Galvanized Iron Wire Market Size, Share, Growth, and Industry Growth by Type (Hot Galvanized Iron Wire and Cold Galvanized Iron Wire), By Application (Woven Wire Mesh, Fencing Mesh, Binding Wire, Handicrafts, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Galvanized Iron Wire Market REPORT OVERVIEW

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The global galvanized iron wire market size is estimated to be USD 3951.6 million in 2022 and market is projected to touch USD 5155.92 million by 2031, exhibiting a CAGR of 3.0% during the forecast period.

Galvanized Iron Wire is commonly known as iron wire. It is a low-carbon steel wire with a carbon content of (0.05-0.25%). The equipment has low strength and is relatively soft. The product is extensively used for cutting wire, redrawing wire, and binding wire.

Increasing demand for the product in downstream industries is estimated to fuel market growth. Growing demand for electrification and expansion of railway tracks is anticipated to expand market progress. Increasing demand for telephone networks is projected to drive market growth. Increasing demand to protect wires from rusting and corrosion is estimated to fuel market growth. Growing need for the product in binding work of construction materials. The equipment provides support to wall appliances. Growing demand for the product from civil engineering is anticipated to grow market progress. Increasing need to protect solar panels mandates is expected to fuel market development. Such advantages of the equipment are predicted to surge market growth in the coming years. However, high installation cost and heavy handling are predicted to hamper market growth during the forecast period.

COVID-19 Impact: Shutdown of Industrial Works to Minimized Market Growth

An outbreak of COVID-19 pandemic globally affected market growth due to lockdown restrictions. Shutdown of industrial works halted production activities. Closure of construction activities globally reduced product demand. The market experienced supply and chain disruption. Lack of workers or employee during the pandemic minimized market growth. Movement restrictions and work from home culture declined product demand.

However, Upliftment of restrictions post COVID-19, the market witnessed to show positive growth due to increasing demand for the product among consumers. And, rising awareness about the benefits of the product fuel galvanized iron wire market growth.

LATEST TRENDS

"Increasing Demand to Provide Property Protection to Foster market Progress"

Growing demand for providing protection to a property is anticipated to surge market growth. The product is extremely strong and durable, which is to be used to protect properties. Such advantages of the equipment are anticipated to accelerate market growth. Rapid industrialization and urbanization are anticipated to accelerate market growth. Growing focus on infrastructure development is estimated to grow market growth. Increasing awareness about the product among consumers is projected to drive market growth. Growing construction activities are anticipated to accelerate market growth in the coming years. Rising awareness of preventing corrosion and rust is estimated to fuel market growth. The product has high durability and quality, which is predicted to drive galvanized iron wire market growth.

Galvanized Iron Wire Market SEGMENTATION

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• By Type

Based on type, the market is divided into hot galvanized iron wire and cold galvanized iron wire.

Hot galvanized iron wire is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into, fencing mesh, binding wire, woven wire mesh handicrafts, and others.

Woven wire mesh is expected to be the leading part of application segmentation.

DRIVING FACTORS

"Growing Need for Binding of Construction to Stimulate Market Growth"

Increasing demand for the equipment in binding construction is anticipated to surge market growth. The equipment is strong and works excellent in construction. Growing construction activities globally are estimated to propel market growth. Increasing number of construction businesses and homes are anticipated to surge in galvanized iron wire market growth. The product is extensively used in construction activities because of its unmatched strength. Further, it is considered an all-weather material that is predicted to propel product demand in the coming years.

"High demand to Provide Support to Wall Appliance to Accelerate Market Growth"

Increasing demand to provide support for wall appliances is expected to fuel market growth. The product has immense value to protect wall and support high tensile strength. Such qualities are anticipated to propel market growth. It is extensively used to secure expensive artworks or mirrors safely on the wall. The equipment helps in preventing artworks from shattering and falling. The equipment has a zinc coating, which is predicted to surge market growth in the coming years. Increasing demand for the product in industrial use is projected to drive market growth. The product is also used in agriculture activities for supporting growth of tomatoes and grapes. Growing demand for solar panels and an increasing need to protect solar panels mandates which is predicted to propel market growth. Growing demand for the product from civil engineering is anticipated to grow galvanized iron wire market progress.

RESTRAINING FACTORS

"High Installation Cost of the Product to Hamper Market Growth"

High installation cost associated with the equipment is predicted to hamper market growth. Heavy handling of the product is predicted to restrict market growth during the forecast period.

Galvanized Iron Wire Market REGIONAL INSIGHTS

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"Increasing Demand from Downstream Industries to Incite Market Growth "

Asia Pacific is estimated to account for considerable galvanized iron wire market share due to increasing demand for the product in downstream industries. Growing demand for solar panels and an increasing need to protect solar panels mandates are predicted to propel market growth. Increasing demand for the product from civil engineering is anticipated to grow market progress. Increasing demand to protect wires from rusting and corrosion is estimated to fuel market growth. Growing need for the product in binding work of construction materials. High investment by major market players in developing new products is anticipated to fuel market growth in the coming years.

KEY INDUSTRY PLAYERS

Leading Players Adopt New Strategies to Stay Competitive

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Bekaert (Belgium)
• Tata Wiron (India)
• Tianze Metal Products (China)
• Nichia Steel (Japan)
• Tecnofil (South America)
• WDI (U.K.)
• Tree Island Steel (U.S.)
• Anping Dongming Wiremesh (China)
• Hankuk Steel Wire (China) 
• Sheng Sen Wire Mesh (China)
• SAKURATECH (Singapore)
• WIRE TECHNO (U.S.)
• Galvart Japan Company (Japan)
• NS Hokkai Seisen (Japan)
• Davis Wire (U.S.)
• Weibo Industry and Trade (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.