Steel Wire Market Report 2026

The steel wire market size has grown strongly in recent years. It will grow from $114 billion in 2025 to $121.07 billion in 2026 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growing use of steel wire in construction and industrial applications, availability of cost-effective carbon steel wire, reliance on traditional wire drawing processes, expansion of infrastructure development projects, steady demand from automotive and manufacturing sectors.

The steel wire market size is expected to see strong growth in the next few years. It will grow to $153.26 billion in 2030 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising demand for corrosion-resistant and high-performance steel wires, increasing adoption of advanced coating and galvanizing technologies, growth in renewable energy and utility infrastructure, expanding use of lightweight high-strength wire materials, shift toward precision-engineered wire solutions. Major trends in the forecast period include increasing demand for high-strength and corrosion-resistant steel wires, growth in infrastructure expansion and heavy-duty construction activities, rising use of precision-engineered wire products, expansion of galvanized and coated steel wire applications, increasing adoption of lightweight yet durable wire materials.

The increasing demand for high-rise buildings is expected to drive growth in the steel wires market in the coming years. High-rise buildings, typically defined as multi-story structures exceeding 12 floors, serve residential, commercial, or mixed-use purposes in urban areas. This demand is rising due to rapid urbanization, as growing urban populations and limited available land in city centers make vertical construction essential to meet housing and commercial space needs. The surge in high-rise construction fuels the need for steel wires, which are critical for reinforcing concrete structures, supporting elevator systems, and maintaining the structural integrity of tall buildings. For example, in July 2025, the National Association of Home Builders, a US-based trade association, reported that the number of multifamily units built for sale increased from 20,000 in 2023 to 29,000 in 2024. High-density buildings remained the predominant type, accounting for 40% of built-for-sale units, up from 28% the previous year. Consequently, the rising demand for high-rise buildings is contributing to the growth of the steel wire market.

Key players in the steel wire market are focusing on developing advanced solutions, such as induction-tempered high-tensile steel wire, to improve strength, durability, and performance across automotive, construction, and energy applications. Induction-tempered high-tensile steel wire is produced through a heat-treatment process using induction heating followed by rapid cooling, resulting in superior strength, flexibility, and fatigue resistance. These properties ensure longer service life, reduced weight, and enhanced performance in demanding applications, including automotive components, construction reinforcements, and power transmission. For instance, in April 2025, Bansal Wire Industries Ltd., an India-based manufacturing company, inaugurated a state-of-the-art steel wire manufacturing facility in Dadri, Uttar Pradesh. The facility focuses on sustainable production and advanced wire processing technologies to produce induction-tempered high-tensile steel wire with superior strength, durability, and corrosion resistance. Utilizing induction heating and rapid cooling techniques, the process ensures consistent mechanical properties and improved performance for critical applications in the automotive, infrastructure, and energy sectors, supporting India’s demand for high-quality, eco-friendly steel products while minimizing energy consumption and production waste.

In July 2025, Grupo AG, a Guatemala-based steel and construction materials manufacturer, acquired the steel wire solutions businesses of Bekaert S.A. for US$73 million. Through this acquisition, Grupo AG aimed to strengthen its presence in Latin America’s steel wire market and expand its product portfolio across the construction, agricultural, and industrial sectors. Bekaert S.A., based in Belgium, specializes in steel wire transformation and coating technologies.

Major companies operating in the steel wire market are ArcelorMittal, Nippon Steel Corporation, HBIS Group Co Ltd, JFE Steel Corporation, Bekaert SA, TATA Steel Limited, JSW Steel Ltd, Kobe Steel Ltd, The Heico Companies, WireCo WorldGroup Inc, Baowu steel, Ningbo BST Metal Products Co. Ltd, Nanjing Hengjie Industrial Co. Ltd, Hengshui Huaxing Steel Wire Rope Co. Ltd, Wuxi Shengli Steelrope Co. Ltd, Suzuki Garphyttan Ab, Avocet Steel, Barnfather Wire (Midlands) Ltd, SWR Group, Ormiston Wire, KTS WireLtd, ANCORA SCM, Valteknica Incom SRL, Vandor Industry SRL, Beloretsk Metallurgical Plant AO, Nucor Corporation, AK Steel Holding, Algoma Steel Inc, Ternium S.A., Aperam, Siderca, Companhia Siderúrgica Nacional, Saudi Iron and Steel Company, Qatar Steel, Emirates Steel, Kuwait Steel, Egyptian Iron and Steel Company, Ezz Steel, African Industries Group, Steelmor Industries, Md Iron & Steel Foundry, Beshay Steel, Scaw Metals Group, Libyan Iron and Steel Company, Maghreb Steel, Suez Steel.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs are impacting the steel wire market by raising the cost of imported steel, alloy materials, and galvanized coatings, leading to higher production costs and reduced profit margins for manufacturers across construction, automotive, energy, and industrial sectors. Regions relying heavily on imported steelsuch as Europe, North America, and parts of Asiaexperience supply delays and price instability. However, tariffs can also stimulate domestic steel manufacturing, enhance local value-chain resilience, and encourage innovation in advanced coated and specialty steel wire products.

The steel wires market research report is one of a series of new reports that provides steel wires market statistics, including steel wires industry global market size, regional shares, competitors with a steel wires market share, detailed steel wires market segments, market trends and opportunities, and any further data you may need to thrive in the steel wires industry. This steel wires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Steel wires encompass steel products such as tubes and pipes derived from iron and steel, as well as shapes formed through the rolling or drawing of purchased iron or steel, and drawn steel wire. The manufacturing of steel wire involves producing various sizes, diameters, and strengths tailored for specific applications across different types of equipment.

The primary categories of steel wires include carbon steel, stainless steel, and alloy steel. Carbon steel, distinguished by a higher concentration of carbon compared to other steel types, is available in various thicknesses ranging from 0.01 to 0.8 mm, 0.8 mm to 1.6 mm, 1.6 mm to 4 mm, and 4 mm and above. These steel wires exist in different forms, including non-rope and rope. End-users of steel wires span across industries such as construction, automotive, energy, industrial, and others.Asia-Pacific was the largest region in the steel wire market in 2025. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the steel wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the steel wire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The steel wires market consists of sales of coated wire rope, stainless steel wire and galvanised steel wire. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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