KSA Carbon Steel Wire Rod Market Growth Drivers, Key Players, Rising Trends, and Future Opportunities Forecast by 2033: SPER Market Research
Steel wire rod is a semi-finished steel rolled product that can be round, hexagonal, square, or rectangular in shape. It can be alloy or non-alloy. In particular, fine cross-sections can be obtained using cold drawing. This is also how wire rod is wound into coils and moved. Steel wire rod is made by reducing a hot-rolled billet into a wire rod coil. Any grade of stainless steel, alloy, or carbon can be used to produce it. Among the grades available are mesh, industrial, cold heading, and high carbon steel wire rod. Metal is shaped and compressed by waves at various angles, resulting in the formation of long, thin wires from the metal.
According to SPER Market Research, ‘KSA Carbon Steel Wire Rod Market Size- By Carbon Steel Type, By Product Type, By Rebar Size, By Plain Size – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the KSA Carbon Steel Wire Rod Market is estimated to reach USD XX billion by 2033 with a CAGR of XX%.
Drivers:
The Saudi Arabia Carbon Steel Wire Rod Market is expected to grow rapidly in the coming years as a result of the expanding construction, transportation, and infrastructure sectors, all of which use wire rod extensively in the production of stirrups and tie bars for reinforcements and other structural members of buildings. Furthermore, infrastructural projects in the kingdom’s sports, entertainment, hospitality, and tourism industries are expected to provide the necessary impetus to the wire rod market. In December 2019, the Saudi Arabian government established a fund linked to the National Development Fund to invest in water, transportation, energy, education, health, digital infrastructure, and communication, as well as improve overall capacity through infrastructure development.
Restraints:
A significant obstacle is the constantly fluctuating cost of raw materials. Significant price swings are experienced by iron ore and scrap metal, which are essential components in the manufacturing of steel. The profit margins of steel wire rod makers may be strained by these fluctuations. Producers may be forced to raise their own prices if raw material prices climb too much, which could reduce demand. On the other hand, if the cost of raw materials falls, producers may become more competitive by lowering their pricing in an effort to hold onto market share. In the steel wire rod market, this volatility breeds anxiety for producers and buyers alike.
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COVID-19 has had an unprecedented and disastrous global impact, with demand for steel wire rod decreasing across the board as a result of the outbreak. The market will slow down. Due to the COVID-19 Pandemic, no construction was taking place anywhere in the planet at the time; no dams, building analytics, or bridges were built or restored. Furthermore, due to lockdown measures, people are not buying steel wire for any purpose. As the global market improves following the lockout, we may expect demand for steel wire rod to expand more throughout the anticipated time.
The Eastern Province dominates the Saudi Carbon Steel Wire Rod Market due to its industrial concentration, proximity to raw resources, vast infrastructure, and big steel manufacturing facilities. Major market participants include Abdul Karim Alrajhi Steel, Al Rasheed Steel, Al-Ittefaq Steel products Co., Baghlaf Steel, SABIC Hadeed, Saudi National Steel Factory, and others.
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KSA Carbon Steel Wire Rod Market Growth
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