The global Steel Wire Rod market stood at approximately 47 million tonnes in and is anticipated to grow at a CAGR of 4.7% during the forecast period until .
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Steel wire rods serve diverse industrial purposes due to their strength, versatility, and ductility. In the construction sector, they are commonly used in reinforced concrete structures, including bridges, buildings, and roads, providing essential reinforcement and structural support. Additionally, in the automotive industry, steel wire rods are utilized in the manufacturing of tires, suspension systems, and seat frames, where their high tensile strength and durability are paramount. Moreover, in the manufacturing sector, steel wire rods find applications in the production of various industrial components, such as fasteners, springs, and cables, where their formability and resilience are essential. Furthermore, steel wire rods are employed in fencing, wire mesh, and agricultural machinery, providing sturdy and reliable solutions for agricultural applications. Additionally, steel wire rods are utilized in the production of electrical cables, wire ropes, and fencing materials due to their conductivity, flexibility, and corrosion resistance. Moreover, in the consumer goods industry, steel wire rods are used in the manufacturing of household appliances, furniture, and kitchenware, providing structural support and durability. In automotives, Steel wire rods find application in the production of delicate parts like steering wheels, engine mounts, transmission gears, and suspensions.
The global steel wire rod market is influenced by several key drivers and trends. Firstly, the construction industry's growth, particularly in emerging economies, is driving demand for steel wire rods in infrastructure projects such as bridges, roads, and buildings. Additionally, the automotive industry's expansion, driven by rising vehicle production and demand for lightweight materials, fuels the need for steel wire rods in automotive components like suspension systems and tire reinforcement. Moreover, the manufacturing sector's growth, including machinery and equipment production, contributes to the demand for steel wire rods in various industrial applications such as fasteners and wire ropes. Furthermore, the increasing adoption of steel wire rods in the renewable energy sector, particularly in wind turbine manufacturing, further boosts market growth. Additionally, technological advancements in steel production processes, such as the development of high-strength wire rods, enhance product quality and performance, driving market expansion. Furthermore, growing investments in infrastructure development, urbanization, and industrialization across regions like Asia Pacific and Latin America propel market growth. The global Steel Wire Rod market is likely to reach approximately 80 million tonnes in .
Asia Pacific asserts its dominance in the Steel Wire Rod market due to several key factors. Firstly, the region's robust economic growth and rapid industrialization have led to increased demand for Steel Wire Rods across various sectors, including construction, electrical, automotive, and manufacturing industries. Moreover, Asia Pacific is home to several emerging economies with large populations, such as China and India, where urbanization and infrastructure development projects drive substantial demand for Steel Wire Rods in electrical wiring, plumbing, and construction applications. Additionally, the region's strong manufacturing base and technological capabilities enable it to produce Steel Wire Rods efficiently and cost-effectively, meeting both domestic and global demand. Furthermore, favourable government policies and investments in renewable energy infrastructure, such as wind and solar power projects, further boost the demand for Steel Wire Rods in the transmission and distribution of electricity. Moreover, Asia Pacific benefits from the presence of major copper mining and refining operations in countries like China, Chile, and Australia, ensuring a steady supply of raw materials for Steel Wire Rod production. Additionally, the region's strategic location facilitates trade and export facilities.
Based on the end-use, the global Steel Wire Rod market is divided into Construction, Engineering, Automotive, Energy, and Others. Among these, Construction sector is the major segment and held about 50% of the global Steel Wire Rod market in .
Significant players in the Global Steel Wire Rod market are Arcelor Mittal, JFE Steel Holdings, Kobe Steel Limited, LIBERTY Steel Group, Bekaert, Nippon Steel Corporation, Tata Steel Limited, Van Merksteijn International, Tianjin Huayuan Metal Wire Products Co.Ltd., Henan Hengxing Science & Technology Co., Ltd., and Others.
Years considered for this report:
Historical Period: -
Base Year:
Estimated Year:
Forecast Period: -
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Objective of the Study:
&#; To assess the demand-supply scenario of Steel Wire Rod which covers production, demand and supply of Steel Wire Rod market in the globe.
&#; To analyse and forecast the market size of Steel Wire Rod
&#; To classify and forecast Global Steel Wire Rod market based on end-use and regional distribution.
&#; To examine competitive developments such as expansions, mergers & acquisitions, etc., of Steel Wire Rod market in the globe.
To extract data for Global Steel Wire Rod market, primary research surveys were conducted with Steel Wire Rod manufacturers, suppliers, distributors, wholesalers and traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Steel Wire Rod market over the coming years.
ChemAnalyst calculated Steel Wire Rod demand across the globe by analyzing the volume of Steel Wire Rod consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
&#; Steel Wire Rod manufacturers and other stakeholders
&#; Organizations, forums and alliances related to Steel Wire Rod distribution
&#; Government bodies such as regulating authorities and policy makers
&#; Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Steel Wire Rod manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Steel Wire Rod market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in
47 million tonnes
Market size Volume in
80 million tonnes
Growth Rate
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CAGR of 4.7% from to
Base year
Estimated year
Historical Data
&#;
Forecast period
&#;
Quantitative units
Demand in million tonnes and CAGR from to
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Construction, Engineering, Automotive, Energy, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Pricing and purchase options
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Available Customizations:
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This type of product is quite common and can be used in a wide variety of industries, as well as other spheres. Naturally, the main applications for wire rod are manufacturing, the energy sector, and construction.
Wire rod is a hot-rolled wire with a diameter ranging from 5.5 to 42 mm. Rods are made of carbon steel, aluminum, and copper of ordinary quality. The cross-section of wire rod can be hexagonal, round, semicircular, or square. The main factor that determines the technical parameters is the type of material it is made of.
Wire rod is made by drawing hot metal through shafts. The shafts form and compress the metal from different sides, thus turning a piece of metal into a long, thin wire. At the end of the rolling mill, this wire is wound on a special winder, with the help of which the rod is rolled into skeins for further cooling. The production method is called &#;hot;&#; however, the metal is not pre-heated &#; it is heated when passing through the shafts.
After rolling, the rod must be cooled. This process can go in two ways: through air or accelerated cooling. Air cooling occurs naturally in contrast to accelerated, which requires special fans. After cooling, the rod is ready for storing.
High-quality requirements are imposed on wire rod. For instance, if the rod is manufactured for further wire production, then it should be free of burrs or other deformations. If they are present, the rod can still be used for other purposes.
Apart from that, voids and bubbles may appear on the surface of the rod, significantly reducing the strength of the material. The quality of the product is also adversely affected by decarburization, which may occur when the rod is heated.
There are other mechanical defects that may occur; some of them only affect wire rod prices, while others make it unusable. Therefore, production is controlled carefully, and the rod goes through constant quality control at all stages of manufacturing.
There is a variety of applications for steel wire rod, such as:
For example, in the manufacture of reinforcement cages; square, round, or rectangular-shaped assembly clamps are made from wire rod. With the help of reinforcing cages, monolithic columns, girders, belts, cross-tops, and lintel strip foundations are reinforced.
In addition to the use of wire rod in reinforcing cages, it is also used in the manufacture of welded reinforcing mesh for monolithic structures, such as concrete floors and screeds.
Steel rods are also used when laying bearing walls or walls of brick, cinder, foam, or gas block. Depending on the concrete used for masonry, steel wire is put into each 2nd-4th layer of mortar, thereby enhancing the overall strength of the masonry. Thus, the rod performs the role of reinforcing the structure.
Apart from that, wire rod is used in the production of electrodes and wires for welding, as well as the manufacture of telegraph wires, ropes, and cables. For such applications, aluminum and copper rod fits best. Most often, such wire is used in power supply systems. In order for rod not to affect the operation of these systems, it must be plastic and well deformable. These characteristics play a key role when choosing the right diameter of the rod.
Guest Author: Metinvest Holding
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