Press Release: Global Steel Wire Market Projected to Reach US$155.13 Billion by 2029
For immediate release: Dublin, Nov. 21, 2025 (GLOBE NEWSWIRE)
Research and Markets has announced the addition of the “Steel Wire Market: 2025 Edition” to its offering. The global steel wire market, which was valued at US$110.04 billion in 2023, is projected to reach US$155.13 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 5.89%.
This significant growth is primarily driven by increased demand in the construction, automotive, and energy sectors. Factors such as urbanization, rising automobile manufacturing, infrastructure development in China and India, and electrification in rural areas are fueling this demand.
Carbon steel leads the market due to its wide applications and recyclability. However, stainless steel is showing rapid growth in the luxury and medical sectors. The Asia Pacific region dominates the market, with North America showing fast growth due to booming construction and emerging technologies.
However, the market faces challenges such as price fluctuations and the presence of market substitutes. Prominent players in the market include ArcelorMittal, Tata Steel, and Bekaert.
About the Steel Wire Market
Steel wire is a flexible, cylindrical strand made of steel. The global steel wire market encompasses the global industry engaged in the production, processing, distribution, and sale of various types of steel wires and steel wire products, including wire ropes, mesh and fencing wire, binding wire, and more.
The market has seen increased demand across various end-user industries, burgeoning urbanization and population growth, rising demand for automobiles, and increasing manufacturing activities. The global push for electrification in rural and remote areas, increased construction activity in China and India, and replacement demand in mature markets such as the US and Europe have all contributed to the growth of the global steel wire market over the years.
Furthermore, the market is largely fueled by rising infrastructure development activities in emerging economies and increasing government investments in public infrastructure. Governments and private entities are heavily investing in the construction of residential buildings, commercial spaces, educational institutes, and other infrastructure projects, thereby driving the demand for steel wire in the market.
The Asia Pacific region is the largest segment of the global steel wire market, owing to rising urbanization rates, the presence of major steel-producing countries such as China, Japan, and India, a fast-paced electronics industry, rapidly developing energy transfer infrastructure, a positively expanding industrial manufacturing sector, a rapidly developing automobile sector, growing electricity consumption, and surged construction activities, particularly in the commercial and residential sectors.
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