Stranded Wire Market

The article discusses the projected growth of the global market for stranded wire, ropes, and cables, with an anticipated increase in consumption and value over the period from 2022 to 2030. It covers market performance, consumption patterns, production volumes, import and export statistics, as well as pricing trends. The key findings include the top consuming and producing countries, the most significant products in terms of import and export volumes, as well as average prices and growth rates for different product types.

Market Forecast

Driven by increasing demand for stranded wire, ropes and cables worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +6.3% for the period from 2022 to 2030, which is projected to bring the market volume to 16M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +8.8% for the period from 2022 to 2030, which is projected to bring the market value to $55.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Stranded Wire, Ropes And Cables

In 2022, consumption of stranded wire, ropes and cables decreased by -0.6% to 9.9M tons, falling for the second consecutive year after two years of growth. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Global consumption peaked at 55M tons in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

The global stranded wire market size expanded slightly to $27.9B in 2022, surging by 4.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked at $166.2B in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.6M tons), India (1.4M tons) and the United States (1.1M tons), with a combined 41% share of global consumption. Japan, Brazil, Indonesia, Spain, Germany, Turkey, Russia, Poland and South Korea lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Poland (with a CAGR of +4.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest stranded wire markets worldwide were Japan ($4.4B), the United States ($3.2B) and India ($3.2B), together accounting for 39% of the global market. China, Turkey, Germany, Indonesia, Brazil, Spain, Poland, South Korea and Russia lagged somewhat behind, together comprising a further 30%.

In terms of the main consuming countries, Spain, with a CAGR of +7.0%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of stranded wire per capita consumption in 2022 were Japan (6.9 kg per person), Spain (5.8 kg per person) and Poland (5 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Poland (with a CAGR of +4.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Stranded Wire, Ropes And Cables

In 2022, the amount of stranded wire, ropes and cables produced worldwide was estimated at 10M tons, leveling off at the previous year's figure. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 378%. Over the period under review, global production hit record highs at 55M tons in 2015; however, from 2016 to 2022, production remained at a lower figure.

In value terms, stranded wire production stood at $27.9B in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 366% against the previous year. As a result, production attained the peak level of $141.2B. From 2015 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The country with the largest volume of stranded wire production was China (3.3M tons), comprising approx. 33% of total volume. Moreover, stranded wire production in China exceeded the figures recorded by the second-largest producer, India (1.4M tons), twofold. Japan (772K tons) ranked third in terms of total production with a 7.7% share.

In China, stranded wire production expanded at an average annual rate of +3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+0.5% per year) and Japan (-0.7% per year).

Imports

World Imports of Stranded Wire, Ropes And Cables

In 2022, the amount of stranded wire, ropes and cables imported worldwide rose remarkably to 4.6M tons, surging by 7.3% compared with the year before. The total import volume increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 13%. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, stranded wire imports skyrocketed to $13.9B in 2022. The total import value increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 31%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

In 2022, the United States (707K tons), distantly followed by South Korea (199K tons), Germany (187K tons), India (159K tons), Thailand (145K tons), Canada (130K tons), Japan (126K tons), Poland (126K tons), Belgium (107K tons), the Netherlands (104K tons), Australia (103K tons), France (103K tons) and Italy (97K tons) represented the main importers of stranded wire, ropes and cables, together comprising 50% of total imports. South Korea (199K tons), Germany (187K tons), India (159K tons), Thailand (145K tons), Canada (130K tons), Japan (126K tons), Poland (126K tons), Belgium (107K tons), the Netherlands (104K tons), Australia (103K tons), France (103K tons) and Italy (97K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to stranded wire imports into the United States stood at +4.0%. At the same time, India (+11.4%), Belgium (+9.5%), Thailand (+8.9%), Poland (+5.5%), Italy (+5.5%), South Korea (+4.4%), Australia (+3.7%) and Japan (+2.6%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +11.4% from 2012-2022. France, Germany and Canada experienced a relatively flat trend pattern. By contrast, the Netherlands (-1.8%) illustrated a downward trend over the same period. The United States (+2.5 p.p.) and India (+2 p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.1B) constitutes the largest market for imported stranded wire, ropes and cables worldwide, comprising 15% of global imports. The second position in the ranking was held by Germany ($779M), with a 5.6% share of global imports. It was followed by Canada, with a 3.7% share.

In the United States, stranded wire imports increased at an average annual rate of +4.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+3.4% per year) and Canada (+1.5% per year).

Imports By Type

Stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated represented the major imported product with an import of about 3.8M tons, which accounted for 84% of total imports. Aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (491K tons) held the second position in the ranking, followed by copper stranded wire, cables and plaited bands (252K tons). All these products together took near 16% share of total imports.

Stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated was also the fastest-growing in terms of imports, with a CAGR of +2.4% from 2012 to 2022. At the same time, copper stranded wire, cables and plaited bands (+2.0%) displayed positive paces of growth. Aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) experienced a relatively flat trend pattern. Stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated (+1.8 p.p.) significantly strengthened its position in terms of the global imports, while aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) saw its share reduced by -1.7% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated ($9.5B) constitutes the largest type of stranded wire, ropes and cables imported worldwide, comprising 68% of global imports. The second position in the ranking was held by copper stranded wire, cables and plaited bands ($2.5B), with an 18% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of the value of stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated imports totaled +2.7%. With regard to the other imported products, the following average annual rates of growth were recorded: copper stranded wire, cables and plaited bands (+3.2% per year) and aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (+2.7% per year).

Import Prices By Type

In 2022, the average stranded wire import price amounted to $3,039 per ton, increasing by 8.9% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 16% against the previous year. Global import price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was copper stranded wire, cables and plaited bands ($9,906 per ton), while the price for stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated ($2,485 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (+2.0%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average stranded wire import price stood at $3,039 per ton in 2022, growing by 8.9% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 16%. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Italy ($5,119 per ton), while South Korea ($1,801 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Stranded Wire, Ropes And Cables

In 2022, shipments abroad of stranded wire, ropes and cables increased by 9.9% to 4.7M tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 13% against the previous year. Over the period under review, the global exports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, stranded wire exports surged to $14.1B in 2022. The total export value increased at an average annual rate of +3.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 31% against the previous year. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China represented the major exporting country with an export of around 1.8M tons, which amounted to 38% of total exports. It was distantly followed by Turkey (232K tons) and India (232K tons), together constituting a 9.8% share of total exports. Thailand (210K tons), South Korea (193K tons), Vietnam (178K tons), Germany (129K tons), Italy (124K tons), Malaysia (120K tons), Portugal (101K tons), the United States (96K tons), Romania (95K tons) and Hungary (88K tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +6.5% from 2012 to 2022. At the same time, Vietnam (+15.0%), India (+5.5%), Thailand (+5.2%), Turkey (+4.0%), Hungary (+3.6%), Romania (+3.3%) and Portugal (+1.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.0% from 2012-2022. Malaysia and Germany experienced a relatively flat trend pattern. By contrast, Italy (-2.1%), the United States (-3.6%) and South Korea (-4.4%) illustrated a downward trend over the same period. China (+12 p.p.) and Vietnam (+2.6 p.p.) significantly strengthened its position in terms of the global exports, while the United States and South Korea saw its share reduced by -1.7% and -4.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.5B) remains the largest stranded wire supplier worldwide, comprising 25% of global exports. The second position in the ranking was held by Turkey ($1B), with a 7.1% share of global exports. It was followed by Germany, with a 6.3% share.

In China, stranded wire exports expanded at an average annual rate of +7.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+3.9% per year) and Germany (+0.5% per year).

Exports By Type

Stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated represented the main exported product with an export of around 3.9M tons, which resulted at 82% of total exports. It was distantly followed by aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (594K tons) and copper stranded wire, cables and plaited bands (252K tons), together generating an 18% share of total exports.

Stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated was also the fastest-growing in terms of exports, with a CAGR of +2.7% from 2012 to 2022. At the same time, copper stranded wire, cables and plaited bands (+2.4%) and aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (+1.3%) displayed positive paces of growth. From 2012 to 2022, the share of stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated increased by +1.6 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated ($9.2B) remains the largest type of stranded wire, ropes and cables supplied worldwide, comprising 66% of global exports. The second position in the ranking was held by copper stranded wire, cables and plaited bands ($2.6B), with a 19% share of global exports.

For stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated, exports expanded at an average annual rate of +3.0% over the period from 2012-2022. With regard to the other exported products, the following average annual rates of growth were recorded: copper stranded wire, cables and plaited bands (+3.2% per year) and aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (+3.4% per year).

Export Prices By Type

In 2022, the average stranded wire export price amounted to $2,968 per ton, surging by 6.8% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 16% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was copper stranded wire, cables and plaited bands ($10,422 per ton), while the average price for exports of stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated ($2,366 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (+2.1%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average stranded wire export price amounted to $2,968 per ton, increasing by 6.8% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 16%. The global export price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($8,366 per ton), while Malaysia ($1,915 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform