Steel wire rod refers to a type of rolled steel product that is typically used as a raw material for making various types of wire products. It’s produced by drawing steel billets through a series of rollers to create a long, coiled wire rod. These rods are then further processed into items like electrical wires, cables, mesh, fasteners, and springs.
Steel Wire Rod Market Summary
According to the new market research report “Steel Wire Rod – Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”, published by QYResearch, the global Steel Wire Rod market size is projected to reach USD 126.38 billion by 2031, at a CAGR of 3.4% during the forecast period.
Figure00001. Global Steel Wire Rod Market Size (US$ Million), 2020-2031
Source: QYResearch, “Steel Wire Rod – Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”
Figure00002. Global Steel Wire Rod Top 14 Players Ranking and Market Share (Ranking is based on the revenue of 2024, continually updated)
Source: QYResearch, “Steel Wire Rod – Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”
According to QYResearch Top Players Research Center, the global key manufacturers of Steel Wire Rod include ArcelorMittal, Shagang Group, Nippon Steel, Citic Pacific Special Steel, Zenith Steel Group, JIANGSU YONGGANG, Sansteel Minguang, POSCO, BX Steel, Baosteel, etc. In 2024, the global top five players had a share approximately 13.0% in terms of revenue.
In terms of product type, currently Ordinary Wire Rod is the largest segment, hold a share of 78.9%. The ordinary wire rod market is driven by infrastructure investment, with stable demand but facing challenges from high-strength steel alternatives. High carbon wire rods are seeing increasing demand in applications such as tire steel wire and prestressed steel due to industrial manufacturing upgrades. Alloy wire rods benefit from the growth of high-end manufacturing, new energy vehicles, and aerospace industries, with high-performance, high-value-added products experiencing rapid market expansion and increased industry concentration.
In terms of product application, currently Construction Industry is the largest segment, hold a share of 56.1%. Demand in the construction industry fluctuates with infrastructure policies but remains generally stable with slight growth. The automotive sector sees a significant rise in demand for high-performance steel due to trends in new energy and lightweighting. The machinery industry’s upgrade drives the development of high-strength, wear-resistant steel materials. Other sectors, such as power, aerospace, and home appliances, are expanding their demand for high-end alloy wire rods, with the overall market shifting toward high-performance and environmentally friendly materials.
Steel Wire Rod Market Dynamics
Market Drivers:
Accelerated Infrastructure Development and Urbanization: Governments worldwide are investing heavily in infrastructure projects, including highways, railways, bridges, subways, and large buildings. This directly drives the demand for high-strength steel wire rods. In developing countries, rapid urbanization further fuels demand for reinforcing bars, prestressed wires, and other steel products used in construction.
Growing Demand from the Automotive Industry: The automotive sector is a major consumer of high-carbon steel wire rods, which are essential for manufacturing tire cords, suspension springs, clutch springs, seat frames, and fasteners. As the global automotive industry recovers and the electric vehicle (EV) market expands, there is a rising need for lightweight and high-strength materials, boosting the demand for advanced steel wire rods.
Expansion of Industrial Manufacturing: Steel wire rods are widely used in mechanical manufacturing, tool production, and fastening applications, including screws, bolts, chains, and welding wires. With advancements in automation and smart manufacturing, industries such as robotics and precision engineering require high-precision, high-strength steel wire rods.
Restraint:
Fluctuations in Raw Material Prices: The production of steel wire rods is highly dependent on raw materials like iron ore, coke, and alloying elements (such as chromium, nickel, and molybdenum). These materials are subject to price volatility due to global supply and demand, geopolitical issues, and mining regulations. Rising raw material costs directly impact production expenses and profit margins.
Stringent Environmental Regulations: The steel industry is a significant contributor to energy consumption and carbon emissions. Governments worldwide are enforcing strict environmental regulations to reduce pollution, requiring steel producers to adopt cleaner production methods, such as hydrogen-based steelmaking or electric arc furnaces. Compliance with these regulations increases operational costs and may limit industry expansion.
Opportunity:
Technological Advancements and Smart Manufacturing: The adoption of advanced production techniques, such as vacuum degassing (VD), electroslag remelting (ESR), and continuous casting and rolling, enhances the purity, toughness, and fatigue resistance of steel wire rods. Additionally, the integration of 5G, AI, and big data into steel production improves efficiency, optimizes quality control, and reduces energy consumption and emissions.
Expansion of the Electric Vehicle (EV) Industry: With the rapid growth of the EV market, there is increasing demand for lightweight and high-strength steel wire rods. For example, electric vehicle battery enclosures, motor components, and electronic control systems require high-strength fasteners and corrosion-resistant steel wires, further driving the need for advanced steel wire rods.
Government Infrastructure Investments: Large-scale infrastructure initiatives, such as China’s Belt and Road Initiative, the U.S. infrastructure modernization plan, and Europe’s smart transportation and renewable energy projects, continue to drive long-term demand for steel wire rods. For example, China’s 14th Five-Year Plan emphasizes investments in transportation, energy, and water conservancy projects, which will further support the growth of the steel wire rod market.
About The Authors
Airong Wang– As a Junior Analyst with two years of experience at QYResearch, I specialize in market research and the preparation of in-depth industry reports. With a strong foundation in data collection and analysis, I effectively identify key market trends, assess competitive landscapes, and provide actionable insights for clients.
Leveraging my academic background in logistics and auto, I bring a technical understanding of the industry, which enhances the quality of my analysis and reports. My expertise lies in conducting feasibility studies, identifying growth opportunities, and helping businesses make informed, strategic decisions.
Email: wangairong@qyresearch.com
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