U.S. Steel Wire Market Increasing at A Phenomenal Pace to reach $267.16 Billion By 2032

Major companies 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. These players are set to bolster the development of U.S. steel wire market.

According to a report from Zion Market Research, the global U.S. Steel Wire Market was valued at USD 115.62 Billion in 2023 and is projected to hit USD 267.16 Billion by 2032, with a compound annual growth rate (CAGR) of 8.7% during the forecast period 2024-2032.

This review is based on a report by Zion Market Research, titled “U.S. Steel Wire Market by Form (Non-rope and Rope), by Type (Carbon Steel, Alloy Steel, and Stainless Steel), by Thickness (0.01 mm to 0.8 mm, 0.8 mm to 1.6 mm, 1.6 mm to 4 mm, and 4 mm & above), by End User (Construction, Automotive, Energy, Agriculture, and Others): Industry Perspective, Comprehensive Analysis and Forecast, 2023-2032.”

Increasing demand from Automotive Sector to Spur Growth

Steel wire is primarily used in the manufacturing of different components of a vehicle. On an average, 900 kg of steel is used to make a vehicle. With the rapidly growing U.S. automotive industry, the demand for lightweight vehicle has significantly increased. Today, majority of the consumers are looking for vehicle that offer better mileage and improve the driving experience. In line with this, most of the leading automotive manufacturers have stated adopting carbon steel wire that can offer high strength, resistance to corrosion and abrasion, and lightweight.

With the introduction and rapidly growing adoption of electric vehicle, the market is projected to witness a significant boost in the overall demand for steel wire in the country as the weight of an EV plays a key role in determining of maximum distance covering range in single charge.

Based On Form, The Nope-rope Steel Wire Segment To Lead The Market

Nope-rope steel wire is projected to continue dominating the market in the coming years. This can be majorly attributed to its numerous applications across different sectors such as for making wire for tires, ACSR strands, hoses, armoring of conductor cables, galvanized wires and strands, springs, staples, mesh, fasteners, clips, screws, nails, Steel wire, barbed wires, chains, and fencing finds. Nope rope steel wire is witnessing strong demand, especially from the construction and automotive sectors. As per our analysis, the demand for non-rope wire will continue growing on account of well-established construction and automotive sectors in the country. Moreover, the U.S. government has taken several infrastructure developments projects that would need non-rope steel wire on large scale.

Browse the full “U.S. Steel Wire Market by Form (Non-rope and Rope), by Type (Carbon Steel, Alloy Steel, and Stainless Steel), by Thickness (0.01 mm to 0.8 mm, 0.8 mm to 1.6 mm, 1.6 mm to 4 mm, and 4 mm & above), by End User (Construction, Automotive, Energy, Agriculture, and Others): U.S. Industry Perspective, Comprehensive Analysis and Forecast, 2023-2032.” Report at https://www.zionmarketresearch.com/report/us-steel-wire-market

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.