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NEW YORK , Aug. 22, 2022 /PRNewswire/ -- The latest market analysis report titled Steel Wire Market by End-user and Geography - Forecast and Analysis 2022-2026 has been recently added to Technavio's catalog. The analysts at Technavio have categorized the global steel wire market as a part of the global steel market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the steel wire market during the forecast period. Our report provides extensive information on the value chain analysis for the steel wire market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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The steel wire market report offers a comprehensive analysis of the strategies adopted by vendors and the trends, drivers, and challenges affecting the market size. One of the key factors driving the global steel wire market growth is the growth of the automotive sector in countries, such as India and China , the US, Germany , and the UK. Companies such as Volkswagen, BMW, Tata Motors, Honda Motor, Fiat, and Daimler are making heavy capital investments to set up their manufacturing plants in India and China. The governments are promoting the sales of EVs owing to increasing environmental concerns related to the use of fossil fuel vehicles. The automotive industry is the major end-user of large volumes of steel wires for manufacturing operations. Hence, the growth of the automotive industry, majorly driven by the growth of EVs, will drive the concerned market growth during the forecast period.
However, one of the key challenges to the global steel wire market growth is the presence of substitutes such as plastic wire, titanium alloy wire, and polyester and fiber wire. Fiber wire is made from ultra-High molecular weight polyethylene (UHMWPE) fiber that provides strong, durable, and efficient rope for the marine, arborist, nautical, off-roading, and other manufacturing industries. Fiber wire offers high-performance strength and low weight, which ensures that it is safer to use than steel wire. The presence of many substitutes will hamper the growth of the global steel wire market during the forecast period.
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Technavio analyzes the market by End-user (Construction, Automotive, Industrial, and Others) and Geography (APAC, North America , Europe , Middle East , and Africa , and South America ).
Revenue-generating Segment Insights: The steel wire market share growth in the construction segment will be significant during the forecast period. Workers use these wires to lift heavy things such as cement blocks, machinery, or even people in the lift. Growth in urbanization and a significant increase in infrastructure investments will be driving the market for steel wires in the construction sector in the coming years.
Regional Opportunities: 51% of the market's growth will originate from APAC during the forecast period. China , Japan , and South Korea are the key markets for steel wires in APAC. Market growth in this region will be faster than the growth of the market in other regions. The growth of end-user industries such as automotive and construction in countries such as China , Japan , and India will fuel the steel wire market growth in APAC over the forecast period.
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The steel wire market covers the following areas:
This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters
Steel Wire Market Sizing Steel Wire Market Forecast Steel Wire Market Analysis
The steel wire market is fragmented and the vendors are deploying growth strategies such as M&A activities to compete in the market. This statistical study of the steel wire market encompasses successful business strategies deployed by the key vendors. The steel wire market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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Heat Treated Steel Plates Market by End-user by Volume and Geography - Forecast and Analysis 2022-2026: The heat treated steel plates market share is expected to increase by 18120.00 thousand tons from 2021 to 2026, at a CAGR of 3.50%.
Stainless Steel Market by End-user and Geography - Forecast and Analysis 2021-2025: The predicted growth for the stainless steel market share from 2021 to 2026 is 15836.08 thousand metric tons at a progressing CAGR of 5.35%.
High Strength Steel Market by Application and Geography - Forecast and Analysis 2020-2024: The high strength steel market share is expected to increase by USD 14.51 million from 2019 to 2024
Galvanized Steel Market by Product and Geography - Forecast and Analysis 2021-2025: The galvanized steel market share is expected to increase to 57.74 million tons from 2021 to 2025
Advanced High Strength Steel Market by End-user and Geography - Forecast and Analysis 2021-2025: The advanced high strength steel (AHSS) market size has the potential to grow by USD 25.38 billion during 2021-2025.
Decelerate at a CAGR of 4.37%
APAC, North America, Europe, Middle East and Africa, and South America
US, China, Japan, South Korea, and Germany
Leading companies, competitive strategies, consumer engagement scope
ArcelorMittal SA, Byelorussian Steel Works, CITIC Ltd., Dwk Drahtwerk Koln GmbH, Fagersta Stainless AB, Fapricela industria de Trefilaria S.A., Huaxiao Metal Corp. Ltd., Insteel Industries Inc., Intersig, Kamaridis GlobalWire Group, KEI Industries Ltd., METALLURGICA ALTA BRIANZA SPA, Nippon Steel Corp., Nucor Corp., NV Bekaert SA, Shaanxi Tonghui Steel Co. Ltd., Tata Steel Ltd., The Heico Companies LLC, Viraj Profiles Ltd., and voestalpine AG
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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