The global stainless steel wire and wire rod market, which was valued at US$6,600.84 million in 2024, is projected to reach US$11,237.22 million by 2032. This represents a compound annual growth rate (CAGR) of 7.0% during the forecast period from 2025 to 2032.
In terms of production, Europe, including Ukraine, saw a 1.5% increase to 6.09 million tons. The United States boosted its output by 6.9% to 1.95 million tons, while Asia, excluding China and South Korea, experienced a 6.4% growth to 7.32 million tons. China, however, maintained its leading position with 39.44 million tons, marking a 7.5% increase and highlighting Asia’s dominance in the market.
Marcegaglia Fagersta Stainless has announced a significant investment of approximately $116.77 million to double the production capacity at its Swedish plant by the end of 2026. This move aims to strengthen the manufacturing of stainless steel wire rod and bar. Other strategic acquisitions include Kobe Steel, Ltd.’s acquisition of a 25% stake in Kobelco Millcon Steel Co., Ltd., which will enhance its wire rod manufacturing capability in Thailand. Shyam Metalics and Energy also increased its stainless steel production capacity by acquiring Mittal Corp., investing ₹7,500 crore over 4-5 years for the expansion of stainless steel wire rods and rebars.
Key players in the industry 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, among others.
In terms of industry development, Fagersta Stainless of Sweden partnered with Italy’s Danieli in April 2025 to install a new stainless steel blooming mill with an annual capacity of 70,000 tons. The mill is set to begin operations by late 2026. In November 2024, Taiwan’s Walsin Lihwa approved a $9.15 million investment to build a stainless steel wire rod plant in Morowali Industrial Park, Indonesia. The facility, backed by Mimosa International Limited, will produce 300 series stainless steel wire rods with an annual capacity of 300,000 tons.
In April 2025, India-based Bansal Wire Industries Ltd. launched a new stainless steel wire manufacturing facility in Dadri, Uttar Pradesh, with an initial capacity of 360,000 MTPA, which can be expanded to 600,000 MTPA in the future.
India’s total finished stainless steel consumption has been steadily growing over the past five years with a CAGR of 4.36%. Consumption increased notably from 3.43 million tonnes in 2022-23 to 3.75 million tonnes in 2023-24, reflecting a strong 9.33% year-on-year growth.
