Steel Wire Rope Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

Steel Wire Rope Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Stainless Steel Wire Ropes, Galvanized Steel Wire Ropes, Carbon Steel Wire Ropes, and Coated Steel Wire Ropes), Type (Regular Lay and Lang Lay), End Use (Mining, Oil and Gas, Building and Construction, Marine and Fishing, and Others), and Geography

  • Report Code : TIPRE00015645
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 192
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The steel wire rope market size is projected to reach US$ 13.59 billion by 2031 from US$ 9.54 billion in 2023. The market is expected to register a CAGR of 4.5% during 2023–2031. The growing focus on recycling steel wire ropes is likely to remain a key steel wire rope market trend.

Steel Wire Rope Market Analysis

In the building and construction industry, steel wire ropes are used in various applications, such as anchoring buildings, suspending scaffolding systems, and hoisting and lifting heavy loads. Stainless steel wire rope also finds application in bridge construction, where the highest tensile strength and durability are highly required. The ability of steel wire ropes to resist corrosion in harsh environments makes them ideal for coastal bridge construction. The building and construction industry is growing in various countries across the globe due to factors such as increasing investments in construction activities; growing residential, commercial, infrastructural, and industrial construction; increasing population; and rising urbanization. This, in turn, is increasing the demand for various construction materials and products, including steel wire ropes.

Steel Wire Rope Market Overview

Steel wire rope is a versatile and durable type of rope made from multiple strands of steel wire twisted or braided together to form a helix. It is commonly used in various industries and applications due to its strength, flexibility, and resistance to abrasion, corrosion, and fatigue. Steel wire ropes differ in lay, diameter, and tensile strength, tailored to suit specific needs. As a fundamental component of various sectors such as building and construction, mining, oil & gas, and marine, the demand for steel wire rope remains robust. The construction industry, in particular, drives significant demand for steel wire ropes due to their use in applications such as cranes, elevators, and suspension systems. Technological advancements, including the development of high-strength steel alloys and innovative manufacturing processes, have improved the performance and durability of steel wire ropes, expanding their applications and driving market growth. Additionally, increasing investment in infrastructure development and growing industrialization in emerging economies contribute to the expansion of the steel wire rope market.

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Steel Wire Rope Market: Strategic Insights

Steel Wire Rope Market

  • CAGR (2023 - 2031)
    4.5%
  • Market Size 2023
    US$ 9.54 Billion
  • Market Size 2031
    US$ 13.59 Billion

Market Dynamics

GROWTH DRIVERS
  • Strong growth in building and construction industry
  • High demand for steel wire ropes from oil and gas industry
FUTURE TRENDS
  • Focus on recycling steel wire ropes
OPPORTUNITIES
  • Increasing demand for galvanized steel wire ropes

Key Players

  • Drahtseile Gebr Henschel GmbH
  • Usha Martin Ltd
  • Asahi Intecc Co Ltd
  • Tyler Madison Inc
  • Central Wire Inc
  • TEUFELBERGER
  • ArcelorMittal SA
  • PFEIFER Holding GmbH & Co. KG
  • WireCo
  • Bekaert

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Product Type
  • Stainless Steel Wire Ropes
  • Galvanized Steel Wire Ropes
  • Carbon Steel Wire Ropes
  • Coated Steel Wire Ropes
Type
  • Regular Lay
  • Lang Lay
End Use
  • Mining
  • Oil and Gas
  • Building and Construction
  • Marine and Fishing
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Steel Wire Rope Market Drivers and Opportunities

High Demand for Steel Wire Ropes from Oil & Gas Industry

In the oil & gas industry, steel wire ropes are used in drilling applications owing to their high tensile strength and resistance to rust and corrosion. They are also used in production as an important component in downhole tools. Steel wire ropes are also used for mooring, towlines, and working lines in offshore operations. The Middle East has various oil-producing countries, with the presence of many major oil producers in Saudi Arabia, the UAE, and Iraq. According to the Organization of the Petroleum Exporting Countries, Saudi Arabia possesses ~17% of the world's proven petroleum reserves. The oil & gas sector of the country accounts for ~50% of gross domestic product (GDP) and ~70% of export earnings. In the UAE, ~30% of the country's GDP is directly based on oil and gas output. The strong presence of the oil & gas industry in these countries creates a huge demand for steel wire ropes. Furthermore, oil-producing companies are spending more on increasing oil production to meet the rising energy demand due to the booming population, further creating a demand for steel wire ropes.

Increasing Demand for Galvanized Steel Wire Ropes

A galvanized wire rope is a steel wire rope coated in a layer of zinc. The coating helps protect the steel from moisture in the air, preventing the wire rope from being susceptible to rust. Galvanized wire rope is ideal for use in marine locations where the wire rope is exposed to wet, damp, and humid conditions. This type of rope also helps prevent the inner steel from degrading from rust deposits. There are several benefits of galvanized wire rope. It is cheaper than stainless steel wire rope, lighter than stainless steel, and available in steel core or fiber core. Thus, the increasing demand for galvanized steel wire ropes is expected to provide growth opportunities for the steel wire rope market in the coming years.

Steel Wire Rope Market Report Segmentation Analysis

Key segments that contributed to the derivation of the steel wire rope market analysis are base oil, product type, and end use industry.

  • Based on product type, the steel wire rope market is divided into stainless steel wire rope, galvanized steel wire rope, carbon steel wire ropes, and coated steel wire ropes. The galvanized steel wire rope segment held the largest market share in 2023.
  • By type, the market is segmented into regular lay and lang lay. The regular lay segment held a larger share of the market in 2023.
  • In terms of end use, the market is segregated into mining, oil and gas, building and construction, marine and fishing, and others. The building and construction segment led the market in 2023.

Steel Wire Rope Market Share Analysis by Geography

The geographic scope of the steel wire rope market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific has dominated the steel wire rope market. In 2022, the National Development and Reform Commission (NDRC) and the Ministry of Transport (China) unveiled the National Highway Network Planning document aimed at the construction of a functional, efficient, green, intelligent, and safe modern highway network by 2035. The plan also encompassed the construction of a 461,000 km highway, which includes 162,000 km of expressways. In the building and construction industry, stainless steel wire rope is used in anchoring buildings, lifting heavy loads, constructing bridges, and suspending scaffolding systems. Thus, the development of the building and construction industry in Asia Pacific is expected to boost the steel wire rope market over the coming years. Also, Asia Pacific is anticipated to register the highest CAGR in the coming years.

Steel Wire Rope Market Report Scope

Report Attribute Details
Market size in 2023 US$ 9.54 Billion
Market Size by 2031 US$ 13.59 Billion
Global CAGR (2023 - 2031) 4.5%
Historical Data 2021-2022
Forecast period 2023-2031
Segments Covered By Product Type
  • Stainless Steel Wire Ropes
  • Galvanized Steel Wire Ropes
  • Carbon Steel Wire Ropes
  • Coated Steel Wire Ropes
By Type
  • Regular Lay
  • Lang Lay
By End Use
  • Mining
  • Oil and Gas
  • Building and Construction
  • Marine and Fishing
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Drahtseile Gebr Henschel GmbH
  • Usha Martin Ltd
  • Asahi Intecc Co Ltd
  • Tyler Madison Inc
  • Central Wire Inc
  • TEUFELBERGER
  • ArcelorMittal SA
  • PFEIFER Holding GmbH & Co. KG
  • WireCo
  • Bekaert
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Steel Wire Rope Market News and Recent Developments

    The steel wire rope market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

    • Asahi Intecc Co., Ltd. merged with Toyoflex Corp to promote integration, rationalization, and efficiency of operations. The merger aims to enhance corporate value, develop R&D and production systems for global expansion, and establish a management foundation for sustainable growth. (Source: Asahi Intecc Co Ltd, Newsletter, 2023)
    • Usha Martin Ltd, launched TITAN, a European wire rope center, to revolutionize the oil, energy, offshore, and marine sectors. It provides reliable anchoring, mooring, and towing wire ropes, connecting to Usha Martin's global hubs in Singapore, Houston, Australia, and Dubai. The center offers installation and inspection services worldwide, with over 5000 tons of mooring, towing, and anchor-handling wire ropes available with third-party certification. (Source: Usha Martin Limited, Newsletter, 2024)
    • WireCo—a leading manufacturer of wire rope, synthetic rope, and electromechanical cable—launched Made in the USA High-Performance crane ropes at CONEXPO 2023. The US$ 30 million investment aims to provide the same quality ropes as those from Germany and Portugal but with local production. (Source: WireCo, Press Release, 2023)

    Steel Wire Rope Market Report Coverage and Deliverables

    The “Steel Wire Rope Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Market dynamics such as drivers, restraints, and key opportunities
    • Key future trends
    • Detailed Porter’s Five Forces and SWOT analysis
    • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    In 2023, which end use segment is leading the global steel wire rope market?

    The building and construction segment held the largest share of the global steel wire rope market in 2023. In the construction industry, various equipment is used to carry heavy materials such as cement blocks, as well as other machinery. Equipment is also used to secure rebars, lift elevators, carry materials, and perform other heavy-load applications. Depending on applications, multiple types of steel wires are used in the construction industry. All these factors led to the dominance of building and construction segment in 2023.

    In 2023, which type segment is leading the global steel wire rope market?

    The regular lay segment held the largest share of the global steel wire rope market in 2023. Regular lay steel wire rope consists of oppositely laid wires and strands. Wires are twisted in one direction, whereas the strands are twisted in the opposite direction to form a rope. This twist pattern between wire and strands of rope offers several advantages. All these factors led to the dominance of regular lay segment in 2023.

    In 2023, which product type segment is leading the global steel wire rope market?

    The galvanized steel wire ropes segment held the largest share in the global steel wire rope market in 2023. Galvanized steel wire ropes are coated with molten zinc and feature properties such as high strength and corrosion resistance. The iron element in the steel is prone to rusting and corrosion, but the addition of zinc acts as a protective layer between steel and moisture. These factors led to the dominance of the galvanized steel wire ropes segment in 2023.

    Can you list some of the major players operating in the global steel wire rope market?

    A few players operating in the global steel wire rope market include Drahtseile Gebr Henschel GmbH, Usha Martin Ltd, Asahi Intecc Co Ltd, Tyler Madison Inc, Central Wire Inc, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert.

    In 2023, which region held the largest share of the global steel wire rope market?

    In 2023, Asia Pacific held the largest share of the global steel wire rope market. Asia Pacific is a major hub for oil and gas exploration and production, as well as trade activities. Governments of various countries in Asia Pacific have initiated projects to address the rising demand for oil and gas in their countries. As a result, the steel wire rope market has huge potential in Asia Pacific.

    The List of Companies - Steel Wire Rope Market 

    1. Drahtseile Gebr Henschel GmbH
    2. Usha Martin Ltd
    3. Asahi Intecc Co Ltd
    4. Tyler Madison Inc
    5. Central Wire Inc
    6. TEUFELBERGER
    7. ArcelorMittal SA
    8. PFEIFER Holding GmbH & Co. KG
    9. WireCo
    10. Bekaert

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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