Construction

Steel Wire Industry Anticipated to Expand at 6.1% CAGR During the Forecast Period

November 13, 2025 by The Business Research Company

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#What Is The Projected Market Size Of The Steel Wire Market By 2029?

The steel wire market has experienced consistent expansion lately, projected to climb from a valuation of $110.63 billion in 2024 to $114 billion the following year, demonstrating a compound annual growth rate (CAGR) of 3.0%. This upward trajectory over the past period is linked to surging requirements in the construction sector, greater levels of personal income, supportive policy actions from governments, and the flourishing economies present in developing nations.

Anticipation surrounds the steel wire sector, projecting substantial expansion over the coming years, escalating its market valuation to $144.68 billion by 2029, propelled by a compound annual growth rate (CAGR) of 6.1%. This projected upward trajectory is fundamentally underpinned by escalating governmental outlays in worldwide infrastructure projects, a rising need for steel wire across diverse end-uses, and the global phenomenon of increasing urbanization. Key developments characterizing this forecast window encompass a heightened emphasis on strategic corporate integrations and takeovers, concentrated efforts on the introduction of novel products, significant allocation of resources toward environmentally conscious green hydrogen-based innovations, and the burgeoning integration of artificial intelligence technologies.

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Which Industry Drivers Are Expected To Accelerate The Steel Wire Market From 2025 To 2029?

The increasing need for taller structures is anticipated to fuel the expansion of the market for steel wires, given that both reinforced concrete and steel constitute the foundational materials for high-rise construction; while skyscrapers inherently utilize steel frameworks, residential towers predominantly employ concrete. Evidence from the US real estate sector, as reported by CommercialSearch in February 2024, shows a clear upward trend: roughly 475,000 multifamily housing units were finished across the United States in 2022, a figure that escalated to exceeding 500,000 completions in 2023, with projections indicating nearly 736,000 new units scheduled for completion in 2024, directly correlating the rising volume of high-rise construction with the resulting boost in the steel wire market.

What Are The Emerging Segments Gaining Attention In The Steel Wire Market?

The steel wire market covered in this report is segmented –

1) By Type: Carbon Steel, Alloy Steel, Stainless Steel

2) By Thickness: 0.01 Mm To 0.8 Mm, 0.8 Mm To 1.6 Mm, 1.6 Mm To 4 Mm, 4 Mm and Above

3) By Form: Non Rope, Rope

4) By End-Use: Construction, Automotive, Energy, Industrial, Other End-Use Industries

Subsegments:

1) By Carbon Steel: Low Carbon Steel Wire, Medium Carbon Steel Wire, High Carbon Steel Wire

2) By Alloy Steel: Low-Alloy Steel Wire, High-Alloy Steel Wire

3) By Stainless Steel: Austenitic Stainless Steel Wire, Ferritic Stainless Steel Wire, Martensitic Stainless Steel Wire

What Trends Are Redefining The Steel Wire Market Dynamics?

A significant development observed across the steel wire market involves a surge in strategic consolidations and takeovers aimed at spurring advancements. Leading entities within this sector are actively pursuing mergers and acquisitions with competitors, a move intended to foster product ingenuity, attain greater success in the fiercely contested steel wire landscape, and establish footholds in untapped regions by pooling proficiencies and specialized knowledge with partners. Demonstrating this trend, in the month of June 2022, Nucor Corporation, an American steel producer, completed the purchase of both Summit Utility Structures and Sovereign Steel Manufacturing for an unstated sum, thereby bolstering Nucor’s standing as the principal supplier of steel and related finished goods, positioning them to become the go-to source for components utilized in utility transmission towers, substation infrastructure, communication masts, and highway marker frameworks; Summit Utility Structures and Sovereign Steel Manufacturing, both American manufacturers, specialize in producing steel cabling and bespoke tubular posts.

Who Are The Top Performing Companies In The Steel Wire Market In Recent Years?

Major companies operating in the steel wire market include ArcelorMittal, Nippon Steel Corporation, HBIS Group Co Ltd, JFE Steel Corporation, Bekaert SA, TATA Steel Limited, JSW Steel Ltd, Kobe Steel Ltd, The Heico Companies, WireCo WorldGroup Inc, Baowu steel, Ningbo BST Metal Products Co. Ltd, Nanjing Hengjie Industrial Co. Ltd, Hengshui Huaxing Steel Wire Rope Co. Ltd, Wuxi Shengli Steelrope Co. Ltd, Suzuki Garphyttan Ab, Avocet Steel, Barnfather Wire (Midlands) Ltd, SWR Group, Ormiston Wire, KTS WireLtd, ANCORA SCM, Valteknica Incom SRL, Vandor Industry SRL, Beloretsk Metallurgical Plant AO, Nucor Corporation, Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc, Ternium S.A., Aperam, Siderca, Companhia Siderúrgica Nacional, Saudi Iron and Steel Company, Qatar Steel, Emirates Steel, Kuwait Steel, Egyptian Iron and Steel Company, Ezz Steel, African Industries Group, Steelmor Industries, Md Iron & Steel Foundry, Beshay Steel, Scaw Metals Group, Libyan Iron and Steel Company, Maghreb Steel, Suez Steel

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What Regional Growth Trends Are Shaping The Steel Wire Market Outlook?

Asia-Pacific was the largest region in the steel wire market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the steel wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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