Global Steel Wire Rope Industry Market Research Report

Global Steel Wire Rope Industry Market Research Report

The global Steel Wire Rope market is expected to witness a mild growth. Steel Wire Rope is a piece of machinery which is widely used in construction, mining, oil & gas extraction and other areas. The wires are predominantly constructed from high-carbon steel and stainless steel. The whole market worldwide is about 11 billion USD in 2018 with CAGR at 4.47 from 2018 to 2024.

The product is widely used in diverse applications. Based on applications, it major divided into Industrial & Crane, Oil & Gas, Mining, and Fishing & Marine. According to the type/form of Steel Wire Rope, there are five segments analyzed in our report, referring to Right Regular Lay, Left Regular Lay, Right Lang Lay, Left Lang Lay, and Alternate Lay.

Although, the product has large demand from diverse downstream industries. There are still some weak points for Steel Wire Rope. As a kind of metal, it is corrosive. Meanwhile, it cost higher than fiber ropes. The future trend of Steel Wire Rope could be technology and material innovation to overcome shortcomings and develop special Steel Wire Rope for target application. Political changes have increased market uncertaint.

With the fast economic and technology development, China has been the largest production place worldwide in Steel Wire Rope market. China's production accounts for more than 30%. We predict that China will have a good development in the future. However, the internal and external political turmoil and the market positioning of low-end products will become essential restricts of Chinese Steel Wire Rope development. North America also accounts for nearly one-fifth of the market.