Steel Wire Rope Industry Research： the market size is projected to grow from USD 8023 million in 2025 to USD 9124 million by 2031

Steel wire rope is a rope formed by multiple steel wires through a specific braiding or winding process. It is widely used in many fields such as carrying heavy objects, transmitting torque, lifting and pulling. It usually consists of steel wire, rope core and outer protective layer, and has high strength, wear resistance and corrosion resistance. Steel wire ropes are widely used in construction, mining, transportation, shipbuilding, electric power and other industries, such as in elevators, cranes, transmission lines, bridges, cableways and other equipment. Due to its strong load-bearing capacity and long service life, wire rope has become an important tool in many high-load and high-demand environments.

According to the new market research report “Steel Wire Rope – Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”, published by QYResearch, the global Steel Wire Rope market size is projected to grow from USD 8023 million in 2025 to USD 9124 million by 2031, at a CAGR of 2.2% during the forecast period.

Figure00001. Global Steel Wire Rope Market Size (US$ Million), 2020-2031

Source: QYResearch, “Steel Wire Rope – Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”

Figure00002. Global Steel Wire Rope Top 21 Players Ranking and Market Share (Ranking is based on the revenue of 2024, continually updated)

Source: QYResearch, “Steel Wire Rope – Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”

This report profiles key players of Steel Wire Rope such as Kiswire, Bridon-Bekaert, WireCo World Group, Usha Martin, Jiangsu Langshan Wrie Rope.

In 2024, the global top five Steel Wire Rope players account for 25% of market share in terms of revenue. Above figure shows the key players ranked by revenue in Steel Wire Rope.

Market Drivers:

Technological innovation drives industry upgrades: The continuous upgrading of wire rope production processes, the research and development of high-strength steel wires, and the application of corrosion-resistant and high-temperature resistant special coating technologies have greatly improved product performance. At the same time, the introduction of new materials and intelligent manufacturing processes has brought new development opportunities to the industry.

The industrialization process accelerates market demand: The accelerated advancement of global industrialization and infrastructure construction has promoted the growth of demand for high-strength and high-performance wire ropes in industries such as construction, mining, transportation, and energy. Especially in application scenarios such as large-scale infrastructure projects, hoisting equipment and cranes, market demand continues to rise.

Safety standard upgrades drive product optimization: The requirements for safety and reliability in various industries are increasing, making wire ropes as key load-bearing and traction components. Its fatigue resistance, corrosion resistance and long life have become the focus of market attention, thereby promoting the rapid development of high-performance wire rope products.

Restraint:

Raw material price fluctuations affect costs: The main raw materials of wire ropes are steel wire and alloy materials, and their price fluctuations directly affect production costs. When the prices of steel and alloys rise, production costs will rise accordingly, which may lead to higher product prices, thereby affecting the profitability of the industry.

High equipment investment raises industry barriers: Wire rope production is highly dependent on high-precision, automated equipment, especially in the manufacture of high-performance wire ropes, which requires higher technology and equipment, making initial investment and maintenance costs relatively high. This has invisibly raised the entry threshold for small and medium-sized enterprises and restricted the growth of new players in the industry.

Increased pressure on technological innovation: The market’s requirements for wire ropes’ fatigue resistance, corrosion resistance, high temperature resistance and other performance are constantly increasing, and companies need to continue to invest in research and development to improve product quality. However, the high cost of technology research and development and the long innovation cycle put companies under greater economic and technical pressure.

Market competition intensifies industry challenges: The wire rope industry is highly competitive, and major companies rely on price, brand and technological advantages to compete for market share. For new entrants, the competitive barriers are high and it is difficult to quickly gain market recognition, which poses certain challenges to the long-term healthy development of the industry.

Opportunity:

Application of new materials and new processes: New alloy materials, advanced coatings, cold processing and other technologies continue to improve the corrosion resistance, fatigue resistance and wear resistance of wire ropes, providing strong support for product performance upgrades, thereby expanding the application field of high-end markets.

Intelligent production has become a trend: With the popularization of information technology and intelligent manufacturing, wire rope production has gradually upgraded to automation and intelligence. This not only improves production efficiency and product quality, but also optimizes cost control and brings higher competitive advantages to the industry.

Emerging market expansion: The accelerated urbanization process in emerging markets such as Asia, the Middle East and Africa, and the growth of infrastructure investment have brought new market opportunities to the wire rope industry. At the same time, global marine development, port construction, etc. have further promoted the growth of demand for wire rope products.

About The Authors

Liu Zhaorui – Main Analyst of this Article

Email: liuzhaorui@qyresearch.com

Focus on research in areas related to the automotive industry chain, including automotive parts, vehicle-mounted equipment, etc., and possess solid professional basic knowledge and market research and communication skills.

About QYResearch

QYResearch founded in California, USA in 2007.It is a leading global market research and consulting company. With over 17 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting (data is widely cited in prospectuses, annual reports and presentations), industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.

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