In the US, the construction industry is one of the major industries. Growing residential and commercial construction activities, increasing investments in the construction industry, and rising government initiatives for developing public infrastructure drive the US construction industry. In the US, the construction of new bridges and the repair, rehabilitation, and replacement of old bridges is increasing. According to the news released in January 2023, the US Department of Transportation announced funding of US$ 2.1 billion to improve four key bridges, which include the Golden Gate and Brent Spence. The first round of grants will fund four projects that connect communities in five states. In addition to the four main grants, the Federal Highway Administration announced an additional bridge planning grant of US$ 1.6 million to the US Army Corps of Engineers for planning work in support of the replacement of the Bourne and Sagamore Bridges over the Cape Cod Canal. In the US, construction in the manufacturing sector is an essential part of the country’s economy. This sector has long been a driver of economic growth in the US. The industrial construction sector in the country includes a wide range of construction projects, including warehouses, factories, and processing plants. As the US continues to expand its manufacturing and production capabilities, the need for top-notch industrial facilities is increasing. Various companies are investing heavily in new construction projects across the country, from warehouses to factories to processing plants. The US is experiencing a striking surge in construction spending for manufacturing facilities.
According to the European Commission, in Europe, the construction industry contributes ~9% to the gross domestic product (GDP). The rising population led to a rapid expansion of cities, requiring more and better infrastructure for roads, bridges, housing, and office spaces. Germany is Europe’s largest construction market. The requirement for residential buildings in Germany is increasing due to the rising population and a favorable economic environment.
Government spending on construction and infrastructure projects has increased exponentially in Europe to improve the quality of roads, dams, bridges, tunnels, and ports. For instance, in 2022, the Department for Transport (UK) announced the funding of US$ 34.83 million to develop net zero highways. Moreover, four major road schemes were announced in Newcastle, Cornwall, Greater Manchester, and Southampton, backed by the funding of US$ 186.70 million, to reduce congestion and improve connectivity. Thus, the strong growth in the building and construction industry in different regions is driving the demand for various construction materials and products, including steel wire ropes.
Steel Wire Rope Market: Segmental Overview
Based on product type, the steel wire rope market is segmented into stainless steel wire ropes, galvanized steel wire ropes, carbon steel wire ropes, and coated steel wire ropes. In 2023, the galvanized steel wire rope segment held the largest market share and is expected to register the highest CAGR from 2023 to 2031. Galvanized steel wire ropes are coated with molten zinc and feature properties such as high strength and corrosion resistance. The iron element in the steel is prone to rusting and corrosion, but the addition of zinc acts as a protective layer between steel and moisture. A galvanized coating has a unique metallurgical structure, offering resistance to mechanical damage. Galvanized steel wires offer long-term damage resistance and scratch resistance. It is ideal for applications in general engineering, construction, and agriculture sectors. It is used in residential and commercial construction applications such as fencing, rails, tubing, and poles.
Based on type, the steel wire rope market is bifurcated into regular lay and lang lay. In 2023, the regular lay segment held a larger market share. Regular lay steel wire rope consists of oppositely laid wires and strands. Wires are twisted in one direction, whereas the strands are twisted in the opposite direction to form a rope. This twist pattern between wire and strands of rope offers several advantages. It is less likely to fail from crushing and distortion, is rotation-resistant, and spools better in a drum than lang lay ropes. The torque tendency of regular lay rope is less than that of lang lay rope. This type of construction helps distribute the load evenly across the rope and provides flexibility and strength, making it suitable for various applications such as lifting, towing, and suspension.
Based on end use, the steel wire rope market is segmented into mining, oil and gas, building and construction, marine and fishing, and others. In 2023, the building and construction segment held the largest steel wire rope market share. In the construction industry, various equipment are used to carry heavy materials such as cement blocks, as well as other machinery. Equipment is also used to secure rebars, lift elevators, carry materials, and perform other heavy-load applications. Depending on applications, multiple types of steel wires are used in the construction industry. Scaffolding made and suspended by stainless steel wire, cable-stayed bridges, building anchors, lifting equipment, and slope stabilization systems all depend on this material’s corrosion resistance and strength. Therefore, steel wire rope has a wide range of applications in the building and construction industry due to its high durability and strength. It is used in the construction of structural systems such as bridges, roof structures, stayed masts and towers, and other specialized structural projects.
Steel Wire Rope Market: Competitive Landscape
Drahtseile Gebr Henschel GmbH, Usha Martin Ltd, Asahi Intecc Co Ltd, Tyler Madison Inc, Central Wire Inc, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert are among the key players operating in the global steel wire rope market. Players operating in the market focus on providing high-quality products to fulfill customer demand.