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wiredInUSA - May 2014
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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.
wiredInUSA - Mayl 2014
INDEX