Dallas, Texas, Sept. 29, 2022 (GLOBE NEWSWIRE) — Market researchers and professionals estimate that the growth of steel wire rod market is likely to boost in the coming years. The market could reach 119.94 billion by 2029 and grow at an annualized rate of 2.8% 2022-2029. The main reason for this development is expected to be political and technological developments as well as developments and innovations in different types of high carbon steel, alloy steel and special steel wires.
Due to advantages such as very high cut resistance, high elasticity, relatively high elongation, durability, high modulus, higher carbon content, high tensile strength, stiffness and better performance compared to fiberglass, steel wire rod is undergoing rapid development. adoption thus promoting remarkable progress of the global steel wire rod market. As a result, steel wire rod is witnessing rapid adoption, further propelling the global steel wire rod market.
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Growing demand for better performance from manufacturing and other industries, better fuel efficiency, lower emissions, increasing adoption of electric vehicles and range of hybrid electric vehicles, has led to the development of innovative steel wire rods . Growing demand for steel wire rod to meet ever-increasing technical requirements and performance requirements is driving the global steel wire rod market.
|Revenue forecast in 2028||$119.94 billion|
|Types||Stainless steel wire, carbon steel wire, alloy steel wire|
|Final user||Construction, Energy, Automotive, Agriculture, Others|
|Regions covered||North America, Europe, Asia-Pacific, Middle East and Africa, South America|
|Profiled Key Players||Tata Steel, Shandong IronandSteel, Bohai Steel, Bao Steel, Fagersta Stainless, Hebei IronandSteel, Emirates Steel, Shagang Group, JFE Holdings, Shougang Group.|
The key factors such as high consumption and investments due to high confidence, rising incomes and low interest rates are driving the development of the global steel wire rod market. In addition, manufacturing sector is witnessing higher investments for better equipment, dramatic increase in housing prices, growth in non-residential sector indicates healthy growth in the global steel wire rod market.
However, low private investment, declining demand for steel products in ASEAN-5 countries, sluggish construction activities and infrastructure investment, and destocking are hampering the global steel wire rod market .
In addition, the recent tax reforms, robust domestic and external demand, private consumption, the recovery of non-residential construction and the strength of manufacturing activities, the demand for steel wire rod is expected to gradually accelerate, further encouraged by the government investments, which are driving the global steel wire rod market. .
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The global steel wire rod market is categorized into low carbon steel wire rod, low carbon steel wire rod, medium carbon steel wire rod and high carbon steel wire rod. carbon content based on type. Among these, the low carbon steel wire rod segment is expected to grow by 6% or more per year in the future, and its share of the total steel wire rod market is increasing.
The global steel wire rod market is categorized into butchery or meat processing plants, textiles, packaging wire, core wire, cut protection products, tire manufacturing and others based on the application. Of these, the cut protection products segment continues to transform at the fastest pace in over a decade. Additionally, market players in this segment are looking for targeted market expansion.
2. Research methodology
3. Market Outlook
4. Steel Wire Rod Market by Type, 2022-2029 (USD Billion)
5. Steel wire rod market by end users, 2022-2029 (USD billion)
6. Steel Wire Rod Market by Region 2022-2029 (USD Billion)
6.1. North America
6.2.4. The rest of Europe
6.3. Asia Pacific
6.3.4. Rest of Asia-Pacific
6.4. South America
6.4.3. Rest of South America
6.5. Middle East and Africa
7. Competitive landscape
8. Company Profile
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