At 5.1% CAGR, Asia Pacific Steel Wire Rope Market is Projected to be Worth US$ 5,985.64 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific steel wire rope market was valued at US$ 4,025.94 million in 2023 and is expected to reach US$ 5,985.64 million by 2031, registering a CAGR of 5.1% from 2023 to 2031. Focus on recycling steel wire ropes and high demand for steel wire ropes from oil & gas industry are among the critical factors attributed to drive the Asia Pacific hearing market growth.

In the oil & gas industry, steel wire ropes are used in drilling applications owing to their high tensile strength and resistance to rust and corrosion. They are also used in production as an important component in downhole tools. Steel wire ropes are also used for mooring, towlines, and working lines in offshore operations. For instance, in May 2023, the Chinese government announced that it had completed the construction of a new 12,000-ton offshore drilling rig. In June 2023, the government announced drilling deeper into offshore platforms to reduce its dependency on other countries regarding the import of oil and gas.

Further, in India, the surge in demand for petroleum products is fueled by factors including heightened economic activities in the agriculture and power sectors, increasing auto sales, and a surge in holiday travel. Furthermore, oil-producing companies are spending more on increasing oil production to meet the rising energy demand due to the booming population, further creating a demand for steel wire ropes. Thus, the high demand for steel wire ropes from the oil & gas industry is driving the market.

On the contrary, fluctuations in prices of raw materials hamper the growth of Asia Pacific steel wire rope market.

Based on product type, the Asia Pacific steel wire rope market is segmented into stainless steel wire rope, galvanized steel wire rope, carbon steel wire ropes, and coated steel wire ropes. The galvanized steel wire rope segment held 42.6% market share in 2023, amassing US$ 1,713.68 million. It is projected to garner US$ 2,613.52 million by 2031 to register 5.4% CAGR during 2023-2031.

In terms of type, the Asia Pacific steel wire rope market is segmented into regular lay and lang lay. The regular lay segment held 56.1% share of Asia Pacific steel wire rope market in 2023, amassing US$ 2,258.99 million. It is anticipated to garner US$ 3,299.48 million by 2031 to expand at 4.8% CAGR during 2023-2031.

By end use, the Asia Pacific steel wire rope market is divided into mining, oil and gas, building and construction, marine and fishing, and others. The building and construction segment held 37.0% share of Asia Pacific steel wire rope market in 2023, amassing US$ 1,481.14 million. It is projected to garner US$ 2,298.77 million by 2031 to expand at 5.6% CAGR from 2023 to 2031.

Based on country, the Asia Pacific steel wire rope market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 45.6% share of Asia Pacific steel wire rope market in 2023. It was assessed at US$ 1,823.21 million in 2023 and is likely to hit US$ 2,840.62 million by 2031, registering a CAGR of 5.7% during 2023-2031.

Key players operating in the Asia Pacific steel wire rope market are Usha Martin Ltd, Asahi Intecc Co Ltd, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert among others.

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