Global Steel Wire Rope
Market Report
2025
The global Steel Wire Rope market size will be USD 9614.5 million in 2024. Construction growth, industrialization, maritime expansion, mining demand, and infrastructure development are expected to boost sales to USD 13528.56701 million by 2031, with a Compound Annual Growth Rate (CAGR) of 5.00% from 2024 to 2031.
The base year for the calculation is 2024. The historical will be 2021 to 2024. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Steel Wire Rope market size will be USD 9614.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.
2021 | 2025 | 2033 | CAGR | |
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Global Steel Wire Rope Market Sales Revenue | $ 6752.74 Million | $ 8255 Million | $ 12336.5 Million | 5.15% |
North America Steel Wire Rope Market Sales Revenue | $ 1863.76 Million | $ 2212.34 Million | $ 3207.49 Million | 4.752% |
United States Steel Wire Rope Market Sales Revenue | $ 1456.71 Million | $ 1720.32 Million | $ 2478.1 Million | 4.668% |
Canada Steel Wire Rope Market Sales Revenue | $ 252.353 Million | $ 303.976 Million | $ 453.538 Million | 5.129% |
Mexico Steel Wire Rope Market Sales Revenue | $ 154.692 Million | $ 188.049 Million | $ 275.844 Million | 4.906% |
Europe Steel Wire Rope Market Sales Revenue | $ 1472.1 Million | $ 1750.06 Million | $ 2578.32 Million | 4.963% |
United Kingdom Steel Wire Rope Market Sales Revenue | $ 166.347 Million | $ 201.257 Million | $ 301.664 Million | 5.189% |
France Steel Wire Rope Market Sales Revenue | $ 167.819 Million | $ 194.257 Million | $ 275.881 Million | 4.482% |
Germany Steel Wire Rope Market Sales Revenue | $ 237.008 Million | $ 290.51 Million | $ 443.472 Million | 5.43% |
Italy Steel Wire Rope Market Sales Revenue | $ 91.27 Million | $ 101.503 Million | $ 139.23 Million | 4.029% |
Russia Steel Wire Rope Market Sales Revenue | $ 189.901 Million | $ 218.758 Million | $ 304.242 Million | 4.209% |
Spain Steel Wire Rope Market Sales Revenue | $ 94.214 Million | $ 106.754 Million | $ 154.699 Million | 4.746% |
Rest of Europe Steel Wire Rope Market Sales Revenue | $ 274.988 Million | $ 351.762 Million | $ 556.918 Million | 5.911% |
Sweden Steel Wire Rope Market Sales Revenue | $ 72.427 Million | $ 82.253 Million | $ 113.446 Million | 4.101% |
Denmark Steel Wire Rope Market Sales Revenue | $ 72.133 Million | $ 84.003 Million | $ 121.181 Million | 4.687% |
Switzerland Steel Wire Rope Market Sales Revenue | $ 61.828 Million | $ 70.002 Million | $ 97.976 Million | 4.292% |
Luxembourg Steel Wire Rope Market Sales Revenue | $ 44.163 Million | $ 49.002 Million | $ 69.615 Million | 4.487% |
Asia Pacific Steel Wire Rope Market Sales Revenue | $ 2471.5 Million | $ 3037.84 Million | $ 4761.88 Million | 5.78% |
China Steel Wire Rope Market Sales Revenue | $ 986.129 Million | $ 1221.21 Million | $ 1942.85 Million | 5.976% |
Japan Steel Wire Rope Market Sales Revenue | $ 273.348 Million | $ 323.834 Million | $ 488.569 Million | 5.275% |
India Steel Wire Rope Market Sales Revenue | $ 452.285 Million | $ 574.152 Million | $ 933.329 Million | 6.262% |
South Korea Steel Wire Rope Market Sales Revenue | $ 140.876 Million | $ 157.968 Million | $ 219.047 Million | 4.171% |
Australia Steel Wire Rope Market Sales Revenue | $ 45.228 Million | $ 49.517 Million | $ 68.095 Million | 4.063% |
Rest of APAC Steel Wire Rope Market Sales Revenue | $ 60.305 Million | $ 86.275 Million | $ 189.047 Million | 10.303% |
Singapore Steel Wire Rope Market Sales Revenue | $ 69.202 Million | $ 78.984 Million | $ 114.285 Million | 4.726% |
South East Asia Steel Wire Rope Market Sales Revenue | $ 369.984 Million | $ 460.84 Million | $ 682.854 Million | 5.038% |
Taiwan Steel Wire Rope Market Sales Revenue | $ 74.145 Million | $ 85.06 Million | $ 123.809 Million | 4.804% |
South America Steel Wire Rope Market Sales Revenue | $ 432.175 Million | $ 610.87 Million | $ 925.236 Million | 5.327% |
Brazil Steel Wire Rope Market Sales Revenue | $ 145.211 Million | $ 207.085 Million | $ 318.281 Million | 5.52% |
Argentina Steel Wire Rope Market Sales Revenue | $ 54.454 Million | $ 75.137 Million | $ 109.733 Million | 4.848% |
Colombia Steel Wire Rope Market Sales Revenue | $ 30.252 Million | $ 43.372 Million | $ 66.617 Million | 5.511% |
Peru Steel Wire Rope Market Sales Revenue | $ 24.202 Million | $ 32.987 Million | $ 48.112 Million | 4.831% |
Chile Steel Wire Rope Market Sales Revenue | $ 18.584 Million | $ 25.046 Million | $ 37.009 Million | 5.002% |
Rest of South America Steel Wire Rope Market Sales Revenue | $ 159.473 Million | $ 227.244 Million | $ 345.483 Million | 5.376% |
Middle East Steel Wire Rope Market Sales Revenue | $ 337.637 Million | $ 412.75 Million | $ 555.142 Million | 3.774% |
Egypt Steel Wire Rope Market Sales Revenue | $ 36.127 Million | $ 44.99 Million | $ 61.621 Million | 4.01% |
Turkey Steel Wire Rope Market Sales Revenue | $ 76.981 Million | $ 92.456 Million | $ 122.686 Million | 3.599% |
Rest of Middle East Steel Wire Rope Market Sales Revenue | $ 18.908 Million | $ 20.225 Million | $ 25.981 Million | 3.18% |
Saudi Arabia Steel Wire Rope Market Sales Revenue | $ 139.782 Million | $ 172.942 Million | $ 231.938 Million | 3.737% |
UAE Steel Wire Rope Market Sales Revenue | $ 37.343 Million | $ 46.063 Million | $ 63.841 Million | 4.164% |
Qatar Steel Wire Rope Market Sales Revenue | $ 28.497 Million | $ 36.074 Million | $ 49.075 Million | 3.922% |
Africa Steel Wire Rope Market Sales Revenue | $ 175.571 Million | $ 231.14 Million | $ 308.412 Million | 3.671% |
South Africa Steel Wire Rope Market Sales Revenue | $ 76.022 Million | $ 99.159 Million | $ 130.767 Million | 3.519% |
Nigeria Steel Wire Rope Market Sales Revenue | $ 44.595 Million | $ 59.172 Million | $ 80.187 Million | 3.872% |
Rest of Africa Steel Wire Rope Market Sales Revenue | $ 54.954 Million | $ 72.809 Million | $ 97.458 Million | 3.712% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
Market Split by Type Outlook: |
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Market Split by Application Outlook: |
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Market Split by Coating Type Outlook: | |
Market Split by Core Type Outlook: | |
List of Competitors |
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Regional Analysis |
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Country Analysis |
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Market Drivers:
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Market Restrains:
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Market Trends:
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Steel Wire Rope Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The steel wire rope market is a key segment of the global materials industry, serving applications in the construction, mining, aerospace, automotive, and oil and gas sectors. Steel wire ropes are known for their strength, durability, and flexibility, making them essential in lifting, pulling, and securing heavy loads. The market is driven by increasing demand for infrastructure development, mining activities, and industrial machinery. Innovations in rope manufacturing and advancements in material science are also contributing to market growth. Asia-Pacific, particularly China and India, leads the market, driven by rapid industrialization and infrastructure projects.
In February 2020, AGRO and Bekaert established a joint venture in Colombia. AGRO, a world leader in the production of premium steel wire innerspring systems, merged with Bekaert to create premium steel wire innerspring systems. The Central American rope supply will grow as a result of this merger. (Source: https://www.bekaert.com/en/about-us/news-room/news/agro-and-bekaert-establish-joint-venture-in-colombia)
The increased demand for steel wire ropes in global construction projects is driven by several key factors, but it also faces certain restraints that can impact market growth. With urbanization and infrastructure development booming globally, the demand for construction materials, including steel wire ropes, has risen. These ropes are used in cranes, lifts, and heavy equipment for construction, making them essential in large-scale projects like skyscrapers, bridges, and tunnels. The price of raw materials, particularly steel, can fluctuate due to global market conditions. These fluctuations can impact the cost of manufacturing steel wire ropes, making them more expensive for construction projects, especially in cost-sensitive markets. These drivers and restraints collectively shape the market dynamics for steel wire ropes in global construction projects.
The increasing requirement for improved safety and efficiency in challenging mining conditions is one of the main factors driving the demand for strong, long-lasting steel wire ropes in mining operations. Stronger, more resilient ropes are needed to support heavier weights and wear as mining depth increases. Further encouraging their use are technological developments in rope production, such as enhanced fatigue and corrosion resistance. This trend is also influenced by the growing demand for minerals worldwide and mining operations in isolated locations.
Growing production and operating expenses are major market constraints that affect profitability and growth as they raise consumer prices. Demand may decline as a result of these price increases, especially from cost-sensitive markets. Price increases may also be made worse by supply chain interruptions, inflation, and regulatory changes. By limiting access to goods and services, lowering total sales volume, and diminishing competitive advantage, these obstacles constrain the possibility for market expansion, which eventually has an impact on profitability and long-term growth prospects.
The COVID-19 pandemic significantly impacted the steel wire rope market, leading to disruptions in manufacturing and supply chains due to lockdowns and restrictions. Reduced industrial activity, particularly in construction, automotive, and mining sectors, lowered demand. The decline in global trade and construction projects further affected market growth. However, recovery began as industries resumed operations, leading to an increase in demand for steel wire ropes in post-pandemic infrastructure development and machinery repairs.
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In the Steel Wire Rope market's competitive landscape, numerous key competitors are driving innovation and growth. These companies dominate through technological innovation, extensive distribution networks, and diverse product offerings catering to industries like construction, mining, and marine. Strategic partnerships, acquisitions, and expansions further enhance market presence. The market is also influenced by factors like raw material costs, product quality, and customization options to meet specific industry demands.
In July 2023, KOBE Steel announced a significant milestone in the automotive industry by successfully using its unique steel wire rods in Japanese automobiles for the first time. This achievement marks a major step towards a more sustainable future, as these steel wire rods are produced using Kobenable Steel, a low-CO2 blast furnace steel product. (Source: https://www.kobelco.co.jp/english/about_kobelco/outline/integrated-reports/files/esg-databook2023_e.pdf) In March 2023: To grow their business and bring green steel wires to India, Systematic Group, one of the top producers of GI wire, purchased a new production facility in Kolkata. This change has made it easier for the business to serve the Eastern market. (Source: https://www.wirecable.in/systematic-group-set-to-introduce-wires/)
Top Companies Market Share in Steel Wire Rope Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America currently dominates the Steel Wire rope market, and the region is expected to have significant growth during the projected period. This is due to its strong manufacturing base, high demand in industries such as construction, mining, and oil & gas, and advancements in material technology. The region benefits from robust infrastructure and technological innovations, driving market growth and demand.
Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). This growth is driven by increasing industrialization, infrastructure development, and the demand for steel wire ropes in sectors such as construction, mining, and marine across countries like China and India.
The current report Scope analyzes Steel Wire Rope Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global Steel Wire Rope market size was estimated at USD 9614.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 3845.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
According to Cognitive Market Research, the global Steel Wire Rope market size was estimated at USD 9614.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 2884.35 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.
According to Cognitive Market Research, the global Steel Wire Rope market size was estimated at USD 9614.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 2211.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
According to Cognitive Market Research, the global Steel Wire Rope market size was estimated at USD 9614.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 480.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
According to Cognitive Market Research, the global Steel Wire Rope market size was estimated at USD 9614.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 192.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031..
Global Steel Wire Rope Market Report 2025 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Steel Wire Rope Industry growth. Steel Wire Rope market has been segmented with the help of its Type Outlook:, Application Outlook: Coating Type Outlook:, and others. Steel Wire Rope market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
How are Segments Performing in the Global Steel Wire Rope Market?
According to Cognitive Market Research, Round-strand steel wire ropes are experiencing the fastest growth in the steel wire rope market due to their superior strength, durability, and flexibility. These ropes are widely used in industries such as construction, mining, and marine for their ability to handle high loads and harsh environments. Their versatility in various applications, coupled with increasing demand for safer, more reliable lifting and towing solutions, contributes to their market expansion, particularly in emerging economies with growing infrastructure projects.
Spiral strand steel wire ropes dominate the market due to their superior strength, flexibility, and resistance to fatigue. These ropes are widely used in heavy-duty applications such as construction, mining, and oil rigs, where high load-bearing capacity and durability are essential. The spiral design enhances the rope's performance by offering better load distribution and reducing wear. Their ability to withstand harsh environmental conditions and high stresses further contributes to their market leadership in the steel wire rope industry.
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According to Cognitive Market Research, Crane systems are driving the fastest growth in the steel wire rope market due to their widespread use in construction, manufacturing, and heavy lifting applications. The increasing demand for cranes in industries such as construction, mining, and oil & gas is fueling the need for high-performance steel wire ropes. These ropes provide the required strength, durability, and safety for lifting heavy loads, thereby ensuring reliability and performance in demanding environments, contributing to their rapid market growth.
In the Steel Wire Rope Market, Elevators contribute significantly to the growth of the steel wire rope market due to their essential role in vertical transportation across residential, commercial, and industrial buildings. The increasing demand for modern and high-rise buildings globally boosts the need for elevators, thereby driving steel wire rope usage. Steel wire ropes are critical in elevator systems for their strength, durability, and reliability. As urbanization rises and construction projects expand, the elevator industry's demand for high-performance steel wire ropes continues to grow rapidly.
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Research Associate at Cognitive Market Research
I am Aarti Bagekari, worked as a research associate with strong passion for transforming complex information into strategic insights. My strong analytical skills, coupled with a deep understanding of market dynamics and consumer behavior, empower me to identify hidden opportunities and proactively mitigate risks for clients. As a part of team, I possess a skills in data analysis, segmentation, competitive landscape.
I am Aarti Bagekari, worked as a research associate with strong passion for transforming complex information into strategic insights. My strong analytical skills, coupled with a deep understanding of market dynamics and consumer behavior, empower me to identify hidden opportunities and proactively mitigate risks for clients. As a part of team, I possess a skills in data analysis, segmentation, competitive landscape.
Conclusion
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type Outlook: | Sprial Strand, Round Strand |
Application Outlook: | Elevators, Crane, Harbour, Mining, Fishing and Marine, Oil and Gas, Forest Industry, Drilling, General Engineering |
Coating Type Outlook: | |
Core Type Outlook: | |
List of Competitors | * ArcelorMittal (the Luxembourg), * Nippon Steel (Japan), * JFE Steel Corporation (Japan), * Bekaert SA (Belgium), * Tata Steel Limited (India), * Kobe Steel Limited (Japan), * The Heico Companies (United States), * Ferrier Nord (Italy) |
This chapter will help you gain GLOBAL Market Analysis of Steel Wire Rope. Further deep in this chapter, you will be able to review Global Steel Wire Rope Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Steel Wire Rope. Further deep in this chapter, you will be able to review North America Steel Wire Rope Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Steel Wire Rope. Further deep in this chapter, you will be able to review Europe Steel Wire Rope Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Steel Wire Rope. Further deep in this chapter, you will be able to review Asia Pacific Steel Wire Rope Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Steel Wire Rope. Further deep in this chapter, you will be able to review South America Steel Wire Rope Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East Market Analysis of Steel Wire Rope. Further deep in this chapter, you will be able to review Middle East Steel Wire Rope Market Split by various segments and Country Split.
Chapter 6 Middle East Market Analysis
This chapter will help you gain Middle East Market Analysis of Steel Wire Rope. Further deep in this chapter, you will be able to review Middle East Steel Wire Rope Market Split by various segments and Country Split.
Chapter 7 Africa Market Analysis
This chapter provides an in-depth analysis of the market share among key competitors of Steel Wire Rope. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Outlook: Analysis 2019 -2031, will provide market size split by Type Outlook:. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Outlook: Analysis 2021 - 2033
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Chapter 11 Market Split by Application Outlook: Analysis 2021 - 2033
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Chapter 12 Market Split by Coating Type Outlook: Analysis 2021 - 2033
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Chapter 13 Market Split by Core Type Outlook: Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Steel Wire Rope market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Chapter 15 Research Methodology and Sources
Why Sprial Strand have a significant impact on Steel Wire Rope market? |
What are the key factors affecting the Sprial Strand and Round Strand of Steel Wire Rope Market? |
What is the CAGR/Growth Rate of Elevators during the forecast period? |
By type, which segment accounted for largest share of the global Steel Wire Rope Market? |
Which region is expected to dominate the global Steel Wire Rope Market within the forecast period? |
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