02-23-2026 11:21 AM CET | Chemicals & Materials | Steel Wire Rod and Wire
The global market for Steel Wire Rod and Wire has achieved a significant milestone, reaching a valuation of USD 174.5 billion in 2022. According to projections, this figure is set to rise to USD 269.5 billion by 2031, marking a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period of 2024-2031.
This impressive growth is largely attributed to the increasing demand for specialty steel wire products in the electric vehicle (EV) sector. These high-performance materials are essential for the construction of electric motors, charging stations, and battery components. As the adoption of EVs continues to accelerate worldwide, the demand for these specialized steel wire products is expected to follow suit.
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Technological advancements are playing a crucial role in enhancing product quality, manufacturing efficiency, and sustainability, thereby driving competitiveness in the steel wire rod and wire industry. Steel wire rods and wire are extensively used in the construction sector for various applications, including reinforcing concrete, creating mesh, and fencing. The ongoing global urbanization and infrastructure development continue to fuel strong demand for these materials.
Recent Industry Developments in the United States:
✅ On February 06, 2023, JFE Steel Corporation announced plans for an additional expansion set to launch in the fiscal year beginning April 2026. This expansion will also increase the electrical steel sheet capacity of its West Japan Works, with startup scheduled for the first half of the fiscal year beginning in April 2024. The expansion, costing approximately 50.0 billion yen, will boost the factory’s current output of the highest-quality non-oriented electrical steel sheets, which are used in the primary engine motors of electric cars.
✅ On December 20, 2022, metal-producing company Shyam Metalics and Energy saw its shares rise by about 9% to Rs 317. This followed the company’s entry into the stainless-steel industry through the acquisition of Mittal Corp. in an NCLT-led resolution procedure. With this acquisition, Shyam Metalics increased its capacity for stainless steel, wire rods, and bar milling to 1,50,000 tons annually. The company plans to invest Rs 7,500 crore over the next 4-5 years to further diversify its metals operations, according to a BSE filing.
✅ On March 1, 2023, Bekaert announced a deal to sell a $136 million stake in its Steel Wire Solutions businesses in Chile and Peru to its current partners. This transaction forms part of Bekaert’s strategy to expand into faster-growing areas, particularly those offering higher profit margins and returns on investment, such as innovative transportation, green energy, and low-carbon concrete solutions.
Key Players in the market include ArcelorMittal, Nippon Steel Corporation, Kobe Steel Ltd., Tata Steel Limited, and Steel Authority of India.
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Market Drivers:
The construction and automotive sectors are driving the demand for steel wire rod and wire, thanks to the rising need for durable and high-performance materials in these industries.
