Steel Wire Rope Market worth $13.88 billion by 2030, at 5.8%, says MarketsandMarkets™

Delray Beach, FL, June 29, 2026 (GLOBE NEWSWIRE) -- In terms of value, the Steel Wire Rope Market projected to reach USD 13.88 billion by 2030 from USD 10.49 billion in 2025, at a CAGR of 5.8% during the forecast period, as per the recent study by MarketsandMarkets™. The growing demand for steel wire ropes is primarily driven by rapid urbanization, extensive infrastructure development, and expansion in industrial activities across emerging and developed economies. Key sectors fueling this demand include construction, mining, and oil & gas, where steel wire ropes are essential for heavy lifting, rigging, and material handling in cranes, elevators, drilling, and extraction operations. Government investments in large-scale infrastructure projects such as bridges, smart cities, and renewable energy installations, particularly offshore wind farms, significantly enhance the need for high-tensile, durable steel ropes. Technological advancements improving the strength, flexibility, and corrosion resistance of steel wire ropes also contribute to market growth by extending their applications and lifespan.

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List of Key Players in Steel Wire Rope Market:  

1. Bekaert (Belgium)
2.  WireCo (US)
3. Kiswire Ltd. (South Korea)
4. Usha Martin Limited (India)
5. TEUFELBERGER (Austria)
6. Loos & Co., Inc. (US)
7. Pfeifer Group (Germany)
8. Tokyo Rope Mfg. Co., Ltd. (Japan)
9. Jiangsu Langshan Wire Rope Co., Ltd. (China)
10. Bilco Group (US)

Drivers, Opportunities and Challenges in Steel Wire Rope Market:

1. Drivers: Rising demand from construction and infrastructure development
2. Restraint: Fluctuating raw material prices.
3. Opportunity: Growing expansion in renewable energy & marine applications.
4. Challenge: Intense market competition.

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Key Findings of the Study:

1. Lang lay type is set to record a higher CAGR in the steel wire rope market, in terms of value.
2. Stainless steel ropes are projected to witness the highest CAGR in the steel wire rope market, in terms of value.
3. The industrial & crane applications of steel wire rope are projected to account for the second-highest CAGR in the market.
4. Asia Pacific is estimated to account for the largest share of the steel wire rope market.

Based on lay type, lang lay steel wire ropes are expected to register the highest CAGR during the forecast period because their design offers significantly superior flexibility and abrasion resistance compared to regular lay ropes. The wires and strands in lang lay ropes spiral in the same direction, creating more surface contact with sheaves and drums, reducing localized pressure and wear on the rope and the equipment. This results in longer service life under demanding conditions like bending and dynamic loading, making them ideal for heavy-duty industrial applications such as cranes and construction machinery. Their enhanced durability and performance in high-stress environments drive their rising demand in sectors experiencing rapid industrialization.

Based on material type, stainless steel is projected to register the highest growth rate in the steel wire rope market during the forecast period due to its superior corrosion resistance, durability, and strength, which make it highly suitable for demanding applications in marine & fishing, oil and gas, mining, and construction industries. As industries increasingly operate in harsh or corrosive environments, the need for long-lasting materials that reduce maintenance costs and downtime has driven the adoption of stainless-steel wire ropes. Technological advancements in stainless steel production and surface treatment have enhanced its performance and cost-efficiency, further boosting its demand. The growing focus on safety, reliability, and sustainability across industries also supports the rapid growth of this material segment.

Based on coating, plastic-coated steel wire ropes are projected to be the fastest-growing segment in the steel wire rope market during the forecast period. This is due to their enhanced durability and corrosion resistance provided by the protective plastic coatings such as PVC, PE, or nylon. These coatings significantly extend the lifespan of the ropes by safeguarding the steel core from abrasion, moisture, UV rays, and chemical degradation, making them highly suitable for demanding applications in industries like construction, marine & fishing, mining, and transportation. In rapidly industrializing regions such as Asia Pacific, the demand is particularly high for galvanized steel wire ropes with plastic coatings because they offer a cost-effective balance of mechanical strength and corrosion protection. The plastic coating also improves workplace safety by reducing accidents caused by exposed steel strands and lowers maintenance costs due to increased rope longevity.

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Based on region, the steel wire rope market in North America is experiencing significant growth due to increasing demand from multiple robust industries, including building and construction, oil & gas, mining, marine, and fishing sectors. The region's booming construction industry, which includes infrastructure modernization, bridges, elevators, and cranes, is a major growth driver. The industrial construction sector, notably in Canada and the US, is expanding due to factors like warehouse construction, repurposing older industrial spaces, growing consumer demand, and population growth. The increased mining and oil & gas exploration activities also boost demand, as steel wire ropes are essential in these sectors for durability and resistance to corrosion and rust. Furthermore, cranes, integral tools in industrial construction, drive demand for high-strength steel wire ropes necessary for lifting heavy loads efficiently.

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06/29/2026 09:30 -0400

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