Steel Wire Rope Market Overview
As per MRFR analysis, the Steel Wire Rope Market Size was estimated at 14.19 (USD Billion) in 2022.The Steel Wire Rope Market Industry is expected to grow from 14.57(USD Billion) in 2023 to 18.5 (USD Billion) by 2032. The Steel Wire Rope Market CAGR (growth rate) is expected to be around 2.69% during the forecast period (2024 - 2032).
Key Steel Wire Rope Market Trends Highlighted
The steel wire rope market is poised for substantial growth in the coming years, driven by rising demand from various industries such as construction, mining, shipping, and transportation. The increasing infrastructure development, especially in emerging economies, has significantly boosted the demand for steel wire ropes used in suspension bridges, towers, and other structures.Moreover, the growing adoption of wire ropes in offshore wind energy projects is another key factor fueling market expansion. The need for lightweight and durable materials in these projects has made steel wire ropes an attractive choice. Additionally, the growing popularity of automated systems and robotics in industries such as manufacturing and logistics is also contributing to the demand for steel wire ropes.Recent trends in the market include the development of high-performance steel wire ropes with increased strength, flexibility, and corrosion resistance. This has opened up new opportunities in industries such as automotive and aerospace. Furthermore, the increasing focus on safety and compliance has led to stricter regulations and standards for wire ropes, driving manufacturers to invest in research and innovation to meet these requirements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Wire Rope Market Drivers
Growing Demand for Steel Wire Rope in Construction and Infrastructure Development
The construction sector is one of the main consumers of steel wire rope. As such, casings are widely used in the building of cable-stayed and suspension bridges and other massive constructions, improving the demand for steel wire rope. This sector is seeing a boost due to urbanization and expanding population staying in most developed and developing countries and accelerating construction strategies. Therefore, as construction continues to develop, demand for steel rope wire support is expected to strengthen further.Besides construction, these casings have different applications in the mining, oil, and gas, and transportation sectors as the need for steel wires in these areas is intensifying. The reason behind this trend entails increased mining activities accompanied by the need to discover fresh oil and gas fields and construct robust transporting means for these products. Thus, expanding non-conventional energy production, such as wind and solar installations, is supposed to propel the steel wire rope.demand in the same market and others. The Steel Wire Rope Market Industry is expected to see a significant increase in growth rates because the demand has strengthened in all these areas and others. Between 2023 and 2032, this market will swell at the Compound Annual Growth Rate of 2.69%. Hence, the current demand for steel wire rope in the construction sector and other industries and rising construction and infrastructure projects will boost the expansion of the Steel Wire Rope Market Industry in the future.
Rising Adoption of Steel Wire Rope in Renewable Energy Projects
Growth in renewables – A renewable energy boom is expected to affect the demand for steel wire rope in the positive way in the years to come. Thus, with the rising support for eco-friendly solutions across unlike projects such as wind turbines, solar power plants, and other renewable projects, the demand is only going to increase.
Technological Advancements and Innovation in Steel Wire Rope Manufacturing
Technological advancements and innovation in steel wire rope manufacturing are expected to further enhance the performance and efficiency of steel wire rope products. These advancements include the development of new materials, improved production processes, and enhanced testing and inspection techniques. As technology continues to evolve, the Steel Wire Rope Market Industry is expected to benefit from improved product offerings and increased competitiveness.
Steel Wire Rope Market Segment Insights
Steel Wire Rope Market Construction Type Insights
The Construction Type segment of the Steel Wire Rope Market is characterized by the use of steel wire ropes in various construction applications, including bridges, buildings, stadiums, and other infrastructure projects. The market is segmented based on the number of strands in the rope, with the most common types being single strand, seven strand, eight strand, and nineteen strand. The single strand steel wire rope is primarily used in applications where flexibility and low weight are important, such as in suspension bridges and cable cars.Seven strand steel wire ropes offer a good balance of strength and flexibility, making them suitable for a wide range of applications, including cranes, elevators, and marine equipment. Eight strand steel wire ropes are designed for high strength and are often used in heavy-lifting applications, such as construction cranes and mining equipment. Nineteen strand steel wire ropes are the most flexible type and are used in applications where extreme flexibility is required, such as in ropes for elevators and hoists. The Steel Wire Rope Market for Construction Type is expected to grow significantly in the coming years, driven by the increasing demand for steel wire ropes in infrastructure development and construction projects.The Asia-Pacific region is expected to be the largest market for steel wire ropes, followed by North America and Europe. Key players in the Steel Wire Rope Market for Construction Type include Bridon Bekaert, ThyssenKrupp, and ArcelorMittal. These companies are investing in research and development to improve the performance and durability of their steel wire ropes, and are also expanding their global reach through strategic partnerships and acquisitions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Wire Rope Market End Use Insights
The Steel Wire Rope Market is segmented into various end-use industries, including Industrial, Construction, Shipping, and Mining. Each segment holds a significant share in the market and contributes to its overall growth. The Industrial segment is a major consumer of steel wire rope due to its extensive use in machinery, equipment, and manufacturing processes. It accounts for a substantial portion of the Steel Wire Rope Market revenue and is projected to continue its growth trajectory in the coming years. The Construction segment also plays a crucial role in driving the market demand for steel wire rope.It is primarily used in suspension bridges, cable-stayed bridges, and other infrastructure projects. With the increasing construction activities globally, this segment is expected to witness steady growth in the future. The Shipping segment utilizes steel wire rope in various applications such as mooring lines, towing cables, and rigging equipment. The growth of the global shipping industry is expected to positively impact the demand for steel wire rope in this segment. The Mining segment is another key end-use industry for steel wire rope. It is used in hoisting, lifting, and transporting materials in mining operations.As the mining industry continues to expand, the demand for steel wire rope in this segment is anticipated to rise. Overall, the Steel Wire Rope Market is poised for growth due to the increasing demand from these end-use industries. The market is expected to witness significant growth in the coming years, driven by factors such as infrastructure development, industrialization, and urbanization.
Steel Wire Rope Market Size Insights
The Steel Wire Rope Market is segmented by size into small, medium, and large. The large segment is expected to account for the largest share of the market in the coming years, owing to the increasing demand for steel wire ropes in large-scale construction projects. The medium segment is also expected to witness significant growth, due to the rising popularity of steel wire ropes in medium-sized construction projects and infrastructure development. The small segment is expected to grow at a steady pace, driven by the demand for steel wire ropes in small-scale construction projects and industrial applications.
Steel Wire Rope Market Tensile Strength Insights
The tensile strength of steel wire rope is a crucial factor that determines its ability to withstand tension and load-bearing capacity. Steel wire ropes are classified into two primary tensile strength categories: low and high. Low Tensile Strength: Tensile strength: Typically below 1,770 MPa (257,000 psi) Applications: Suitable for general-purpose applications where moderate strength and flexibility are required, such as slings, lashing, and hoisting. Market share: Low tensile strength steel wire ropes account for a significant portion of the Steel Wire Rope Market revenue, with an estimated market value of USD 6.5 billion in 2024, expanding at a steady CAGR.High Tensile Strength: Tensile strength: Typically above 1,770 MPa (257,000 psi) Applications: Designed for demanding applications that require high strength-to-weight ratio, such as elevator ropes, suspension bridges, and offshore oil and gas exploration. Market share: High tensile strength steel wire ropes are gaining traction in various industries due to their exceptional durability and performance. The segment is projected to reach a market value of USD 8.2 billion by 2024, exhibiting a promising growth trajectory.
Steel Wire Rope Market Surface Treatment Insights
The surface treatment segment of the Steel Wire Rope Market is expected to witness significant growth over the forecast period. The market is segmented into three major categories: galvanized, stainless steel, and plastic coated. Galvanized steel wire rope is the most widely used type, accounting for over 50% of the global market share. It offers excellent corrosion resistance and durability, making it suitable for a wide range of applications, including construction, mining, and marine. The global galvanized steel wire rope market is projected to reach USD 7.5 billion by 2024, exhibiting a CAGR of 2.8% during the forecast period.Stainless steel wire rope provides superior corrosion resistance compared to galvanized steel, making it ideal for applications in harsh environments, such as chemical processing and offshore oil and gas exploration. The global stainless steel wire rope market is estimated to be valued at USD 2.2 billion in 2024, with a projected CAGR of 3.2% over the forecast period. Plastic coated steel wire rope offers enhanced protection against wear and tear, making it suitable for applications involving high levels of abrasion, such as mining and construction.The global plastic coated steel wire rope market is expected to reach USD 1.8 billion by 2024, growing at a CAGR of 3.5% during the forecast period.
Steel Wire Rope Market Regional Insights
The Steel Wire Rope Market is segmented by region into North America, Europe, Asia-Pacific, South America, and the Middle East Africa. North America is the largest regional market, followed by Europe and Asia-Pacific. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for steel wire rope in the construction and infrastructure sectors. The growth in the construction industry in emerging economies such as China and India is driving the demand for steel wire rope. Additionally, the increasing demand for steel wire rope in the mining and oil gas industries is also contributing to the growth of the regional market.The Middle East Africa region is also expected to witness significant growth over the forecast period, owing to the increasing investments in infrastructure development and the growing mining industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Wire Rope Market Key Players And Competitive Insights
Steel Wire Rope Market players are increasingly focused on expanding their product portfolios and deploying innovative technologies to gain a competitive edge in the industry. Moreover, wire rope producers operating across the globe are seeking to extend their footprint by partnering with local market participants and enhancing acquisitions. The global wire rope industry is relatively competitive, with a major share of the market is held by established market players frequently investing in research and development.Bridon-Bekaert is one of the top players in the Steel Wire Rope Market that manufactures a considerable variety of industrial wire ropes, inclusive of ropes manufactured for construction, mining, oil gas. The company is known to have a strong brand name and sell high-quality products on the market. Bridon-Bekaert is one of the leading industry players with its manufacturing units situated in nearly all regions of the world. The company offers engineering solutions and customized service to its clients in addition to technical assistance.ThyssenKrupp is a major player in the Steel Wire Rope Market that focuses on the provision of wire ropes in numerous variations, as well as the supply of engineering services for a variety of applications. In the market, the company is known for its innovative and sustainable products. In comparison to other industry players, ThyssenKrupp has made significant investments in research and development to improve the performance and durability of its wire ropes.
Key Companies in the Steel Wire Rope Market Include
Steel Wire Rope Market Industry Developments
The Steel Wire Rope Market is anticipated to expand at a steady pace, reaching a valuation of USD 18.5 billion by 2032. This growth is attributed to the increasing demand for steel wire ropes in various industries, including construction, mining, and oil and gas. The construction industry is a major consumer of steel wire ropes, which are used in the construction of bridges, buildings, and other structures. The growing demand for infrastructure development in emerging economies is expected to drive the demand for steel wire ropes in the coming years. The mining industry is another major consumer of steel wire ropes, which are used in the extraction of minerals and ores. The increasing demand for raw materials is expected to boost the demand for steel wire ropes in the mining industry. The oil and gas industry also uses steel wire ropes in the exploration and production of oil and gas. The growing demand for energy is expected to drive the demand for steel wire ropes in the oil and gas industry.
Steel Wire Rope Market Segmentation Insights
Steel Wire Rope Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 14.19(USD Billion) |
| Market Size 2023 | 14.57(USD Billion) |
| Market Size 2032 | 18.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 2.69% (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 | Tianjin Kuangye Steel Wire Rope Group Co., Ltd ,Usha Martin Limited ,Seongkwang Steel ,Bridon International ,Dongkuk Steel Mill Co., Ltd ,Bekaert ,Wire Rope Corporation of America (WRCA) ,Shanghai Ropeway Technology (Group) Co., Ltd ,Kiswire Ltd. ,Shandong Kaiyuan Steel Wire Rope JointStock Co., Ltd ,Yangzhou Lianxing Heavy Industry Group Co., Ltd ,Hankuk Steel Wire Rope ,Wuxi Xianglong Special Steel Wire Rope ,Usha Beltron Ltd ,Jiangsu Tonghui Steel Wire Rope Stock Co., Ltd |
| Segments Covered | Construction Type ,End Use ,Size ,Tensile Strength ,Surface Treatment ,Regional |
| Key Market Opportunities | Rising infrastructure development increasing demand in construction growing energy sector expanding mining industry |
| Key Market Dynamics | Growing construction industry rising demand in infrastructure increasing use in oil and gas technological advancements expanding wind energy sector |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Steel Wire Rope Market is expected to be valued at USD 14.57 billion in 2023 and is projected to grow at a CAGR of 2.69% from 2023 to 2032, reaching a value of USD 18.5 billion by 2032.
The Asia-Pacific region is expected to dominate the Steel Wire Rope Market throughout the forecast period, owing to the increasing demand from the construction and infrastructure sectors in countries such as China, India, and Japan.
Steel wire ropes are primarily used in various applications, including elevators and cranes, suspension bridges, oil and gas exploration, mining, and marine operations, among others.
The key players in the Steel Wire Rope Market include ArcelorMittal, Bridon-Bekaert, Dongkuk Steel Mill Co., Ltd., Kobe Steel, Ltd., and Sumitomo Metal Industries, Ltd., among others.
The growth of the Steel Wire Rope Market is primarily driven by the increasing demand from various industries, such as construction, infrastructure, and transportation, as well as the rising demand for high-strength and durable materials in infrastructure development.
The Steel Wire Rope Market faces challenges such as fluctuations in raw material prices, intense competition, and stringent regulatory requirements, which can impact the profitability and growth of the market.
The Steel Wire Rope Market is witnessing emerging trends such as the adoption of advanced technologies, such as fiber-reinforced steel wire ropes, and increasing demand for eco-friendly and sustainable solutions, which are expected to shape the future of the market.
The COVID-19 pandemic had a significant impact on the Steel Wire Rope Market, leading to disruptions in supply chains, project delays, and reduced demand from various industries. However, the market is expected to recover in the post-pandemic period, driven by the resumption of construction and infrastructure projects.
Key growth opportunities for the Steel Wire Rope Market include the rising demand from emerging economies, the development of new and innovative products, and the adoption of advanced technologies, which are expected to provide significant growth potential for market participants.
The Steel Wire Rope Market faces challenges such as intense competition, fluctuating raw material prices, and stringent regulatory requirements, which can impact the profitability and growth of the market.
Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
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