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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Steel Wire Rope Market Outlook
The global steel wire rope market attained a value of USD 9038 million in 2023. The market is projected to further grow at a CAGR of 3.4% between 2024 and 2032 to reach a value of USD 10991 million by 2032.
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The Asia Pacific to Emerge as a Significant Regional Market for the Steel Wire Rope Industry
The global steel wire rope industry is significantly being led by the Asia Pacific region. In the Asia Pacific, particularly in China, Indonesia, and India, both consumption and sales of steel wire ropes are extremely high. Healthy growth is expected to take place in the steel wire rope industry in Asian countries, including China, India, Indonesia, Thailand, and Malaysia. China has been experiencing considerable growth over the past decade in the steel wire rope industry, attributable to the growth in steel production as well as investments in infrastructure involving lifting and motion applications.
Globally, the steel wire rope market is being propelled forward by the oil and gas, marine, and mining industries. The mining sector is expected to experience a steady growth pattern over the forecast period. Steel wires manufacturers are expected to increasingly concentrate on economies that produce and import substantial steel.
Steel Wire Rope: Market Segmentation
Steel wire rope refers to a machinery commonly used for construction, mining, oil, and gas mining, among other fields. A steel wire rope is typically composed of wires, strands, and a core made of steel and fibre. The goal of the core is to sustain the external strands and preserve them as they function. The wires are primarily made of stainless steel and high carbon steel. The wires are twisted into strands.
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The type of lay can be divided into:
- Regular Lay
- Lang Lay
- Alternate Lay
The strand pattern of the product can be categorised as follows:
- Single Layer
- Filler Wire
- Seals
- Warrington
- Combination
The steel type can be divided into stainless steel and galvanized steel.
The coating type of the product can be divided into the following:
Steel wire rope finds wide applications in the following:
- Oil and Gas
- Heavy Machinery
- Mining
- Marine
- General Engineering
- Construction
- Others
The regional markets for steel wire rope can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Applications of Steel Wire Rope Bolstering the Market Growth
Due to the rising demand for steel wire rope from various industries like marine and fishery, industrial and crane, and mining industries, the steel wire rope industry is witnessing a healthy growth. Steel wire rope and plastic ropes are light, sturdy, low specific gravity, superior elasticity, resistant to corrosion, and has high moldability. These ropes have excellent resistance to impact, durability, high strength, abrasion, and corrosion resistance, which are their preferred features in these industries. These factors are expected to drive the market growth in the coming years.
Key Industry Players in the Global Steel Wire Rope Market
The report gives a detailed analysis of the following key players in the global steel wire rope market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Cortland Limited
- Anchor Industries Pty Ltd
- Samson Rope Technologies, Inc.
- Chung Woo Rope Co. Ltd
- Teufelberger Holding AG
- Fasten Group
- Bekaert Group
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type of Lay |
|
| Breakup by Strand Pattern |
|
| Breakup by Steel Type |
|
| Breakup by Coating Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Steel Wire Rope Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market size attained a value of approximately USD 9038 million.
The market is projected to grow at a CAGR of 3.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 10991 million by 2032.
The major market drivers are rising population, and the increasing demand from marine and fishery, industrial and crane, and mining industries.
Key trends of the market are favourable characteristics of steel wire rope like excellent resistance to impact, durability, high strength, abrasion, and corrosion resistance and growing disposable incomes.
The leading types of lay in the market are regular lay, lang lay, and alternate lay.
The leading coating types of steel wire rope in the market are vinyl, zinc, nylon, and PVC, among others.
The significant applications in the market are oil and gas, heavy machinery, mining, marine, general engineering, and construction, among others.
The major players in the global steel wire rope market are Cortland Limited, Anchor Industries Pty Ltd, Samson Rope Technologies, Inc., Chung Woo Rope Co. Ltd, Teufelberger Holding AG, Fasten Group, and Bekaert Group, among others.
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