Steel Wire: Massive Market Growth Predicted
As both technology and the need for new infrastructure continually advance, the market for steel (especially stainless steel) is always growing larger. This is true of all forms of steel; a new report from industry-leading Allied Market Research has forecast a steep upward trajectory for steel wire in particular.
The recently-published report from Allied Market Research is entitled "Steel Wire Market by Form, Material Type and End Use" with the sub-heading "Global Opportunity Analysis and Industry Forecast, 2023-2032". Though the report goes into great detail, its conclusion is that the global steel wire market is set to witness a CAGR (Compound Annual Growth Rate) of an unprecedented 6.5% during the forecast period. In terms of figures, this represents a growth from around £79.3 billion in 2022 to a massive £148.5 billion by 2032.
When it comes to end use, the construction industries accounted for the biggest share during 2022, making up almost a third of revenue in the global market; the report predicted that this sector will maintain the top spot during the forecast period.
The reason for this is that steel wire boasts numerous salient qualities (including its versatility, strength, durability, cost-effectiveness and resistance to corrosion) that make it so useful in many construction applications. A key use for steel wire in construction is to provide reliable reinforcement to concrete structures such as slabs, beams, columns and foundations; the remarkable component increases the tensile strength of concrete, helping to prevent cracking and subsequent structural failure. Stainless steel wire is especially useful for creating cavity wall ties.
Another driver of the growing demand comes from the automotive industry. As with construction, steel wire has a wide array of applications in the automotive sector, from making all kinds of springs to its use in things like seat frames and suspension systems.
Stainless steel wire is of particular importance to the catering, medical and pharmaceutical sectors. The properties that make it so useful to these industries are numerous and include its innate resistance to the growth of bacteria as well as the fact that it is very easy to keep clean.
As the UK's largest independent supplier of stainless steel wire, BS Stainless holds extensive stocks of this crucial component in all its many forms and grades. Please browse our website to discover the complete collection and the many applications it is used for, as well as to gain access to a library of technical documents.