The Stainless Steel Wire & Wire Rod Market is projected to grow from US$6,600.84 million in 2024 to US$11,237.22 million by 2032, according to a new report by DataM Intelligence. The market is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2025 to 2032.
The report provides a detailed analysis of various factors influencing the market, including regional growth, segmentation, CAGR, business revenue status of top key players, and drivers. It aims to offer a comprehensive view of the current market size, opportunities, and development status.
In 2024, global stainless steel production increased by 7% to 62.62 million tons. The growth was driven by sustainability, recycling, and quality standards.
In April 2025, Bansal Wire Industries in India opened a new facility in Dadri with a capacity of 3.6 lakh MTPA, which can be expanded to 6 lakh. The facility features solar power, rainwater harvesting, energy-efficient machinery, and an advanced ETP, promoting sustainable manufacturing for various sectors.
In November 2024, Taiwan’s Walsin Lihwa invested US$9.15M to construct a 300,000-ton stainless steel wire rod plant in Morowali, Indonesia. This move is aimed at expanding its presence in Southeast and South Asia and meeting the growing industrial demand.
In November 2023, Synergy Steels Limited launched a stainless steel wire rod plant in Desula, Alwar, Rajasthan, with an investment of US$931.8K. This initiative is expected to boost domestic production and reduce reliance on imports from China, thereby strengthening India’s supply chain and the market position of the segment.
Key players in the market include Nippon Steel Corporation, Aperam S.A., Bansal Wire Industries Ltd., Outokumpu Oyj, Alleima, Walsin Lihwa Corporation, Kobe Steel, Ltd., Tsingshan Holding Group, Yieh Corp, Venus Wires, and others.
In terms of industry developments, Fagersta Stainless partnered with Danieli in April 2025 to install a 70,000-ton blooming mill at its Sweden plant by 2026, enhancing bar and billet production. In November 2024, Marcegaglia Fagersta invested US$116.77M to double capacity and expand wire rod and bar output, reinforcing its position in the European market.
The report concludes that the Global Stainless Steel Wire and Wire Rod Market is expected to grow significantly between 2025 and 2032. The market growth is attributed to the rising adoption of strategies by key players.
The research process involved the use of both primary and secondary data sources.
