wiredinUSA May 2014

INDEX

Global steel wire market report Global Industry Analysts Inc has released a comprehensive report on the steel wire market, predicting that the global market will reach $34 billion by 2020, driven by growing demand in major end-use markets. The construction sector is one of the most prominent end-use markets for steel wire. Strong recovery in the construction industry in the United States after years of slowdown, and steady gains in construction spending in developing countries including BRIC, are expected to benefit demand in the near term. Steel wire is also of critical importance in automotive manufacturing and the projected increase in automobile production and sales, particularly in developing countries such as China and India, is therefore expected to especially benefit demand for steel wire in this sector. The research report cites Asia-Pacific as the largest and the fastest growing regional market worldwide with a compound annual growth rate of 7.6 percent over the analysis period. Growth in the region is driven by economic development, industrialization, urbanization, and the resulting increase in construction spending, automobile production, and continued strengthening of manufacturing activity in China, India, Taiwan, Singapore, Korea and Indonesia.

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