The US$ 93.1 billion steel wire market (2020 figures) is set to be worth US$124.7 billion by 2025, with a CAGR of 6% during the forecast period.
Those statistics, put together in a report by Markets and Markets, come amidst a backdrop of reduced industrial activities in H1 2020 thanks to the Covid-19 pandemic.
Carbon steel accounts for the largest share of the global steel wire market, in value and volume. The wide applications of carbon steel wire is expected to drive demand, despite the 2020 blip.
Construction end users account for the largest market share in the global steel wire market. Reducing construction time and the concrete material requirement, demand from construction end use may have declined in the first half of 2020, but demand is again anticipated to recover.
APAC dominates steel wire market
Asia-Pacific (APAC) accounts for the biggest share of the global steel wire market, predominantly in the construction and automotive end use industries, so said the report. Kobe Steel, Tata Steel and Nippon Steel are among the major steel wire manufacturers in the region.
Following APAC, Europe is the next largest consumer of steel wire construction, with the report pointing to the automotive and energy sectors as the major industries fuelling the growth of the steel wire market in the region.
Fasteners are just one of the applications of steel wire, including springs, clips, screws, nails, staples and steel fibre in concrete.
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