The Escalating Global Demand for Stainless Steel Wire

Though most types of stainless steel can be used to facilitate a vast and diverse array of applications, stainless steel wire is unmatched in this regard. In fact, it is quite difficult to think of any industry in which stainless steel wire does not have a purpose! This exceptional versatility continues to drive global demand. 

A report by Market.us News predicts that the demand for steel wire around the world will 'experience significant growth' in the coming years. Standing at just over £75 billion in 2023, the global steel wire market is forecast to leap to around £154.8 billion by the end of 2023. This figure represents a massive CAGR (Compound Annual Growth Rate) of 7.5% during the forecast period. 

The rapid escalation of the market value is driven by growing demand across a broad spectrum of sectors, most notably the energy, automotive and construction industries.

Construction
The construction industry is the biggest steel wire consumer, with the report showing that it held a market share exceeding 45%. Steel wire has a multitude of uses in this sector; one of the main applications is for reinforcing structures made using concrete including buildings, bridges, tunnels and more. The material imbues such structures with durability and strength, allowing them to easily withstand the heavy pressures and loads exerted on them.

Automotive
The ever-expanding automotive industry is another key driver of the growing demand for steel wire, which is used in the manufacture of many components including cables, springs and in the reinforcement of tyres. As steel wire has such a notably high tensile strength, it is perfect for crafting components that subject to continual mechanical loads and stresses, enhancing the safety and reliability of vehicles.

Energy Generation & Transmission
Steel wire is in high demand from the energy sector, especially as corresponding demand grows for renewable energy projects. The material is once again used in a variety of ways, from creating power transmission lines to supporting utility poles and wind turbines. In addition, stainless steel wire is often used to support insulation materials on machinery at oil and gas plants.

In terms of steel wire thickness, the biggest market share (at 35.4%) identified in the report was held by the 0.8mm to 1.6mm range, which is most widely used to create components for use in machinery and vehicles. Fine wires from between 0.01mm up to 0,8mm are especially useful for medical and electronic devices while thicker wires of 1.6mm and above are more suited to structural reinforcement applications.

BS Stainless is a specialist supplier of stainless steel wire in a comprehensive range of grades, formats, lengths and strengths. For more information about this extensive collection, please browse our website or get in touch with our technical team.