As of 7:58 AM CET on September 1, 2026 | Chemicals & Materials
Global Steel Wire Rod and Wire Market: Size, Growth, and Forecast
The global market for steel wire rod and wire has experienced significant growth, with its size reaching USD 174.5 billion in 2022. According to projections, the market is expected to further expand to USD 269.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2024 to 2031.
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The steel wire rod and wire market encompasses the production, distribution, and sale of steel wire rods and wires. These products, which are used in construction, automotive, manufacturing, and electrical industries, come in various grades, sizes, and coatings of steel. They cater to the demand for strength, flexibility, and durability in applications such as reinforcement, fasteners, cables, and industrial machinery components.
Recent Developments in the United States:
In December 2025, steel exports from the U.S. experienced a slight increase, driven by wire rod applications in energy transmission projects that support renewable grid expansions.
In November 2025, market prices stabilized following supply chain adjustments, with import tariffs helping to balance domestic supply and demand for construction-grade wire rods.
In October 2025, U.S. manufacturers increased production capacity for high-carbon wire rods to meet the rising demand from the automotive sector, focusing on tire cord and suspension components amid infrastructure spending.
Recent Developments in Japan:
In January 2026, advanced precision wire drawing technologies advanced, boosting high-performance steel wires for renewable energy transmission and automotive integration.
In December 2025, steel exports declined by 3.8% year-over-year through November, prompting investments in eco-friendly wire rod production for EV components and smart city infrastructure.
In November 2025, Japanese producers offered discounts on wire rods amid weak domestic demand and import competition, prioritizing order security in automotive and machinery segments.
Key Players in the Steel Wire Rod and Wire Market:
The key players in the steel wire rod and wire market include ArcelorMittal, Nippon Steel Corporation, Emirates Steel, Hebei Sakaguchi Stainless Steel, Ivaco Rolling Mills, Kobe Steel Ltd., JFE Steel Corporation, EVRAZ, Fagersta Stainless, and Tata Steel Limited.
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