Steel Wire Market Analysis

The carbon steel segment in the steel wire market is slated to register the largest revenue share by 2037. The segmental growth is attributed to the increasing use of high and low carbon steel in making wires. Steel wires are widely used in automobiles, construction, surgical instruments, and other applications. The high carbon steel is used in cutting tools, bridge cables, tire reinforcement materials. Moreover, they are durable and safe to handle, thus it is poised to boost the growth of the segment in the market.

End-user (Industrial, Automotive, Construction, Energy)

The construction segment is expected to garner a significant share by the end of the year 2037. This growth is influenced by the rising adoption of carbon steel rope, wire, as support infrastructure in order to carry heavy equipment, and machinery needed for construction. The rapid industrialization is increasing the demand for new buildings and developed infrastructure. This is set to surge the growth of the construction segment in the steel wire market.

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