Global Steel Wire Rod Market Overview
As per MRFR analysis, the Steel Wire Rod Market Size was estimated at 155.5 (USD Billion) in 2022.The Steel Wire Rod Market Industry is expected to grow from 162.76(USD Billion) in 2023 to 245.3 (USD Billion) by 2032. The Steel Wire Rod Market CAGR (growth rate) is expected to be around 4.67% during the forecast period (2024 - 2032).
Key Steel Wire Rod Market Trends Highlighted
Construction, infrastructure, and automotive sectors will keep fuelling the demand for steel wire rods, hence the key market drivers for the Steel Wire Rod Market. The increase in population and urbanization leads to a rise in construction activities supported by the consumption of steel wire rods. The need for strong and lightweight materials in the automotive industry also contributes to the growth of the market. In addition, the global growth of infrastructure projects such as bridges, roads and railways also provides great opportunities for the use of steel wire rods.
This market has opportunities that can be looked into and captured through the innovative application of steel wire rods. They emphasize investigating and improving materials to yield properties like tensile strength, resistance to corrosion, and high levels of reliability. This will also create opportunities in industries that look for specific applications of wire rods making it possible to consider factors such as weather and terrain in designing the products. In addition, evaluating growing markets and under-developed geographical areas provides avenues for revenue gain to players in the market.
In recent times, there have been positive changes in the Steel Wire Rod Market towards the usage of sustainable methods. The trend of steel producers is now opting for low-carbon and waste-friendly processes. The appreciation of green credentials will increase demand for green steel wire rods amongst consumers. In addition, productivity goes up, and production expenses go down with technological advancement, including modern production methods and equipment, automation etc., thus improving the position in the market for such products.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Wire Rod Market Drivers
Rising Demand from the Construction Sector
The construction sector is the main purchaser of steel wire rods, as such, demand is poised to increase owing to the structural expansion of the sector as expected in the upcoming years. The product may be applied for some construction purposes, among them reinforcement of concrete, where it is used as wires or wire meshes and prestressed concrete. In this respect, the still budding construction booms in the Asia Pacific and Middle East regions, among other developing nations, are already increasing the market for steel wire rods.
Moreover, because the degree of urbanization and thus the need for infrastructure development has been on the rise, it generates a medley of needs for construction, thereby fueling the appreciation of steel wire rods.
Growth in Automotive Industry
Another huge consumer of steel wire rods is the automotive industry. It is widely used in the production of different automotive details, such as springs, seat frames, and wire harnesses, because of its high strength and corrosion resistance. The growth of the automotive industry, particularly in developing countries, is going to be highly beneficial for the development of the steel wire rod market. Huge demand for lightweight vehicles and an increase in purchasing power supported by the use of modern manufacturing methods will lead to the development of the steel wire rod market.
Increasing Adoption of Steel Wire Rod in Renewable Energy
Steel wire rod are increasingly being used in the renewable energy sector, particularly in the construction of wind turbines and solar panels. The growing demand for renewable energy sources, coupled with the increasing adoption of steel wire rod in these applications, is expected to drive the growth of the steel wire rod market. Additionally, government initiatives and incentives for the development of renewable energy projects are also contributing to the growth of the steel wire rod market in the Steel Wire Rod Market Industry.
Steel Wire Rod Market Segment Insights
Steel Wire Rod Market Application Insights
The Steel Wire Rod Market is segmented into various applications, including construction, automotive, energy, industrial, and consumer goods. Each segment exhibits unique characteristics and growth dynamics, influenced by industry trends and technological advancements. The construction segment is a major consumer of steel wire rods, primarily employed in reinforcement bars, wire mesh, and structural components. The growing demand for infrastructure development, urbanization, and residential construction is driving the segment's growth. In 2023, the construction segment accounted for approximately 42% of the Steel Wire Rod Market revenue, estimated at USD 65.63 billion.It is projected to maintain its dominance throughout the forecast period, reaching a value of USD 93.51 billion by 2032, exhibiting a CAGR of 4.3%. The automotive industry is another significant application segment, leveraging steel wire rods in-vehicle components such as springs, seat frames, and suspension systems. The rising production of passenger cars, commercial vehicles, and electric vehicles is fueling the segment's growth. In 2023, the automotive segment held a market share of around 28%, translating to USD 43.46 billion in revenue. It is anticipated to grow at a CAGR of 4.9%, reaching USD 62.72 billion by 2032.The energy sector also utilizes steel wire rods for applications in oil and gas exploration, pipelines, and transmission towers. The increasing demand for energy and the expansion of renewable energy sources are driving segment growth. In 2023, the energy segment captured approximately 15% of the market, with a value of USD 23.37 billion. It is projected to grow at a CAGR of 4.6%, reaching USD 33.31 billion by 2032. The industrial segment employs steel wire rods in machinery, equipment, and manufacturing processes. The growth of industries such as manufacturing, mining, and transportation is propelling the segment's demand.In 2023, the industrial segment held a market share of around 12%, corresponding to USD 18.76 billion in revenue. It is estimated to grow at a CAGR of 4.2%, reaching USD 26.76 billion by 2032. The consumer goods segment utilizes steel wire rods in various products, including appliances, furniture, and kitchenware. The rising disposable income and consumer spending are driving segment growth. In 2023, the consumer goods segment accounted for approximately 3% of the market, with a value of USD 4.78 billion. It is projected to grow at a CAGR of 4.1%, reaching USD 6.76 billion by 2032.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Wire Rod Market Grade Insights
Steel wire rods find extensive application in automotive, construction, and energy industries, among others. Based on Grade, the market is segmented into Low Carbon Steel, Carbon Steel, Alloy Steel, and Stainless Steel. Low Carbon Steel held the largest market share in 2023, accounting for 38.7% of the total revenue. The growth of this segment is attributed to the increasing demand for steel wire rods in the construction industry, particularly in developing countries. Carbon Steel is expected to register a significant CAGR during the forecast period, owing to its superior strength and durability compared to Low Carbon Steel.Alloy Steel is also projected to witness steady growth, driven by its use in automotive and energy applications. Stainless Steel held a relatively smaller share of the market in 2023 but is expected to grow at a steady pace during the forecast period. The segment is primarily driven by the demand for stainless steel wire rods in corrosive environments, such as in chemical processing and food handling industries.
Steel Wire Rod Market Diameter Insights
The Steel Wire Rod Market is segmented by diameter into 5.5mm or less, 5.5mm to 10mm, 10mm to 16mm, and 16mm or more. The 5.5mm or less segment is expected to witness significant growth over the forecast period, owing to its wide application in various industries, including construction, automotive, and manufacturing. The 5.5mm to 10mm segment is also projected to grow steadily, driven by its increasing use in wire mesh and fencing applications. The 10mm to 16mm segment is expected to hold a significant share of the market, primarily due to its high tensile strength and durability, making it suitable for use in cables and springs.The 16mm or more segment is anticipated to grow at a moderate pace, driven by its application in heavy-duty industries such as mining and construction.
Steel Wire Rod Market Surface Finish Insights
The Steel Wire Rod Market is segmented into Plain, Galvanized, Coated, and Alloyed based on Surface Finish. The Plain segment held the largest market share in 2023, accounting for over 40% of the global market revenue. The Galvanized segment is projected to witness the highest CAGR during the forecast period, owing to the increasing demand for corrosion-resistant steel wire rods in various industries such as construction and automotive. The Coated segment is also expected to register a significant growth rate, driven by the rising demand for coated steel wire rods in electrical applications.The Alloyed segment holds a relatively smaller market share but is expected to grow at a steady pace due to the increasing use of alloyed steel wire rods in high-strength applications.
Steel Wire Rod Market Tensile Strength Insights
The Tensile Strength segment of the Steel Wire Rod Market is expected to witness significant growth over the forecast period. The market segmentation includes four major categories based on tensile strength: Less than 400MPa, 400MPa to 600MPa, 600MPa to 800MPa, and 800MPa or more. Among these categories, the "Less than 400MPa" segment held the largest market share in 2023, accounting for around 35% of the global revenue. This is primarily due to the wide application of low-strength steel wire rods in sectors such as construction, automotive, and packaging.However, the "800MPa or more" segment is anticipated to experience the highest growth rate over the forecast period, driven by increasing demand for high-strength steel wire rods in industries like oil and gas, infrastructure, and defense.
Steel Wire Rod Market Regional Insights
The regional segmentation of the Steel Wire Rod Market provides insights into the market's geographic distribution and performance. North America, Europe, APAC, South America, and MEA are the key regions analyzed in this segment. The APAC region is projected to dominate the Steel Wire Rod Market, with a significant share due to the increasing demand from construction and automotive industries in emerging economies like China and India. The market growth in Europe is driven by the rising demand for steel wire rods in the automotive and construction sectors.North America holds a substantial market share, supported by the growing infrastructure development and construction activities. South America and MEA regions are expected to witness steady growth in the Steel Wire Rod Market, owing to the expanding construction sector and increasing urbanization. These regional insights are crucial for market players to understand the specific dynamics and opportunities in each region to tailor their strategies accordingly.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Wire Rod Market Key Players And Competitive Insights
Major players in the Steel Wire Rod Market industry are focusing on expanding their production capacities and diversifying their product portfolio to meet the growing demand from various end-use industries. Leading Steel Wire Rod Market players are also investing in research and development to improve the quality and efficiency of their products. The Steel Wire Rod Market is expected to witness significant growth in the coming years, driven by the increasing demand from the construction, automotive, and manufacturing industries. The Steel Wire Rod Market Competitive Landscape is expected to remain competitive, with key players focusing on innovation, cost reduction, and expansion into new markets.ArcelorMittal is a leading global steel producer with a strong presence in the Steel Wire Rod Market. The company has a wide range of products, including hot-rolled and cold-rolled steel wire rods, as well as specialty wire rods. ArcelorMittal has a global network of production facilities and sales offices, which allows it to serve customers in a variety of regions. The company is also investing in research and development to improve the quality and efficiency of its products.SAIL is a leading Indian steel producer with a strong presence in the Steel Wire Rod Market. The company produces a wide range of steel products, including hot-rolled and cold-rolled steel wire rods, as well as specialty wire rods. SAIL has a network of production facilities in India and exports its products to a number of countries. The company is also investing in research and development to improve the quality and efficiency of its products.
Key Companies in the Steel Wire Rod Market Include
- Tata Steel
- JFE Steel
- Gerdau
- WireCo WorldGroup
- Nucor
- Nippon Steel Sumitomo Metal Corporation
- Worthington Industries
- ArcelorMittal
- Baosteel Group
- Shougang Group
- Voestalpine AG
- Hyundai Steel
- POSCO
- Hebei Iron and Steel Group
- Bekaert
Steel Wire Rod Market Industry Developments
The Steel Wire Rod Market is projected to grow from USD 162.76 billion in 2024 to USD 245.3 billion by 2032, exhibiting a CAGR of 4.67% during the forecast period. Increasing demand from the construction and automotive industries is driving market growth. Steel wire rods are vital in reinforcing concrete structures and producing automotive components. The rising construction activities in developing regions, such as Asia-Pacific and the Middle East, are fueling market growth. Additionally, government initiatives to improve infrastructure and urbanization are creating lucrative opportunities for market players. Furthermore, the growing adoption of steel wire rods in manufacturing sectors like machinery and energy is expected to propel market expansion. Recent news developments include the announcement of new production facilities by major steel companies to cater to the rising demand. Key market participants are also focusing on strategic partnerships and acquisitions to strengthen their market position and expand their global reach.
Steel Wire Rod Market Segmentation Insights
- Steel Wire Rod Market Application Outlook
- Construction
- Automotive
- Energy
- Industrial
- Consumer Goods
- Steel Wire Rod Market Grade Outlook
- Low Carbon Steel
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Steel Wire Rod Market Diameter Outlook
- 5mm or less
- 5mm to 10mm
- 10mm to 16mm
- 16mm or more
- Steel Wire Rod Market Surface Finish Outlook
- Plain
- Galvanized
- Coated
- Alloyed
- Steel Wire Rod Market Tensile Strength Outlook
- Less than 400MPa
- 400MPa to 600MPa
- 600MPa to 800MPa
- 800MPa or more
| Report Attribute/Metric |
Details |
| Market Size 2022 |
155.5(USD Billion) |
| Market Size 2023 |
162.76(USD Billion) |
| Market Size 2032 |
245.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.67% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Tata Steel, JFE Steel, Gerdau, WireCo WorldGroup, Nucor, Nippon Steel Sumitomo Metal Corporation, Worthington Industries, ArcelorMittal, Baosteel Group, Shougang Group, Voestalpine AG, Hyundai Steel, POSCO, Hebei Iron and Steel Group, Bekaert |
| Segments Covered |
Application, Grade, Diameter, Surface Finish, Tensile Strength, Regional |
| Key Market Opportunities |
Growing Infrastructure Development Rising Demand from the Automotive Sector Increase in Construction Activities Expansion of Industrial Manufacturing Government Initiatives for Infrastructure Development |
| Key Market Dynamics |
Rising construction sector, increasing automotive production growth of renewable energy infrastructure development |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Steel Wire Rod Market is valued at USD 162.76 billion in 2023.
The Steel Wire Rod Market is projected to grow at a CAGR of 4.67% from 2024 to 2032.
Asia-Pacific is expected to hold the largest market share in the Steel Wire Rod Market in 2032.
Steel wire rods are primarily used in the construction, automotive, and manufacturing industries.
Some of the key competitors in the Steel Wire Rod Market include ArcelorMittal, Nippon Steel Sumitomo Metal Corporation, and Tata Steel.
The growth of the Steel Wire Rod Market is driven by increasing demand from the construction and automotive industries.
The Steel Wire Rod Market faces challenges such as volatile raw material prices and intense competition.
The Steel Wire Rod Market presents opportunities for growth in emerging markets and the development of new applications.
Key trends in the Steel Wire Rod Market include the increasing use of high-strength steel wire rods and the adoption of sustainable production practices.
The Steel Wire Rod Market is expected to continue to grow in the future, driven by increasing demand from developing economies.
