North America Steel Wire Rope Market

The North America steel wire rope market was valued at US$ 1,638.95 million in 2023 and is expected to reach US$ 2,340.66 million by 2031; it is estimated to register a CAGR of 4.6% from 2023 to 2031.

Strong Growth in Building and Construction Industry Fuels North America Steel Wire Rope Market

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.

In the US, the construction industry is one of the major industries. Growing residential and commercial construction activities, increasing investments in the construction industry, and rising government initiatives for developing public infrastructure drive the US construction industry. Additionally, the construction of new bridges and the repair, rehabilitation, and replacement of old bridges is increasing. According to the news released in January 2023, the US Department of Transportation announced funding of US$ 2.1 billion to improve four key bridges, which include the Golden Gate and Brent Spence. The first round of grants will fund four projects that connect communities in five states. In addition to the four main grants, the Federal Highway Administration announced an additional bridge planning grant of US$ 1.6 million to the US Army Corps of Engineers for planning work in support of the replacement of the Bourne and Sagamore Bridges over the Cape Cod Canal. Also, construction in the manufacturing sector is an essential part of the country's economy. This sector has long been a driver of economic growth in the US. The industrial construction sector in the country includes a wide range of construction projects, including warehouses, factories, and processing plants. As the US continues to expand its manufacturing and production capabilities, the need for top-notch industrial facilities is increasing. Various companies are investing heavily in new construction projects across the country, from warehouses to factories to processing plants. The US is experiencing a striking surge in construction spending for manufacturing facilities. According to the official website of the US Government, real manufacturing construction spending in the US has doubled since the end of 2021, as shown in the figure below:

Real Total Manufacturing Construction Spending (US$ Billion)

North America Steel Wire Rope Strategic Insights

Strategic insights for the North America 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.

North America Steel Wire Rope Report Scope

North America Steel Wire Rope Regional Insights

The geographic scope of the North America 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.

Source: Official website of the US Government

Thus, the growing industrial construction in the US is leading to increased demand for steel wire ropes.

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

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North America Steel Wire Rope Strategic Insights

Strategic insights for the North America 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.

Get more information on this report Request Free Sample PDF

North America Steel Wire Rope Report Scope

Report Attribute	Details
Market size in 2023	US$ 1,638.95 Million
Market Size by 2031	US$ 2,340.66 Million
Global CAGR (2023 - 2031)	4.6%
Historical Data	2025-2031
Forecast period	2021-2023
Segments Covered	By Product Type Stainless Steel Wire Rope Galvanized Steel Wire Rope Carbon Steel Wire Ropes Coated Steel Wire Ropes By Type Regular Lay Lang Lay By End Use Mining Oil and Gas Building and Construction Marine and Fishing
Regions and Countries Covered	North America US Canada Mexico
Market leaders and key company profiles	Usha Martin Ltd Tyler Madison Inc Central Wire Inc TEUFELBERGER ArcelorMittal SA PFEIFER Holding GmbH & Co. KG WireCo Bekaert

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North America Steel Wire Rope Regional Insights

The geographic scope of the North America 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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Thus, the growing construction industry is leading to increased demand for steel wire ropes.

North America Steel Wire Rope Market Overview

The North America steel wire rope market is driven by growing demand from building & construction, oil & gas, mining, marine, and fishing industries. The strong growth of the building & construction industry in the region is fueling the demand for steel wire ropes for the construction of bridges and elevators. Steel wire ropes also play an important role in cranes used for various applications in the building & construction industry. In the US, the industrial construction sector is an essential part of the country's economy. This sector has been a driver of economic growth in the US. The US is experiencing a striking surge in construction spending for manufacturing facilities. The surge in real manufacturing construction spending is due to a supportive policy environment for the construction of manufacturing facilities. This includes the Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), and CHIPS Act, which provides direct funding and tax incentives for public and private manufacturing construction. In Canada, industrial construction continues to be one of the country's important building sectors. The industrial construction sector in Canada is growing due to factors such as the increase in the construction of huge warehouses, the conversion of older industrial spaces for modern uses, and strong consumer demand along with population growth.

The growth of the industrial construction sector creates massive demand for cranes. Furthermore, cranes provide the necessary lifting capacity, precision, and efficiency to handle heavy loads in industrial construction. Cranes have become an important tool in industrial construction, enabling the completion of complex projects within required timeframes and budgets. Further, the growing mining and oil and gas exploration activities in the region drive the demand for steel wire ropes. Steel wire ropes are a popular material in the mining industry owing to their exceptional durability and resistance to rust and corrosion. They are used for hoisting equipment, as a load-carrying cable in elevators, and for slope stabilization and emergency support.

North America Steel Wire Rope Market Revenue and Forecast to 2031 (US$ Million)

North America Steel Wire Rope Strategic Insights

Strategic insights for the North America 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.

North America Steel Wire Rope Report Scope

North America Steel Wire Rope Regional Insights

The geographic scope of the North America 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.

North America Steel Wire Rope Market Segmentation 

The North America steel wire rope market is categorized into type, product type, end use, and country.

Based on product type, the North America 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 North America steel wire rope market share in 2023.

In terms of type, the North America steel wire rope market is segmented into regular lay and lang lay. The regular lay segment held a larger North America steel wire rope market share in 2023.

By country, the North America steel wire rope market is segmented into the US, Canada, and Mexico. The US dominated the North America steel wire rope market share in 2023.

Usha Martin Ltd, Tyler Madison Inc, Central Wire Inc, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert are some of the leading companies operating in the North America steel wire rope market.