working process at steel factory

The global stainless steel wire and wire rod market stood at US $6,600.84 million in 2024. Moreover, it will climb to US $11,237.22 million by 2032, growing at a CAGR of seven per cent from 2025 to 2032, according to DataM Intelligence.

The report titled Stainless Steel Wire and Wire Rod Market Size 2025 outlines growth drivers, regional trends, and key players. In addition, it provides insights into segmentation, revenue status, and business opportunities across global markets.

Global stainless steel production grew seven per cent in 2024 to 62.62 million tonnes. Europe rose 1.5 per cent to 6.09 million tonnes, while the US increased 6.9 per cent to 1.95 million tonnes. Asia, excluding China and South Korea, expanded 6.4 per cent to 7.32 million tonnes. Meanwhile, China alone advanced 7.5 per cent to 39.44 million tonnes. Sustainability, recycling, and strict quality standards continued to drive market trends.

In April 2025, Bansal Wire Industries launched a new facility in Dadri with a capacity of 3.6 lakh MTPA. Furthermore, the plant can scale up to six lakh MTPA. It includes solar power, rainwater harvesting, energy-efficient machinery, and an advanced effluent treatment plant. Consequently, the site will serve the automotive, construction, agriculture, and power sectors.

In November 2024, Walsin Lihwa from Taiwan approved a US $9.15 million investment for a stainless steel wire rod facility in Morowali, Indonesia. The new site will have a capacity of 300,000 tonnes. Thus, the project will strengthen its footprint in Southeast and South Asia while meeting industrial demand.

Synergy Steels Limited set up a stainless steel wire rod plant in November 2023. Located in Desula, Alwar, Rajasthan, the 0.15 million TPA facility cost Rs eight crore (US $931.8K). As a result, the project reduced India’s reliance on imports from China and reinforced its domestic supply chain.

Key players in the sector include Nippon Steel Corporation, Aperam S.A., Bansal Wire Industries, Outokumpu Oyj, Alleima, Walsin Lihwa, Kobe Steel, Tsingshan Holding Group, Yieh Corp, and Venus Wires.

In April 2025, Fagersta Stainless partnered with Danieli to install a 70,000-tonne blooming mill at its Sweden plant by 2026. The initiative will enhance bar and billet production. Likewise, in November 2024, Marcegaglia Fagersta invested US $116.77 million to double its production capacity in Europe.

The market showed steady growth in 2024. However, analysts believe it will see a significant rise between 2025 and 2032 as companies expand capacity and adopt fresh strategies.