At 4.2% CAGR, Europe Steel Wire Rope Market is Projected to be Worth US$ 2,958.46 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe steel wire rope market was valued at US$ 2,134.06 million in 2023 and is expected to reach US$ 2,958.46 million by 2031, registering a CAGR of 4.2% from 2023 to 2031. Focus on recycling steel wire ropes and increasing demand for galvanized steel wire ropes are among the critical factors attributed to drive the Europe hearing market growth.

A galvanized wire rope is a steel wire rope coated in a layer of zinc. The coating helps protect the steel from moisture in the air, preventing the wire rope from being susceptible to rust. Galvanized wire rope is ideal for use in marine locations where the wire rope is exposed to wet, damp, and humid conditions. This type of rope also helps prevent the inner steel from degrading from rust deposits.

There are several benefits of galvanized wire rope. It is cheaper than stainless steel wire rope, lighter than stainless steel, and available in steel core or fiber core. Galvanized wire ropes are also available in different constructions. Each type of wire rope construction is suited for different purposes. A wire rope with a thicker diameter is more abrasion and crush-resistant, whereas a thinner-diameter rope provides flexibility and bendability. In addition, the coating of galvanized wire rope offers enhanced protection against rust and corrosion. Also, galvanized wire ropes are used in various applications as an alternative to stainless steel. Thus, the increasing demand for galvanized steel wire ropes is expected to provide growth opportunities for the steel wire rope market in the coming years.

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

Based on product type, the Europe 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 38.3% market share in 2023, amassing US$ 816.75 million. It is projected to garner US$ 1,177.83 million by 2031 to register 4.7% CAGR during 2023-2031.

In terms of type, the Europe steel wire rope market is segmented into regular lay and lang lay. The regular lay segment held 57.6% share of Europe steel wire rope market in 2023, amassing US$ 1,228.33 million. It is anticipated to garner US$ 1,673.15 million by 2031 to expand at 3.9% CAGR during 2023-2031.

By end use, the Europe 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 26.8% share of Europe steel wire rope market in 2023, amassing US$ 572.46 million. It is projected to garner US$ 839.03 million by 2031 to expand at 4.9% CAGR from 2023 to 2031.

Based on country, the Europe steel wire rope market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 33.3% share of Europe steel wire rope market in 2023. It was assessed at US$ 707.93 million in 2023 and is likely to hit US$ 1,003.89 million by 2031, registering a CAGR of 4.5% during 2023-2031.

Key players operating in the Europe steel wire rope market are Drahtseile Gebr Henschel GmbH, Usha Martin Ltd, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert, among others.

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