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From GlobeNewswire: 2024-11-22 08:30:00
The global steel wire market is experiencing significant growth due to the expanding automotive industry, with a projected market value of US$ 123.23 billion by 2031. Various applications, especially in construction and automotive sectors, are fueling market growth. Initiatives promoting steel wire recycling and sustainability are key trends influencing the market.
The automotive industry is witnessing robust growth, with an increase in car production in North America and South Korea. Steel wire is crucial for manufacturing components like bumpers, seating frames, and steering wheels. The industry’s technological advancements and preference for light trucks are driving market growth.
Governments and organizations are focusing on promoting circular economy practices and recycling materials, leading to a rise in the adoption of recycled steel wire. Initiatives like using scrap metal in production and purchasing recycled steel products are becoming more common. This shift towards recycling is expected to be a significant trend in the steel wire market.
Asia Pacific led the steel wire market in 2023, followed by Europe and North America. Asia Pacific is projected to have the highest CAGR during the forecast period. Various segments, such as construction, automotive, aerospace, and mining, are driving market growth across different regions.
Key players in the steel wire market include ArcelorMittal SA, Nippon Steel SG Wire Co Ltd, and TATA Steel Ltd. Trending topics in the industry revolve around recycled steel wire, stainless steel wire, and galvanized steel wire. Recent global headlines include acquisitions, stake purchases, and product launches in the steel wire industry.
In conclusion, the increasing demand for steel wire in various industries, coupled with a focus on sustainability and recycling, is propelling market growth. The transition towards low-carbon steel and the adoption of recycled materials are contributing to the market’s expansion. The versatile applications of steel wire in different sectors highlight its importance in driving industry growth.
Read more at GlobeNewswire: Steel Wire Market Size to Reach USD 123.23 Billion by 2031: