Global Wire Rope Market Growth 2025-2031

The global Wire Rope market size is predicted to grow from US$ 7849 million in 2025 to US$ 8970 million in 2031; it is expected to grow at a CAGR of 2.3% from 2025 to 2031.

Wire rope is a rope made of multiple steel wires through a specific weaving or winding process. It is widely used in many fields such as carrying heavy objects, transmitting torque, lifting and pulling. It usually consists of steel wire, rope core and outer protective layer, and has high strength, wear resistance and corrosion resistance. Wire rope is widely used in construction, mining, transportation, shipbuilding, power and other industries, such as elevators, cranes, transmission lines, bridges and cableways. Due to its strong load-bearing capacity and long service life, wire rope has become an important tool in many high-load and high-demand environments.

The global wire rope market is expected to grow in the next few years. This growth is the result of the interweaving of multiple factors such as technological iteration, regional demand differentiation, raw material price fluctuations and exchange rate risks. From the perspective of product type, cross-twist wire rope occupies an absolute dominant position, and it is expected that the sales share will reach 76.63% in 2031. Its technical advantages lie in high fatigue resistance and stability, and it is widely used in high-intensity scenarios such as lifting and mining. With the improvement of industrial automation and safety standards, the market demand for high-performance wire ropes continues to grow, forcing companies to increase R&D investment. For example, core manufacturers such as Bridon-Bekaert and Kiswire have improved product durability by optimizing twisting processes and coating technologies, consolidating their share in the high-end market.

At the regional level, the global consumer market presents a "one super and many strong" pattern: China ranks first with a sales share of 38.06%, mainly benefiting from infrastructure expansion and manufacturing upgrades. In contrast, India has become a growth pole with a CAGR of 5.18% (2025-2031), driven by the accelerated industrialization process and the cost advantages of the local supply chain. As traditional markets (accounting for 42.98% in total), Europe and North America have saturated demand, and growth depends on the renewal of stock equipment and green energy projects (such as offshore wind power).

From the production side, China dominates the global supply with a production share of 69.56%, followed by Europe (10.06%). The scale effect and low-cost raw materials (such as domestic steel overcapacity) of Chinese companies form core competitiveness, but the rising environmental protection costs under the "dual carbon" policy may compress profit margins. In the future, India, Southeast Asia and other places are expected to have a production share of 7.37% in 2031 by relying on labor cost advantages and policy support, diverting some low-end and mid-end orders. In addition, raw material price fluctuations have become a key risk. The main raw material for wire rope is high-carbon steel, and its price is significantly affected by iron ore, energy costs and geopolitics (such as the conflict between Russia and Ukraine). In 2023, the global steel price volatility will be as high as 15%, forcing manufacturers to lock in costs through long-term agreements or turn to regional procurement strategies.

At the application level, lifting equipment accounts for 44.15% of the market share, and its growth (CAGR 2.86%) is directly related to global port expansion and new energy infrastructure.

From the perspective of the competitive landscape, in 2024, the world's first-tier manufacturers mainly include Kiswire, Bridon-Bekaert and WireCo World Group, and the first-tier manufacturers account for about 18.12% of the market share; the second-tier manufacturers include Usha Martin, Jiangsu Langshan wire rope, Teufelberger and Guizhou Steel rope Group, etc., with a total share of 22.52%. The leading manufacturers in the Chinese market include Jiangsu Langshan Wire Rope, Guizhou Wire Rope, Jiangsu Juli Wire Rope, SAFETY, Xianyang BOMCO and JULI SLING. At present, in the Chinese market, international manufacturers led by Brugg and Bridon-Bekaert have laid out their presence in China early and built factories. With their strong R&D capabilities, they have occupied a part of the mid-to-high-end market. Other international manufacturers such as Teufelberger and WireCo World have not built factories in China, but sell imported products in China by setting up sales branches or agents. However, in the high-end market, Chinese manufacturers are conquering related technologies. China's wire rope imports have declined year by year since 2021. Chinese manufacturers are also gradually replacing foreign manufacturers in the mid-to-high-end market. The import volume in 2024 is about 46,000 tons. Unlike the Chinese market, in other countries such as South Korea, Japan, and India, leading companies occupy a large market share. For example, in the Korean market, Kiswire occupies about 50% of the market share; in the Japanese market, Tokyo Rope occupies about 40% of the market share; in the Indian market, Usha Martin occupies about 60% of the market share. It is worth noting that the Japanese market is significantly affected by exchange rate fluctuations, with a revenue CAGR of -3.07% from 2020 to 2024.

The growth logic of the future wire rope market has shifted from "scale expansion" to "value enhancement". Technological innovation capabilities, regional supply chain resilience and ESG compliance will become the core variables for corporate differentiation. Under multiple challenges, manufacturers with technological foresight, global layout and risk management capabilities will lead a new round of industry reshuffles, while companies that rely on low-cost expansion may face severe survival pressure.

LP Information, Inc. (LPI) ' newest research report, the “Wire Rope Industry Forecast” looks at past sales and reviews total world Wire Rope sales in 2024, providing a comprehensive analysis by region and market sector of projected Wire Rope sales for 2025 through 2031. With Wire Rope sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Wire Rope industry.

This Insight Report provides a comprehensive analysis of the global Wire Rope landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Wire Rope portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Wire Rope market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Wire Rope and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Wire Rope.

This report presents a comprehensive overview, market shares, and growth opportunities of Wire Rope market by product type, application, key manufacturers and key regions and countries.

Segmentation by Type:
Right Regular Lay
Right Lang Lay
Left Regular Lay
Left Lang Lay

Segmentation by Application:
Industrial & Crane
Oil & Gas
Mining
Fishing & Marine
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Kiswire
Bridon-Bekaert
WireCo World Group
Usha Martin
Jiangsu langshan Wrie Rope
Teufelberger
Guizhou steel rope
DSR Wire
Tokyo Rope
Brugg
Jiangsu Juli wire Rope
Xianyang BOMCO Steel Tube＆Wirerope
Kobelco Wire
SAFETY
JULI SLING
Golik Holdings
Gustav Wolf
Jiangsu Shenwang group
Zhongying steel rope
Valin Precision
Hubei Fuxing Technology

Key Questions Addressed in this Report

What is the 10-year outlook for the global Wire Rope market?

What factors are driving Wire Rope market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Wire Rope market opportunities vary by end market size?

How does Wire Rope break out by Type, by Application?

Please note: The report will take approximately 2 business days to prepare and deliver.