Asia Pacific Steel Wire Rope Market
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; it is estimated to register a CAGR of 5.1% from 2023 to 2031. Increasing Demand for Galvanized Steel Wire Ropes Boosts Asia Pacific Steel Wire Rope Market
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.Asia Pacific Steel Wire Rope Market Overview
Asia Pacific is a major hub for oil and gas exploration and production, as well as trade activities. Governments of various countries in Asia Pacific have initiated projects to address the rising demand for oil and gas in their countries. In April 2023, Indradhanush Gas Grid Limited (IGGL) completed Asia's largest underwater hydrocarbon pipeline below the Brahmaputra River. The pipeline connects Jorhat and Majuli in Assam, India. In May 2023, Oil and Natural Gas Corporation (ONGC) discovered two major oil and gas reserves in the Arabian Sea block off the Mumbai coast, India. As per the United Nations Conference on Trade and Development, in 2021, Asia was the major maritime cargo handling center, accounting for 40% of total containerized trade on the main East-West routes between Asia, Europe, and the US.
According to the US Energy Information Administration, China imported high volumes of crude oil during the first half of 2023. This increase is specifically attributed to the expansion of refineries in the country and initiatives to reopen the economy after the government eased restrictions related to the COVID-19 pandemic. In October 2023, the state of Western Australia released 8 onshore blocks for oil and gas exploration. In the oil & gas industry, steel wire rope is utilized in drilling applications due to its properties such as high tensile strength, rust resistance, and corrosion resistance.
In 2022, the National Development and Reform Commission (NDRC) and the Ministry of Transport (China) unveiled the National Highway Network Planning document aimed at the construction of a functional, efficient, green, intelligent, and safe modern highway network by 2035. The plan also encompassed the construction of a 461,000 km highway, which includes 162,000 km of expressways. In the building and construction industry, stainless steel wire rope is used in anchoring buildings, lifting heavy loads, constructing bridges, and suspending scaffolding systems. Thus, the development of oil & gas and construction industries in Asia Pacific is expected to boost the steel wire rope market over the coming years.
Asia Pacific Steel Wire Rope Market Revenue and Forecast to 2031 (US$ Million)
Strategic insights for the Asia Pacific Steel Wire Rope provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Asia Pacific Steel Wire Rope refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Report Attribute
Details
Market size in 2023
US$ 4,025.94 Million
Market Size by 2031
US$ 5,985.64 Million
Global CAGR (2023 - 2031)
5.1%
Historical Data
2025-2031
Forecast period
2021-2023
Segments Covered
By Product Type
By Type
By End Use
Regions and Countries Covered
Asia-Pacific
Market leaders and key company profiles
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Asia Pacific Steel Wire Rope Market Segmentation
The Asia Pacific steel wire rope market is categorized into type, product type, end use, and country.
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 the largest Asia Pacific steel wire rope market share in 2023.
In terms of type, the Asia Pacific steel wire rope market is segmented into regular lay and lang lay. The regular lay segment held a larger Asia Pacific steel wire rope market share in 2023.
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 segment held the largest Asia Pacific steel wire rope market share in 2023.
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. China dominated the Asia Pacific steel wire rope market share in 2023.
Usha Martin Ltd, Asahi Intecc Co Ltd, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert. are some of the leading companies operating in the Asia Pacific steel wire rope market.
The Asia Pacific Steel Wire Rope Market is valued at US$ 4,025.94 Million in 2023, it is projected to reach US$ 5,985.64 Million by 2031.
As per our report Asia Pacific Steel Wire Rope Market, the market size is valued at US$ 4,025.94 Million in 2023, projecting it to reach US$ 5,985.64 Million by 2031. This translates to a CAGR of approximately 5.1% during the forecast period.
The Asia Pacific Steel Wire Rope Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Steel Wire Rope Market report:
The Asia Pacific Steel Wire Rope Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Steel Wire Rope Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Steel Wire Rope Market value chain can benefit from the information contained in a comprehensive market report.
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