Steel Wire Market Expected to Reach $173.1 Billion by 2040

According to a new report published by Allied Market Research titled, “Global Steel Wire Market by Type and End-Use Industry: Opportunity Analysis and Industry Forecast, 2015–2040,” the global steel wire market was valued at $54.6 billion in 2023 and is projected to reach $173.1 billion by 2040, growing at a CAGR of 7.1% from 2024 to 2040.

Introduction

Steel wire is a fundamental material used across industries due to its high tensile strength, ductility, and adaptability. It is manufactured from carbon steel or stainless steel and is often coated or heat-treated for added performance. Steel wires are used in applications such as reinforcement in construction, tire and seatbelt components in automotive, fencing and mesh in agriculture, and cable systems in industrial sectors. With the growing focus on infrastructure development, automotive safety, and clean energy solutions, the demand for high-performance steel wire continues to rise globally.

The versatility of steel wire is enhanced by its availability in various grades and forms including cold heading quality wire, spring wire for mattresses, patented wire, and annealed wire. Each type serves distinct industrial functions, offering unique mechanical and chemical properties to meet diverse application needs.

Market Dynamics

Rising investment in construction and industrial infrastructure is expected to drive the growth of the global steel wire market. The expansion of metro networks, smart cities, and renewable energy facilities has intensified the need for durable wire solutions in both structural and support roles. Prestressed concrete steel wire is witnessing increased usage in large-scale infrastructure projects due to its load-bearing capacity and resilience. Additionally, galvanized and patented wires are gaining popularity in fencing, bridges, and building frameworks due to their corrosion resistance and longevity.

According to the International Organization of Motor Vehicle Manufacturers (OICA), global automotive production grew steadily between 2022 and 2023, thereby increasing the demand for wire used in suspension springs, control cables, and fasteners. In July 2023, the European Commission announced additional funding for green infrastructure projects, prioritizing the use of eco-friendly materials, including high-tensile and recycled steel wire products.

However, the volatility of raw material prices is expected to restrain the growth of the steel wire market during the forecast period. Prices of iron ore, coking coal, and alloys are subject to international market dynamics, creating cost uncertainties for manufacturers. Additionally, environmental regulations are pushing producers toward sustainable alternatives like electric arc furnaces and hydrogen-based steelmaking, which require significant capital investment and infrastructure development. In regions such as the EU and North America, stricter emission norms and carbon taxation policies are adding operational complexities to traditional steel production.

Segments Overview

The steel wire market is segmented into type, end-use, and region. By type, the market is divided into cold heading quality wire, Spring Wire for Mattresses, Patented Wire, Annealed Wire, Black Wire Nails, and Black Tying wire. By end-use, it is segmented into construction, automotive, and industrial applications. By region, the market is analyzed across North America, Europe, the Middle East, South America, and Asia-Pacific.

Among these, the patented wire segment, which includes black and galvanized varieties, is the fastest growing due to its rising application in energy transmission lines, construction mesh, and fencing solutions. Galvanized wire, in particular, is preferred for outdoor use due to its superior rust resistance and mechanical stability. Additionally, cold heading quality wire continues to lead in automotive and machinery applications, owing to its excellent strength and surface finish.

By end-use industry, the automotive segment is the fastest growing, registering a CAGR of 10.7% during the forecast period. The growing adoption of electric and hybrid vehicles, along with the expansion of global automotive production hubs, has led to increased demand for high-tensile steel wires used in clutch cables, seat springs, and safety harnesses. In February 2024, several automotive OEMs announced new investments in battery EV production across Asia-Pacific and Europe, with dedicated sourcing agreements for specialized steel wire suppliers.

Competitive Analysis

The major players operating in the global steel wire market include Severstal, Andaluza de Trefileria y Galvanizado, The Leleu Company, Lambert Manufil, SadevInox, Codica, Socitrel, Birtex Sarl, ArcelorMittal, and Finkernagel GmbH.

In June 2023, Bekaert expanded its manufacturing capacity in Brazil and India with a new patented wire facility designed to support both domestic consumption and export opportunities. In April 2022, ArcelorMittal inaugurated a decarbonized steel wire facility in Luxembourg, focusing on supplying green steel wire to the European automotive sector.

Key Findings of the Study:

• On the basis of type, the annealed wire segment held the highest market share, accounting for more than one-fifth of the global market in 2023.
• On the basis of end-use industry, the construction segment accounted for the highest share, representing nearly half of the total market share in 2023.
• By Region, the Asia-Pacific segment dominated the market in 2023.