasing economy and rise in disposable incomes of the consumers have led to regions dominance in the global market share.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Steel Wire Rod Market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs and material in steel wire rods, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

LIST OF MARKET PLAYERS PROFILED

• Yonggang: (China)
• Zhongtian: (China)
• Citic Steel: (China)
• Sangang Minguang: (China)
• Benxi Beitai: (China)
• Xingtai Steel: (China)
• Shajing Steel: (China)
• Baogang: (China)
• Yingkou Zhongban: (China)
• Rongsheng: (China)
• Hegang: (China)
• Songshan: (China)
• Hongchang Gaoxian: (China)
• Fangda Steel: (China)
• Wenan Steel: (China)
• Runzhong Steel: (China)

INDUSTRIAL DEVELOPMENT

October 2023: ArcelorMittal, expanded its production capacity for high strength steel wire rods at its plant. It helped in increasing the demand for steel wire rods in the automotive and construction sector.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.