Steel Wire Market Worth $124.7 Billion by 2025, at a CAGR of 6.0 %, Says MarketsandMarkets

SEATTLE (Scrap Monster):  The Global Steel Wire Market size is projected to grow from USD 93.1 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0% during the forecast period, as per the recent study by MarketsandMarkets. 

Steel wires are increasingly used in the construction, automotive, energy, industrial, agriculture, and other end-use industries. The increasing demand of construction end-use industry drives the demand for steel wire.

However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for steel wire.

Due to the lockdown scenario in Europe and North America, the demand for steel wire from construction, automotive, industrial, and other industries have declined sharply in the first half of 2020.

Courtesy: www.globalnewswirei.com