Steel Wire Rope Market is Segmented By Material(Carbon Steel, Stainless Steel, Alloy Steel), By Lay Type(Regular Lay, Lang Lay), By End-User(Marine, Sports, and Leisure, Oil and Gas, Industrial, Mining, Construction, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The Global Steel Wire Rope Market size was worth US$ YY million in 2021 and is estimated to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period (2024-2031).
Steel wire rope is made from several strands of metal wire twisted into a helix to form a rope in a pattern known as laid rope. The wire rope diameter consists of multiplying the strands of such laid rope in a pattern known as cable laying. In the initial days, wrought iron was used for wire ropes; however, steel was exclusively used for making wire ropes in the modern age due to the corrosion-resisting properties of steel. Galvanized steel and stainless steel are some forms of steel used to make wire ropes.
Historically, wire rope evolved from chains made of wrought iron, which had a high mechanical failure rate. Structural flaws in the chain links or solid steel bars can lead to complete and catastrophic failure, whereas flaws in the wire rope made of steel are less critical since the other wires easily bear the load. Friction between the individual steel wires and strands causes mechanical wear and tear over the rope's service life and helps compensate for minor failures during service life.
Wire ropes were developed for hoisting mining loads in the 1830s. Today, wire ropes are used for dynamic lifting and hoisting in industrial cranes and modern elevators and mechanical power transmission in belt drive systems. Wire ropes transmit force and motion in mechanisms such as controlling an aircraft connected to levers and pedals in the cockpit. Static wire ropes support structures such as suspension bridges or as support to towers. A suspension monorail relies on a wire rope to support the carriage upside down. High corrosion resistance, good thermal stability, and high stress and strain-bearing capacity are some of the desired characteristics of steel wire rope.
Market Summary
| Metrics | Details |
| Market CAGR | High |
| Segments Covered | By Material, By Lay Type, By End-User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
Increased infrastructural and construction activities mainly drive the demand for steel wire rope is a key driver for the market. The growing adoption of synthetic and composite ropes is a key factor in limiting the growth of this market.
Increase in infrastructural and construction activities
Rapid urbanization and industrialization are occurring globally, particularly in emerging markets. People migrating from rural to urban areas to seek better opportunities have increased urbanization and city population. Better infrastructure is required to accommodate the growing urban population. Strong economic growth has led to better socio-economic outcomes and rising disposable incomes. The above factors, ease of financing, and increased government investment have led to the residential and commercial construction boom.
New residential apartments, recreational centers, commercial spaces, bridges, stadiums, tunnels, and mass transit systems are under construction globally. The building and construction industry is experiencing an unprecedented boom, which has created strong demand for good quality, high-performance building materials. Steel wire rope is used in commercial construction suspension bridges and industrial cranes. Almost all modern elevators use steel wire ropes for operation. Therefore, the increase in infrastructure and construction is a key driver for the growth of the global steel wire rope market.
Growing adoption of synthetic and composite ropes
Recent years have seen a rise in innovation in the wire rope industry. Companies use new materials and rope construction methods to increase product value and drive growth. The industry is witnessing the growing adoption of synthetic and composite materials for wire rope making.
Synthetic materials are cheaper to manufacture than steel. Synthetic ropes also float on water due to their low density, making them ideal for marine applications. Synthetic ropes are also corrosion-proof since they are made from non-metals. The use of carbon fiber composites is also increasing since carbon fiber has twice the strength of steel with half the corresponding weight. The rising use of synthetic and composite ropes is a key challenge for the growth of the global steel wire rope market.
COVID-19 impact on Market
The global steel wire rope market experienced uneven impacts on value chains in production and sales in 2021 due to the COVID-19 pandemic. Construction and industrial applications saw steep declines since government-imposed lockdowns and restrictions brought a prolonged halt to manufacturing and office work globally.
China, a major market for the construction industry, emerged from the lockdown relatively early, in June 2020 and demand showed encouraging signs of recovery towards the end of 2020. However, North America and Europe were hit by the second wave of the pandemic, thereby depressing demand. The global demand is expected to recover by early 2021. Many small and medium-scale companies in the supply chain were facing bankruptcy due to a collapse in demand. Global demand is expected to recover by the end of 2021 fully. The short-term impact of the pandemic has been mild for the steel wire rope market. The demand for steel wire rope remains strong and is expected to grow gradually in the coming years.
Market Segment Analysis
The global steel wire rope market is segmented into material, lay type, end-user, and region. The steel wire rope market is segmented into regular and lang lay based on lay type. The regular type leads to this segmentation since it has the largest applications. Lang lay is generally only used for specialized high load-bearing applications.
Market Geographical Share
Asia-Pacific is leading in the global steel wire rope market. Due to major ongoing large-scale infrastructure projects, the region has the largest market share. China is also the largest market for steel wire rope in the world. China has the largest construction industry in the world and is expected to add US$1.2 trillion to global construction output by 2030. Residential and commercial construction has significantly increased in China in the last two decades.
China is also funding the Belt and Road Initiative (BRI), undertaking large-scale infrastructure projects throughout the Asia-Pacific. Residential and commercial construction has significantly increased in China in the last two decades. India is also undertaking massive commercial construction to drive infrastructure-led economic growth.
China also is the largest producer of construction equipment in the world. Steel wire ropes have extensive use in construction equipment, such as elevators and industrial cranes. The Asia-Pacific will continue to have the largest market share in the global steel wire rope market in the coming years.
Companies and Competitive Landscape
The global steel wire rope market is competitive due to the availability of a wide variety of wire ropes that cater to different types of end-use applications. Some of the major players contributing to the growth in the segment are Bekaert S.A., Cortland Limited, Samson Rope Technologies, Southern Ropes, Marlow Ropes, Teufelberger, WireCo World Group, Gustav Wolf GmbH, Lanex A.S., and Jiangsu Langshan Wire Rope Co., Ltd. The major market players adopt growth strategies such as new product launches, patenting new technologies, joint ventures, and collaborations, contributing to the growth of the global industry.
Bekaert S.A.
Overview: Bekaert S.A. is a major steel processing company interested in wire transformation and coatings. The company operates in 45 countries globally. Bekaert S.A. was founded in 1880 and is headquartered in Zwevegem, Belgium.
Product Portfolio: Flexisteel is a durable high-tensile steel wire rope designed for an elevator hoisting application. A thermoplastic coating is applied to the rope to ensure noiseless elevator operation.
Key Developments: In February 2020, Bekaert S.A. and AGRO started a joint venture in Colombia. AGRO is a major producer of high-quality springers that merged with Bekaert S.A. to produce high-end steel wire systems. The merger is expected to increase the supply of steel wire ropes in South America.
Why Purchase the Report?
- Visualize the composition of the steel wire rope market segmentation by the material, lay type, end-user, and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the steel wire rope market by analyzing trends and co-development deals.
- Excel data sheet with thousands of global steel wire rope market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the critical product of all major market players
The global steel wire rope market report would provide approximately 58 market data tables, 60 figures, and 210 pages.
Target Audience 2024
- steel wire rope manufacturers
- HVAC systems manufacturers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
