The demand for steel wire from the end-use industries such as construction, automotive, agriculture, energy, etc. is increasing owing to the benefits its offers such as excellent resistance to impact, longevity, high strength, abrasion, and corrosion resistance. In the Construction industry, steel wire is widely used in road, river, and railway bridges and flyovers, atomic reactor domes, slabs, silos, hangers, aqueducts, high-rise structures, viaducts, etc. whereas, in automobiles, steel wire is used as fasteners and reinforcements, or in the exhaust line, knitting fine wire pads, windshield wipers, and various operative functions. Stainless steel wires are used in nuclear reactors, transmission lines, heat exchangers, and desulfurization scrubbers in the energy industry. In addition, steel wires are used in all industries for lifting and transferring heavy loads or equipment. As a result, the growth in end-use industries is projected to drive the demand for steel wires during the forecasted period. According to the source of Statista, there has been rise in spending on the construction industry worldwide, in year 2018, the total construction spending stood at USD 11.5 trillion and increased to USD 12.5 trillion in the year 2020 and is expected to reach USD 19.2 trillion by the year 2035.
According to a market report published by Bizwit Research & Consulting, LLP, Global Steel Wire Market is valued approximately USD 93240.1 Million in 2020 and is anticipated to grow with a healthy growth rate of nearly 6.12% over the forecast period 2021-2027.
Similarly, there is growth in the Aviation industry as well According to Statista, the revenue generated from the automotive industry was USD 5315 billion in 2017 and is anticipated to reach USD 8931 billion in 2030. The increase in revenue generated from the automotive industry indicates its growth. Thus, growth in end-use industries is driving the demand for steel wires during the forecasted period.
Global Steel Wire Market Size study, by form (rope and non-rope) by type (Carbon Steel, Alloy Steel, Stainless Steel) by end user industry (Construction, Automotive, Energy, Agriculture, Industrial) and Regional Forecasts 2021-2027.
The total market revenue is calculated on the basis of revenue generated through the sales of steel wires excluding resale of steel wire. Major companies covered under the report includes ArcelorMittal, Nippon Steel, Voestalpine Wire Austria GmbH, TATA Steel Limited, Kobe Steel, Ltd., JSW Steel Ltd., Bekaert SA, The Heico Companies, Fagersta Stainless Ab and Byelorussian Steel Works and other key market players are considered.
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