Given how many products use stainless steel wires, it is expected that the market for it can be an incredibly competitive landscape. From technological advancements in the industry to significant worldwide events, there are numerous stainless steel wire market trends. Here’s an overview of where the stainless steel wire market is headed in the future and where it came from.
Key Players in Stainless Steel Wire Market Trends
Globally, the stainless steel wire market is expected to grow from USD 93.2 billion in 2020 to a considerable 124.7 billion in 2025. This increase is undoubtedly noteworthy, but who is responsible for driving the market for stainless steel wire? There are several companies located around the world that have been contributing greatly to the industry, with some of the top figures including:
- Ansteel Wire Rope
- Bridon
- Bekaert
- Fasten Group
- Jiangsu Langshan
- Kiswire
- Xianyang Bamco
China, Japan, and South Korea are significant markets in Asia, whereas Italy and Germany lead the way for Europe’s stainless steel wire markets. Further, the EU experienced a notably high increase in the creation of iron and steel wires, reaching 5.5M tonnes in 2021.
The Impact of the Coronavirus Pandemic
As expected of a worldwide pandemic, the coronavirus significantly influenced the stainless steel wire market in 2020. Countless businesses closed down their manufacturing facilities and operations to curb the spread of the virus. In turn, the usage of steel wire across multiple industries was reduced as a result. In particular, the automotive sector was affected significantly by the pandemic, as demand fell by 17% in 2020.
Due to the decline in the need for stainless steel wire, supply chain-related issues, and other reasons, steel wire manufacturing companies had difficulty reaching the same level of production capacity they had prior to the pandemic and making back the revenue they lost during that period.
What’s Driving the Market for Stainless Steel Wires?
Following the easing of lockdown restrictions, the consumption of stainless steel wires is expected to grow considerably for more than just the automotive industry. Most notably, the construction industry has a large range of applications for stainless steel wires. From viaducts to bridges and a variety of other purposes, the construction industry will help the stainless steel wire market thrive in the post-pandemic world.
Stainless Steel Is Experiencing Growth Too
Stainless steel wires aren’t the only product experiencing a surge in demand, but the stainless steel market itself is projected to grow considerably. Because stainless steel is corrosion resistant and incredibly strong, in addition to providing many other benefits, it’s seeing a marked increase compared to other materials like carbon steel. Specifically, the global market for stainless steel was valued at USD 04.23 billion in 2021 and is expected to have a compound annual growth rate of 8.9% over the next decade.
Several factors have led to the growth of the stainless steel market, such as the demand brought about by residential housing projects and the United State government’s infrastructure plan. As demonstrated, both stainless steel and the wires made from it have a prosperous future that will see continued growth.
For more information on stainless steel wire market trends, reach out to Wickwire Warehouse today. We’re a polished stainless steel wire mesh manufacturer that develops a wide variety of products, such as baling wire.
