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The steel wire market size is forecast to increase by USD 28.78 billion at a CAGR of 4.69% between 2023 and 2028. The market is driven by the growth of infrastructure investment in various sectors, particularly in the automotive industry, which necessitates the use of high-performance steel wires with superior shock resistance, wear resistance, and high bearing capacity. Steel wires are extensively used in wire ropes and strands for applications such as lifting, towing, and conveyance systems. The market trends include increasing strategic alliances and partnerships among steel manufacturers to expand their product offerings and geographical reach. However, the presence of substitutes for steel wires, such as synthetic fibers and ropes, poses a significant challenge to the market growth. Additionally, the demand for rust and corrosion-resistant steel wires is increasing due to their extended durability and longevity, especially in harsh environments.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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