At 3.7% CAGR, Middle East & Africa Steel Wire Rope Market is Projected to be Worth US$ 1,441.91 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa steel wire rope market was valued at US$ 1,076.79 million in 2023 and is expected to reach US$ 1,441.91 million by 2031, registering a CAGR of 3.7% from 2023 to 2031. Strong growth in building and construction industry and high demand for steel wire ropes from oil & gas industry are among the critical factors attributed to drive the Middle East & Africa hearing market growth.

In the building and construction industry, steel wire ropes are used in various applications, such as anchoring buildings, suspending scaffolding systems, and hoisting and lifting heavy loads. Stainless steel wire rope also finds application in bridge construction, where the highest tensile strength and durability are highly required. The ability of steel wire ropes to resist corrosion in harsh environments makes them ideal for coastal bridge construction. In addition, steel wire ropes are used in various architectural projects. Architects and designers highly integrate stainless steel wire ropes into their creations due to their functional and aesthetic qualities. The stainless-steel wire ropes are mainly used as border construction or intermediate cables for greenery or suspension of design elements at façades. Moreover, steel wire ropes are highly used for elevator applications due to their two main features: redundancy and detectability. The building and construction industry is growing in various countries across the globe due to factors such as increasing investments in construction activities; growing residential, commercial, infrastructural, and industrial construction; increasing population; and rising urbanization. This, in turn, is increasing the demand for various construction materials and products, including steel wire ropes.

The following chart shows the construction spending across the world per year.

Thus, the growing construction industry is leading to increased demand for steel wire ropes.

On the contrary, fluctuations in prices of raw materials hamper the growth of Middle East & Africa steel wire rope market.

Based on product type, the Middle East & Africa 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 40.1% market share in 2023, amassing US$ 440.84 million. It is projected to garner US$ 600.66 million by 2031 to register 3.9% CAGR during 2023–2031.

In terms of type, the Middle East & Africa steel wire rope market is segmented into regular lay and lang lay. The regular lay segment held 64.5% share of Middle East & Africa steel wire rope market in 2023, amassing US$ 691.90 million. It is anticipated to garner US$ 957.91million by 2031 to expand at 4.2% CAGR during 2023–2031.

By end use, the Middle East & Africa steel wire rope market is divided into mining, oil and gas, building and construction, marine and fishing, and others. The oil and gas segment held 34.2% share of Middle East & Africa steel wire rope market in 2023, amassing US$ 368.47 million. It is projected to garner US$ 487.81 million by 2031 to expand at 3.6% CAGR from 2023 to 2031.

Based on country, the Middle East & Africa steel wire rope market is categorized into the UAE, South Africa, Saudi Arabia, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 46.6% share of Middle East & Africa steel wire rope market in 2023. It was assessed at US$ 503.87 million in 2023 and is likely to hit US$ 653.88 million by 2031, registering a CAGR of 3.3% during 2023–2031.

Key players operating in the Middle East & Africa steel wire rope market are Usha Martin Ltd, ArcelorMittal SA, PFEIFER Holding GmbH & Co.KG, WireCo, and Bekaert among others.

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