Global Steel Wire Rope Market Size is Expected to Grow to $18.12 Billion by 2028

Global Steel Wire Rope Market Overview

According to Global Market Monitor, the global steel wire rope market size will reach $14.28 billion by 2023 and is expected to grow to $18.12 billion by 2028.

The uses for wire rope include adding support to suspension bridges and lifting elevators. The design of wire rope, with its multiple strands wrapped around a stable core, provides strength, flexibility, and ease of handling for applications that have bending stress. It is used for industrial & and crane, oil & and gas, mining, and fishing & marine applications.

Growing Demand Drives Market Growth.

As fittings, increasing applications of steel wire rope bolsters the market growth. Due to the rising demand for steel wire rope from various industries like marine and fishery, industrial and crane, and mining industries, the steel wire rope industry is witnessing healthy growth. These ropes have excellent, durability, high strength, abrasion, and corrosion resistance, which are their preferred features in these industries, driving market growth in the coming years.Wet weather condition is a major limitation for the use of steel wire ropes. Corrosion is a key limitation associated with steel wire ropes as it affects industrial operation utilizing delay. Other key limitations for the growth of the global steel wire rope market are shortage of labor and lack of employee competencies.

Key Players

WireCo WorldGroup is one of the major players operating in the steel wire rope market, holding a share of 5.11% in 2022. The company manufactures and sells wires and synthetic ropes, specialty wires, and engineered products worldwide. The rope products include steel rope, electromechanical cable, synthetic rope, and synthetic yarns. Its engineered and specialized ropes are equipment components used in applications such as heavy lifting, pulling, mooring, supporting, and suspension, as well as used in oil and gas, fishing, mining, maritime, structures, poultry, and storage systems industries. The company markets its products under various brands, such as Union, CASAR, Lankhorst Ropes, Camesa, Euronete, Oliveira, and Phillystran.

Company Name	WireCo WorldGroup
Website	www.wirecoworldgroup.com
Established Time	1931
Plants Distribution	North America, South America, Europe, Asia-Pacific
Sales Region	North America, South America, Europe, Asia-Pacific, Middle East, Africa
Product Introduction	Steel Wire Rope in Diverse Applications Tower Ship & Offshore Heavy Duty Industry Harbor & Container Factory Mining Special Application