Steel Wire Rods Market is expected to reach US$ 125.5 Billion by 2031

Global Steel Wire Rods Market Forecast to 2031: Key Insights

According to our latest study on "Global Steel Wire Rods Market – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Diameter Size, Industry, and Geography," the market was valued at US$ 94.2 billion in 2024 and is expected to reach US$ 125.5 billion by 2031. The steel wire rod market is estimated to register a CAGR of 4.3% during 2025–2031. Transition toward green steel and low-carbon manufacturing drives the steel wire rod market trend.

Steel wire rods are the result of hot rolling a billet, generally round in the ~5.5–20 mm range, and are coiled. These rods are then used as the raw material for drawing, cold forming, welding, and spring manufacturing in carbon, alloy, and stainless steel grades. Wire rods are a highly versatile material that combines high strength and toughness with good plasticity, and forms the essential base for various downstream steel wires and components such as reinforcement mesh, fasteners, springs, tire cord, cables, and welding consumables. The demand for steel wire rods is tightly intertwined with that of construction and infrastructure (rebar wire, welded mesh, prestressed concrete wire, and fencing), automotive and transportation (springs, fasteners, suspension parts, and tire reinforcement), industrial machinery and equipment, agriculture (fencing, baling wire), energy (guy wires, wind tower reinforcement, and power infrastructure), and various consumer and industrial products.

Steel Wire Rods Market

Expanding Global Construction and Infrastructure Investments: Global Steel Wire Rods Market Growth

The rapid expansion of global construction and infrastructure projects largely propels the steel wire rods market growth. The developing economies in Asia, Africa, and Latin America are busy investing in transportation networks, residential housing, renewable energy installations, and smart city programs. Steel wire rods are the primary materials that are converted into reinforcing wires, mesh, fasteners, prestressed concrete strands, and fencing products, which are most commonly used in structural development.
As governments speed up public–private partnerships (PPPs) and infrastructure renewal that includes bridges, highways, power grids, and water systems, the need for steel wire-based components is rising gradually. Urbanization trends are especially robust, with millions of people moving to cities every year, thus increasing construction for commercial and residential buildings. Besides that, industrial construction, such as logistics hubs, warehouses, and manufacturing facilities, uses steel wire products for different applications. Renovation and retrofitting activities in the developed economies are the other factors that have led to a steady consumption trend. The shift to clean energy is also helping the market to grow, as wind turbines, solar farms, and transmission grids need steel wire rod derivatives. 

Global Steel Wire Rod Market: Segmental Overview

Based on the diameter, the global steel wire rod market is segmented into below 10 mm, 11 mm to 20 mm, and above 20 mm. The below 10 mm segment held the largest steel wire rods market share. 11 MM to 20 MM held the second largest steel wire rods market share

High-speed wire drawing for fine and medium wires used in nails, binding wire, welding electrodes, mesh, fencing, springs, tire cord, bridge cables, and a vast range of cold-formed parts is carried out from below 10 mm steel wire rods, which constitute the primary feedstock. This segment is the one which is most compatible raw material, tight tolerances, and excellent surface quality, thus mills concentrate on accurate rolling, controlled cooling, and good scale removal to facilitate drawability, die life, and low wire break rates, thereby making sub 10 mm rods pivotal to value added wire, fastener, and mechanical component chains of construction, automotive, engineering, and general industrial sectors.

Steel wire rods of 11–20 mm range are commonly found as intermediate stock and are, in several cases, structurally and mechanically used in near-final form, e.g., as heavier reinforcement, prestressed and post-tensioned concrete, anchor bolts, industrial fasteners, agricultural implements, and machine components. This diameter range is a compromise between strength and workability: the users may perform a limited drawing, peeling, or machining operation instead of an extensive reduction, thus the producers mainly feature mechanical properties to be consistent, core soundness, and dimensional accuracy to be able to support bending, threading, or forging. Therefore, this segment is very significant for the area of infrastructure, bridges, heavy construction, and equipment manufacturing, where higher load-carrying capacity and stiffness are required.

Global Steel Wire Rods Market Analysis: Competitive Landscape and Key Developments

The global steel wire rods market report highlights the factors driving market expansion and the key developments of prominent players. JSW Steel Ltd.; Tata Steel Ltd; ArcelorMittal SA; Nippon Steel Corp; Posco Holdings Inc; JFE Steel Corp; Steel Authority of India Ltd; and Jiangsu Shagang Group Co Ltd. are among the prominent players profiled in the global steel wire rods market report. Market players focus on new product launches, expansion, diversification, and acquisition strategies, which enable them to capitalize on prevailing business opportunities.

In January 2024, China Steel Corporation (CSC), the biggest carbon steel producer in Taiwan, announced a new program with a special focus on low-carbon wire rods. By doing so, CSC has decreased the preferential price by NTD 2,500 (~US$80) per ton and, at the same time, made a record-high allocation ratio of 270%. The steel wire rods are mainly one batch of commercial-quality low-carbon steel made from the blast furnace of CSC. Besides that, customers are allowed to choose low-carbon wire rods from the electric furnace of Dragon Steel while enjoying the same preferential pricing conditions.

In April 2024, voestalpine manufactured the world's first top-quality green wire rod from hydrogen-reduced pure iron and recycled material at its Donawitz location. The hydrogen-reduced pure iron was made in the Hyfor pilot plant, and the historic melting was done in the Group's own Technikum Metallurgie (TechMet) research facility, a globally unique complete steel plant in miniature. The CO2-reduced steel is then rolled in the wire rod mill to produce roller-bearing steel, which is especially hard and wear-resistant. The production of high-quality, CO2-reduced steel grades is one of the biggest technological challenges of the green steel production transition. 

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