The growing investments from government organizations lead to increased infrastructure improvements that involve building roads, bridges, tunnels, ports, airports, and highways. In 2022, the Department for Transport of the UK announced the funding of US$ 34.83 million to develop net zero highways. In the same year, the Roads and Transport Authority of the UAE commenced phase 1 of the Sheikh Rashid bin Saeed Corridor Improvement Scheme, building four bridges and a four-lane road. The project aimed to improve traffic safety and flow, and eliminate overlapping traffic spots.
In the US, the construction of new bridges and the repair, rehabilitation, and replacement of old bridges has grown over the years. 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, including the Golden Gate and Brent Spence, that connect communities in five states. Also, the Federal Highway Administration announced an additional 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. As per the US Census Bureau, during the first five months of 2023, the total construction spending in the US was US$ 740.8 billion, of which private and public construction spending was US$ 585.7 billion and US$ 133.8 billion, respectively. The investment was spent on the development of commercial spaces, offices, highways, transportation, and streets. According to the same source, the number of privately owned houses (at a seasonally adjusted yearly rate) was 1.56 million units in November 2023, recording 9.3% growth, compared to 1.43 million units in November 2022.
In November 2021, the US government finally approved an infrastructure bill worth US$ 1.2 trillion to aid federal investments in various infrastructure projects. Also, construction spending was estimated to increase by 5.5% in 2023. Such government infrastructure projects involving road construction, bridges, railways, and other urban development initiatives create demand for construction materials. Steel wire mesh is used in concrete reinforcement of slabs and walls in residential and commercial construction. In the infrastructure industry, engineered steel wire mesh has varied applications, such as bridges and barriers. Thus, the rising investments in infrastructure projects lead to growth in the building & construction industry, which subsequently drives the steel wire market.
Steel Wire Market: Segmental Overview
Based on material, the steel wire market is segmented into carbon steel, stainless steel, and alloy steel. In 2023, the carbon steel segment held the largest market share and is expected to register the highest CAGR from 2023 to 2031. Carbon steel is an alloy consisting of carbon and iron. Carbon steel wire is produced by drawing hot rolled rods through smaller dies. The drawing process hardens the steel, making it stronger. The wire is then heated, making it more ductile and malleable. The specific ratio of iron to carbon varies depending on the properties of the final product. There are four major types of carbon steel wire—low carbon steel wire, medium carbon steel wire, high carbon steel wire, and ultra high carbon steel wire. Further, the properties of carbon steel wire include tensile strength, malleable nature, and hardness, which boost its utilization in various industries. Carbon steel wire is used in construction and agriculture applications, manufacturing of clothes hangers, automobile parts, and various other applications. Moreover, stainless steel is a low-cost, corrosion-resistant material with a high level of durability. Wires made of stainless steel are highly adaptable for different applications as it is available in a variety of sizes and shapes. Its corrosion-resistant property makes stainless steel highly suitable for applications where there is contact with acids or other corrosive materials. Stainless steel wire also shows excellent strength. The alloy of stainless steel is ideal for making kitchen utensils, cookware, and surgical tools, as well as construction work. In addition, stainless steel wire is used in industries such as chemicals, medicine, food, and oil & gas. It is a preferred raw material in the manufacturing of screws, springs, metallic nets, cable wire, and other hardware.
Based on thickness, the market is categorized into below 0.8 mm, 0.8 mm to 1.6 mm, and more than 1.6 mm. In 2023, the 0.8 mm to 1.6 mm segment held the largest share in the market. Steel wire with thickness ranging from 0.8 mm to 1.6 mm provides balancing strength and flexibility. It is employed across a variety of industries due to its versatile mechanical properties and adaptability. The wire is manufactured precisely to ensure consistency in diameter and performance, thereby meeting diverse application requirements. It possesses high tensile strength, which helps endure significant loads and stresses without deformation. Its moderate thickness ensures flexibility is retained, enabling steel wire to be bent and shaped as needed. This wire also exhibits good wear resistance and enhanced corrosion resistance, making it suitable for both indoor and outdoor environments. Moreover, steel wire with a diameter of more than 1.6 mm is a general-purpose steel wire. It is produced using a method of repeated cold drawing. Steel wire of this thickness range is used in manufacturing rails and nails. The wire is made of carbon steel, alloy steel, and stainless steel. Steel wire with a thickness of more than 1.6 mm is distinguished by its exceptional strength and durability. It can support heavy loads and endure substantial mechanical stresses without compromising structural integrity. The robust nature of steel wire makes it less prone to deformation and breakage, which is essential for critical applications. Moreover, when appropriately treated, the steel wire offers excellent corrosion and wear resistance, making it highly suitable for harsh outdoor environments. Its versatility allows for alloy composition and coating customization to meet specific requirements of various industrial applications.
Based on application, the market is segmented into construction, automotive, aerospace, mining, marine, agriculture, and others. In 2023, the construction segment held the largest steel wire market share. Steel wire is highly utilized in construction applications due to its versatility. It provides strength, durability, and safety to buildings and structures in the construction and infrastructure sectors. Steel wire is a strong and resistant material that supports concrete structures. It is easy to handle and is highly adaptable to construction requirements. In the construction industry, steel wires are used as a lightweight concrete reinforcement, generally in slabs and walls, for residential and commercial structures. Apart from walls and foundations, steel wire has various other applications such as building bridges, barriers, concrete poles, cable-stayed bridges, houses, parking lots, and drainage boxes.
Steel Wire Market: Competitive Landscape ArcelorMittal SA, Nippon Steel SG Wire Co Ltd, JFE Steel Corp, TATA Steel Ltd, Kobe Steel Ltd, JSW Steel Ltd, The HEICO Companies LLC, NV Bekaert SA, Tianjin Huayuan Metal Wire Products Co Ltd, and Henan Hengxing Science and Technology Co Ltd are among the key players operating in the global steel wire market. Players operating in the market focus on providing high-quality products to fulfill customer demand.