QYResearch: Global Steel Wire Rope Market be worth 8812.96 million USD by 2022

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Steel wire rope is a piece of machinery which is widely used in construction, mining, oil & gas extraction and other areas. Usually a steel wire rope is composed of wires, strands and a core, which is made of fiber or steel. The purpose of the core is to provide support and maintain the position of the outer strands during operation. The wires are predominantly constructed from high-carbon steel and stainless steel. The wires are twisted to form strands and they designate the strength of the steel wire rope.

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In terms of revenue, the global steel wire rope market was valued 7984.66 million USD in 2016, and is estimated to be worth 8812.96 million USD by 2022. In terms of production, the steel wire rope accounted for 4992 K MT in 2016. And it is anticipated to reach 6243 K MT by 2022. Overall, the steel wire rope products performance is positive.

According to QYResearch, China is the dominate producer of steel wire rope, the production is 2342 K MT in 2016, according for about 46.92% of the total amount, followed by Europe, with the production market share of 18.09%. China also has the highest production growth rate of 7.40% from 2012 to 2016. And China and Europe are expected to remain the regions with the largest growth potential in the forecast period.

The steel wire rope industry has low concentration. Manufacturers are distributed around the world.

Leading players in steel wire rope industry are WireCo World Group, Tokyo Rope, Kiswire, Jiangsu Langshan. WireCo World Group is the largest manufacturer, with the market share of 4.15% in 2016. The top four companies occupied about 12.08% share of the market in 2016.

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Oil & Gas accounted for the largest market with about 30.90% of the global consumption for steel wire rope in 2016. With over 14.68% share of in the steel wire rope market, fishing & marine was the second largest application market in 2016, Under the influence of raw material, market competitions and economic conditions, the price of steel wire rope is also unstable. The price of steel wire price is 1599 $/MT in 2016. The profit is 19.82% in 2016. In the next few years, we predict that price will decline. As competition intensifies, prices gap between different brands will go narrowing.

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