Stainless Steel Wire Rod Market is Anticipated to Grow at a CAGR of 5.06% During the Forecast Period 2018-2025, Says Esticast Research and Consulting
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As per the report “Stainless Steel Wire Rod Market By Thickness ( 6mm, 8mm, 10mm, 12mm ), By Application ( Steel Wire, Steel Fasteners, Steel Bright Bars ), Industry Trends, Estimation & Forecast, 2017-2025″
In 2017, the steel wire segment generated the highest revenue share in the global stainless steel wire rod market. Among major regions, China was the highest revenue generating market, holding nearly 45% of the market share, in 2017.
“Environment conservation laws are impacting the manufacturing of industrial products to a great extent. Focusing on such laws, the stainless steel wire rod manufacturers have adopted eco-friendly recycling processes as their manufacturing process. Moreover, enhanced products with higher durability are being introduced in the market, in order to achieve a prolonged life span of the applications utilizing stainless steel.”
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Among the end use industry, construction industry is expected to continue to provide huge market opportunity during the forecast period. Due to the toughness and semi-ductile properties associated with the product, consumption of stainless steel rod in construction industry has increased manifolds since the past decade. It is majorly used in the construction industry to bridge the joints that are prone to cracking and to construct solid concrete structures. According to the Construction Products Association, the construction output is expected to rise by 2.3% by the end of 2019, owing to the surge in the number of infrastructural projects. Such a boost in the construction activity in the emerging economies is expected propel the growth of the stainless steel wire rods market.
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Market players to witness stiff competition during the upcoming years due to the product oversupply crisis
The excessive capacity of stainless steel rods in Asia majorly in China, has led to a price war of product among the market players. China has been selling stainless steel wire rods product across the world at a low price targeting mostly the Southeast Asia market. The highest impact has been witnessed for the SUS304 steel. Furthermore, the rapid expansion of production capacity in India that is oriented towards export also poses a serious challenge to the market players.
China garnered the highest revenue in the global market, owing to the presence of several market players
China held nearly 45% market share, in terms of revenue, of the global market. It is anticipated to maintain its dominance in the long run and exhibit an impressive CAGR of 5.1% during the forecast period. The stainless steel wire rods market is highly diverse which is concentrated by both small and large market players. A huge number of players active in the global market are concentrated mostly in China, which is attracting high revenues for the region. Moreover, the increasing capacity and production of Chinese market players is fuelling the regions market growth.
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KEY FINDINGS OF GLOBAL STAINLESS STEEL WIRE ROD MARKET, 2017-2025
• Imports from Japan, Korea and Taiwan are expected to rise due to the revocation of anti-dumping duty by the U.S. and European government on stainless steel wire rod.
• Stainless steel wire rods of 8mm and 10mm thickness are expected to exhibit the highest CAGR of 5.01% each during the forecast period.
• Global stainless steel wire rod market is expected to witness an increasing price trend during the forecast period.
• China led the global stainless steel wire rod market in 2017, in terms of revenue, by holding nearly 45% of the total share.
STAINLESS STEEL WIRE ROD MARKET SHARE BY REGIONS, (2017)
Some key market players are Arcelormittal, EVRAZ, Gerdau, Shagang Group, NSSMC, Central Wire, Emirates Steel, Fagersta Stainless, Hebei Sakaguchi Stainless Steel, and Ivaco Rolling Mills (HEICO).