U.S. Steel Wire Market - Global Industry Analysis

Market Overview

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.

Growth Factors

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 Scope:

Type Segment Analysis Preview

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.

End User Segment Analysis Preview

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

Regional Analysis Preview

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.

Key Market Players & Competitive Landscape

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. 

The U.S. steel wire market is segmented as follows:

By Form

• Non-rope
• Rope

By Type

• Carbon Steel
• Alloy Steel
• Stainless Steel

By Thickness

• 0.01 mm to 0.8 mm
• 0.8 mm to 1.6 mm
• 1.6 mm to 4 mm
• 4 mm & above

By End User

• Construction
• Automotive
• Energy
• Agriculture
• Others

By Region

• U.S.

• Chapter 1 Executive Summary
  • 1.1. Introduction of Steel Wire
  • 1.2. COVID-19 Impacts on Steel Wire Industry
    • 1.2.1. Short Term Strategy
    • 1.2.2. Mid Term Strategy
    • 1.2.3. Long Term Strategy
  • 1.3. U.S Steel Wire Market, 2021 & 2028 (USD Million)
  • 1.4. U.S Steel Wire Market, 2016 – 2028 (USD Million)
• Chapter 2 Steel Wire Market – Form Analysis
  • 2.1. U.S Steel Wire Market – Form Overview
  • 2.2. U.S Steel Wire Market Share, by Form, 2021 & 2028 (USD Million)
  • 2.3. Non-rope
    • 2.3.1. U.S Carbon Steel Wire Market, 2016 – 2028 (USD Million)
  • 2.4. Rope
    • 2.4.1. U.S Alloy Steel Wire Market, 2016 – 2028 (USD Million)
• Chapter 3 Steel Wire Market – Type Analysis
  • 3.1. U.S Steel Wire Market – Type Overview
  • 3.2. U.S Steel Wire Market Share, by Type, 2021 & 2028 (USD Million)
  • 3.3. Carbon Steel
    • 3.3.1. U.S Carbon Steel Wire Market, 2016 – 2028 (USD Million)
  • 3.4. Alloy Steel
    • 3.4.1. U.S Alloy Steel Wire Market, 2016 – 2028 (USD Million)
  • 3.5. Stainless Steel
    • 3.5.1. U.S Stainless Steel Wire Market, 2016 – 2028 (USD Million)

• Chapter 4 Steel Wire Market – Thickness Analysis
  • 4.1. U.S Steel Wire Market – Thickness Overview
  • 4.2. U.S Steel Wire Market Share, by Thickness, 2021 & 2028 (USD Million)
  • 4.3. 0.01 mm to 0.8 mm
    • 4.3.1. U.S 0.01 mm to 0.8 mm Steel Wire Market, 2016 – 2028 (USD Million)
  • 4.4. 0.8 mm to 1.6 mm
    • 4.4.1. U.S 0.8 mm to 1.6 mm Steel Wire Market, 2016 – 2028 (USD Million)
  • 4.5. 1.6 mm to 4 mm
    • 4.5.1. U.S 1.6 mm to 4 mm Steel Wire Market, 2016 – 2028 (USD Million)
  • 4.6. 4 mm & above
    • 4.6.1. U.S 4 mm & above Steel Wire Market, 2016 – 2028 (USD Million)
• Chapter 5 Steel Wire Market – End User Analysis
  • 5.1. U.S Steel Wire Market – End User Overview
  • 5.2. U.S Steel Wire Market Share, by End User, 2021 & 2028 (USD Million)
  • 5.3. Construction
    • 5.3.1. U.S Black Steel Wire Market, 2016 – 2028 (USD Million)
  • 5.4. Automotive
    • 5.4.1. U.S Green Steel Wire Market, 2016 – 2028 (USD Million)
  • 5.5. Energy
    • 5.5.1. U.S Oulong Steel Wire Market, 2016 – 2028 (USD Million)
  • 5.6. Agriculture
    • 5.6.1. U.S Agriculture Steel Wire Market, 2016 – 2028 (USD Million)
  • 5.7. Others
    • 5.7.1. U.S Others Steel Wire Market, 2016 – 2028 (USD Million)
• Chapter 6 Steel Wire Market – U.S Analysis
  • 6.1. U.S Steel Wire Market Regional Overview
  • 6.2. U.S
    • 6.2.1. U.S Steel Wire Market, 2016 – 2028 (USD Million)
    • 6.2.2. U.S Steel Wire Market, by Form, 2016 – 2028
      • 6.2.2.1. U.S Steel Wire Market, by Form, 2016 – 2028 (USD Million)
    • 6.2.3. U.S Steel Wire Market, by Thickness, 2016 – 2028
      • 6.2.3.1. U.S Steel Wire Market, by Thickness, 2016 – 2028 (USD Million)
  • 6.2.4. U.S Steel Wire Market, by End User, 2016 – 2028
    • 6.2.4.1. U.S Steel Wire Market, by End User, 2016 – 2028 (USD Million)
• Chapter 7 Steel Wire Market – Competitive Landscape
  • 7.1. Competitor Market Share – Revenue
• Chapter 8 Company Profiles
  • 8.1. American Manufacturing
    • 8.1.1. Company Overview
    • 8.1.2. Product/Service Portfulio
    • 8.1.3. American Manufacturing Sales, Revenue, Price, and Gross Margin
    • 8.1.4. American Manufacturing Revenue and Growth Rate
    • 8.1.5. American Manufacturing Market Share
  • 8.2. Barrette Outdoor Living
    • 8.2.1. Company Overview
    • 8.2.2. Product/Service Portfulio
    • 8.2.3. Barrette Outdoor Living Sales, Revenue, Price, and Gross Margin
    • 8.2.4. Barrette Outdoor Living Revenue and Growth Rate
    • 8.2.5. Barrette Outdoor Living Market Share
  • 8.3. Bekaert Corporation
    • 8.3.1. Company Overview
    • 8.3.2. Product/Service Portfulio
    • 8.3.3. Bekaert Corporation Sales, Revenue, Price, and Gross Margin
    • 8.3.4. Bekaert Corporation Revenue and Growth Rate
    • 8.3.5. Bekaert Corporation Market Share
  • 8.4. Davis Wire Corporation
    • 8.4.1. Company Overview
    • 8.4.2. Product/Service Portfulio
    • 8.4.3. Davis Wire Corporation Sales, Revenue, Price, and Gross Margin
    • 8.4.4. Davis Wire Corporation Revenue and Growth Rate
    • 8.4.5. Davis Wire Corporation Market Share
  • 8.5. Draka Elevator Products
    • 8.5.1. Company Overview
    • 8.5.2. Product/Service Portfulio
    • 8.5.3. Draka Elevator Products Sales, Revenue, Price, and Gross Margin
    • 8.5.4. Draka Elevator Products Revenue and Growth Rate
    • 8.5.5. Draka Elevator Products Market Share
  • 8.6. Fort Wayne Metals Research Products Corp
    • 8.6.1. Company Overview
    • 8.6.2. Product/Service Portfulio
    • 8.6.3. Fort Wayne Metals Research Products Corp Sales, Revenue, Price, and Gross Margin
    • 8.6.4. Fort Wayne Metals Research Products Corp Revenue and Growth Rate
    • 8.6.5. Fort Wayne Metals Research Products Corp Market Share
  • 8.7. Insteel Wire Products Company
    • 8.7.1. Company Overview
    • 8.7.2. Product/Service Portfulio
    • 8.7.3. Insteel Wire Products Company Sales, Revenue, Price, and Gross Margin
    • 8.7.4. Insteel Wire Products Company Revenue and Growth Rate
    • 8.7.5. Insteel Wire Products Company Market Share
  • 8.8. Laclede Chain Manufacturing Company
    • 8.8.1. Company Overview
    • 8.8.2. Product/Service Portfulio
    • 8.8.3. Laclede Chain Manufacturing Company Sales, Revenue, Price, and Gross Margin
    • 8.8.4. Laclede Chain Manufacturing Company Revenue and Growth Rate
    • 8.8.5. Laclede Chain Manufacturing Company Market Share
  • 8.9. Loos & Co.
    • 8.9.1. Company Overview
    • 8.9.2. Product/Service Portfulio
    • 8.9.3. Loos & Co. Sales, Revenue, Price, and Gross Margin
    • 8.9.4. Loos & Co. Revenue and Growth Rate
    • 8.9.5. Loos & Co. Market Share
• Chapter 9 Steel Wire — Industry Analysis
  • 9.1. Steel Wire Market – Key Trends
    • 9.1.1. Market Drivers
    • 9.1.2. Market Restraints
  • 9.2. Value Chain Analysis
  • 9.3. Price Trend Analysis- U.S. Steel Wire Market
  • 9.4. United States Steel Wire Import, 2020
  • 9.5. United States Steel Wire Export, 2020
  • 9.6. Steel Wire Market – Attractiveness Analysis
    • 9.6.1. By Form
    • 9.6.2. By Thickness
    • 9.6.3. By End User
  • 9.7. Ports Use in the Import-Export
  • 9.8. Import Data for HS 721720
  • 9.9. Import Data for HS 731439
  • 9.10. Porter’s Five Forces Analysis
    • 9.10.1. Bargaining Power of Suppliers
    • 9.10.2. Bargaining Power of Buyers
    • 9.10.3. Threat of Substitute
    • 9.10.4. Threat of New Entrants
    • 9.10.5. Competitive Rivalry
• Chapter 10 Canada Steel Wire Overview
  • 10.1. Canada Steel Wire Import-Export, 2021
    • 10.1.1. Canada Steel Wire Import
    • 10.1.2. Canada Steel Wire Export
  • 10.2. Canada Steel Wire Import-Export, 2020
    • 10.2.1. Canada Steel Wire Import
    • 10.2.2. Canada Steel Wire Export
• Chapter 11 Latin America Steel Wire Overview
  • 11.1. Latin America Steel Wire Import-Export, 2021
    • 11.1.1. Latin America Steel Wire Import, 2021
    • 11.1.2. Latin America Steel Wire Export, 2021
• Chapter 12 Raw Material Analysis
  • 12.1. Steel Wire Key Raw Material Analysis
    • 12.1.1. Key Raw Materials
  • 12.2. Key Suppliers of Raw Materials
    • 12.3. U.S. Suppliers of Steel Stock and Formed Steel Shapes
  • 12.4. Global Steel Manufacturers
  • 12.5. Proportion of Manufacturing Cost Structure
• Chapter 13 Industrial Chain, Sourcing Strategy, and Downstream Buyers
  • 13.1. Steel Wire Industrial Chain Analysis
  • 13.2. Upstream Raw Materials Sourcing
    • 13.2.1. Risk Mitigation
    • 13.2.2. Supplier Relationships
    • 13.2.3. Securing the Product
  • 13.3. Distributors/Traders List
  • 13.4. Potential Buyers
• Chapter 14 Marketing Strategy Analysis, Distributors
  • 14.1. Marketing Channel
  • 14.1. Direct Marketing
  • 14.2. Indirect Marketing
  • 14.3. Marketing Channel Development Trends
  • 14.4. Economic/Pulitical Environmental Change
• Chapter 15 Report Conclusion & Key Insights
  • 15.1. Key Insights from Primary Interviews & Surveys Respondents
• Chapter 16 Research Approach & Methodulogy
  • 16.1. Report Description
  • 16.2. Research Scope
  • 16.3. Research Methodulogy
    • 16.3.1. Secondary Research
    • 16.3.2. Primary Research
    • 16.3.3. Statistical Models
      • 16.3.3.1. Company Share Analysis Model
      • 16.3.3.2. Revenue Based Modeling
    • 16.3.4. Research Limitations

Table Of Figures

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
 

Table Of Tables

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