The U.S. steel wire market accounted for USD 13847.24 Million in 2020 and is expected to reach USD 17541.27 Million by 2028, growing at a CAGR of 3.0% from 2021 to 2028.
The U.S. steel wire market accounted for USD 13847.24 Million in 2020 and is expected to reach USD 17541.27 Million by 2028, growing at a CAGR of 3.0% from 2021 to 2028.
Steel is an inorganic type of material. The steel wire is made with a cold drawing process in which a steel ingot or a thick rod is drawn through a circular-shaped die of a high hardness mold that is thinner than the ingot.295 The steel deforms to smaller diameter under the pressure from the mold. By multiple steps of such cold drawing, the diameter of the wire is gradually reduced to desired level. The major factor that is primarily driving the growth of the market is the rising investments by the government authorities in the development of infrastructure in the emerging economies.
COVID-19 Impact Analysis
The Covid-19 pandemic has majorly hampered the overall U.S. steel industry as the demand for the steel remained muted for almost entire 2020. The market witnessed a significant deep in the growth of end use industries such as construction, energy, and automotive, among others. The U.S. has well-established construction industry. Until 2021, the construction industry was contributing around USD 2 trillion to the U.S. economy. The number dropped to USD 1.3 trillion in 2020 on account of pandemic, riots, social disturbance, and presidential election. This, in turn, has hampered the growth of all the associated industries. Several ongoing projects were either halted or delayed. During this period, the price of numerous construction materials including steel has gone up. For instance, steel prices saw an upsurge of more than 50% as compared to the prices of early 2020, which is projected to slow down the rate of construction activities in the coming years.
Automotive and energy sectors witnessed the slowest demand for steel wire as the market was completely shut for more than six months. Production of automotive was halted due to lockdown and shortage of labour among others. The industry has to face a prominent loss in the revenue during this period. This impact and recovery is likely to take 2-3 years to restore to previous growth rate. Since, most of the industries were either partially operational or closed that reduced the consumption of energy. This resulted into lower production of electricity. The lower production discouraged the operators to undertake any development activities that would utilize steel wire.
However, the market has started regaining at an unpreceded rate on account of introduction of Covid-19 vaccine, uplift of lockdown, ease of regulations. The beginning of 2021 witnessed slow growth as expected but then it went up. As per our analysis, the market will take around 2-3 years to come back to normal.
The construction industry is the largest application industry in the steel wire market in terms of volume. Steel wires are heavily used in a range of applications in the construction industry in road, atomic reactor domes, river & railway bridges and flyovers, slabs, hangers, silos, aqueducts, viaducts, high-rise buildings, and railway sleeper construction. In addition to this, the market has started witnessing a significant boost after 2020 in the residential and construction activities in the U.S. Moreover, the U.S. federal government is planning to invest USD 500 billion over 10 years (2017–2028). The demand for steel is likely to go up until 2024 as most of the delayed and halted construction projected expected to go online until the year. The residential construction segment is projected add fuel to the overall market growth as the number of individual home buyers has gone up since the mortgage has reduced to record low. This will further encourage the homebuyers.
The demand for steel wire is projected continue growing in the coming years as the market does not have any other substitute which can reduce its overall application and end use. This can mainly be attributed to the lightweight, high tensile and mechanical strength, ability to work under high pressure and temperature, and anticorrosion properties. Moreover, steel wires offer these properties at significantly low prices, which further encourage the demand for the product. As per applications, these properties can be enhanced by offering plastic or nylon coating and anticorrosion can be taken to next level by galvanizing the wire. In addition to this, the U.S. government has been paying more attention to the safety of passengers and is directing the automotive producer to make better safest possible vehicle, which can be achieved by high grade steel wire. Emergence of EVs has further added fuel to the overall demand.
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
On the basis of type the market is segmented into Carbon Steel and Alloy Steel. Carbon Steel holds the major share in the market whereas, Alloy Steel segment will surpass the Carbon Steel segment in near future owing to the huge application. Carbon steel is projected to dominate the market on account of a wide range of end use applications and growing demand from the construction and automotive industries.
By end use, the market is segmented into construction, automotive, energy, agriculture, and others. Wherein, the construction industry is projected to lead the market. It is expected hold major share and is likely to continue dominating the market during the forecast. The construction industry has started showing slow growth as expected in the year 2021, the demand and growth has started returning to normal at a very high rate. In addition to this, the residential construction activities have started booming again and most of the projects that were halted have become operational. The industry is expected to witness a significant growth in the residential and commercial activities. Moreover, the U.S. government has undertaken a large number of infrastructure development projects and is eying to invest USD 500 billion over 10 years (2017–2028) in numerous infrastructure developments. All these factors are project to drive the demand for steel wire market in the coming years
The U.S. steel wire market is valued at USD 13847.24 million in 2020 and is projected to generate revenue of USD 17541.27 million by 2028 at a CAGR of 3%. The market is likely to remain stable in the coming years on account of strong demand from the construction, automotive, and energy sectors. However, the market has seen a significant increase in the steel prices on account of reduced production and increased demand and supply gap. The prices are likely to come back to normal by 2024 as the production restores and tension between the U.S. and China.
Some of key players in U.S. steel wire market are American Manufacturing, Barrette Outdoor Living, Bekaert Corporation, Davis Wire Corporation, Draka Elevator Products, Fort Wayne Metals Research Products Corp, Insteel Wire Products Company, Laclede Chain Manufacturing Company, and Loos & Co., among others.
List of Figures
Fig.1 U.S Steel Wire Market, 2016 – 2028 (USD Million)
Fig.2 U.S Carbon Steel Wire Market, 2016 – 2028 (USD Million)
Fig.3 U.S Alloy Steel Wire Market, 2016 – 2028 (USD Million)
Fig.4 U.S Steel Wire Market Share, by Type, 2021 & 2028 (USD Million)
Fig.5 U.S Carbon Steel Wire Market, 2016 – 2028 (USD Million)
Fig.6 U.S Alloy Steel Wire Market, 2016 – 2028 (USD Million)
Fig.7 U.S Stainless Steel Wire Market, 2016 – 2028 (USD Million)
Fig.8 U.S Steel Wire Market Share, by Thickness, 2021 & 2028 (USD Million)
Fig.9 U.S 0.01 mm to 0.8 mm Steel Wire Market, 2016 – 2028 (USD Million)
Fig.10 U.S 0.8 mm to 1.6 mm Steel Wire Market, 2016 – 2028 (USD Million)
Fig.11 U.S 1.6 mm to 4 mm Steel Wire Market, 2016 – 2028 (USD Million)
Fig.12 U.S 4 mm & above Steel Wire Market, 2016 – 2028 (USD Million)
Fig.13 U.S Steel Wire Market Share, by End User, 2021 & 2028 (USD Million)
Fig.14 U.S Black Steel Wire Market, 2016 – 2028 (USD Million)
Fig.15 U.S Green Steel Wire Market, 2016 – 2028 (USD Million)
Fig.16 U.S Oolong Steel Wire Market, 2016 – 2028 (USD Million)
Fig.17 U.S Agriculture Steel Wire Market, 2016 – 2028 (USD Million)
Fig.18 U.S Others Steel Wire Market, 2016 – 2028 (USD Million)
Fig.19 U.S Steel Wire Market, 2016 – 2028 (USD Million)
Fig.20 American Manufacturing Revenue and Growth Rate
Fig.21 American Manufacturing Market Share
Fig.22 Barrette Outdoor Living Revenue and Growth Rate
Fig.23 Barrette Outdoor Living Market Share
Fig.24 Bekaert Corporation Revenue and Growth Rate
Fig.25 Bekaert Corporation Market Share
Fig.26 Davis Wire Corporation Revenue and Growth Rate
Fig.27 Davis Wire Corporation Market Share
Fig.28 Draka Elevator Products Revenue and Growth Rate
Fig.29 Draka Elevator Products Market Share
Fig.30 Fort Wayne Metals Research Products Corp Revenue and Growth Rate
Fig.31 Fort Wayne Metals Research Products Corp Market Share
Fig.32 Insteel Wire Products Company Revenue and Growth Rate
Fig.33 Insteel Wire Products Company Market Share
Fig.34 Laclede Chain Manufacturing Company Revenue and Growth Rate
Fig.35 Laclede Chain Manufacturing Company Market Share
Fig.36 Loos & Co. Revenue and Growth Rate
Fig.37 Loos & Co. Market Share
Fig.38 Market Attractiveness Analysis – By Form
Fig.39 Market Attractiveness Analysis – By Thickness
Fig.40 Market Attractiveness Analysis – By End User
Fig.41 Steel Pricing Trend
List of Tables
Table 1 U.S Steel Wire Market, 2021 & 2028 (USD Million)
Table 2 U.S Steel Wire Market, by Form, 2016 – 2028 (USD Million)
Table 3 U.S Steel Wire Market, by Type, 2016 – 2028 (USD Million)
Table 4 U.S Steel Wire Market, by Thickness, 2016 – 2028 (USD Million)
Table 5 U.S Steel Wire Market, by End User, 2016 – 2028 (USD Million)
Table 6 U.S Steel Wire Market, by Form, 2016 – 2028 (USD Million)
Table 7 U.S Steel Wire Market, by Thickness, 2016 – 2028 (USD Million)
Table 8 U.S Steel Wire Market, by End User, 2016 – 2028 (USD Million)
Table 9 U.S Steel Wire Market - Company Revenue Analysis, 2016 – 2021 (USD Million)
Table 10 U.S Steel Wire Market - Company Revenue Share Analysis, 2016 – 2021 (%)
Table 11 Market Drivers – Impact Analysis
Table 12 Market Restraints
Table 13 Production Base and Market Concentration Rate of Raw Material
Table 14 Key Suppliers of Raw Materials
Table 15 Distributors/Traders of Steel Wire
Table 16 Potential Buyers
The U.S. steel wire market was valued at USD 13847.24 Million in 2020.
The U.S. steel wire market is expected to reach USD 17541.27 Million by 2028, growing at a CAGR of 3.0% between 2021 to 2028.
Some of the key factors driving the U.S. steel wire market growth are increasing demand from the construction industry and lack of prominent substitute, among others.
Some of the major companies operating in the U.S. steel wire market are American Manufacturing, Barrette Outdoor Living, Bekaert Corporation, Davis Wire Corporation, Draka Elevator Products, Fort Wayne Metals Research Products Corp, Insteel Wire Products Company, Laclede Chain Manufacturing Company, and Loos & Co., among others.
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