US Steel Wire Market to Reach $11B Driven by Rising Construction and Automotive Industry
NEW YORK, Jan. 24, 2023 (GLOBE NEWSWIRE) — A recent IndexBox report on the US steel wire market provides some interesting insights.
Iron Mike Looks At This Positive News Of Rising Construction And The Automotive Industry
This is a great article from Index Box News on the Yahoo Finance site. We are sure happy with this news things are really starting to heat up!!
US Steel Wire Market Forecast
The US steel wire market is estimated at $9.4B in 2022 and is set to reach $11B by 2030, rising at a CAGR of 2.0% during that period. The growth is to be driven by rising demand from the construction, automotive, and engineering industries. The construction sector is the largest end-user of steel wire, accounting for over 50% of the total consumption, followed by the automotive one (approx. 30% of the total figure). The electrical and electronics industry uses steel wire for purposes such as wiring and circuit boards, while the machinery sector applies it for the production of bearings and gears.
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The US construction sector is expected to grow at a CAGR of more than 3% from 2022 to 2030, due to the increasing need for residential and commercial real estate amid an expected rise in disposable incomes and expansion of the retail, healthcare, and hospitality sectors.
With increasing demand for electric vehicles, the automotive industry in the US is projected to grow at a CAGR of more than 2% from 2022 to 2030. The electric vehicle market is expected to expand due to government incentives and regulations regarding emission reduction targets.