Europe Steel Wire Rope Market Forecast to 2031 - Regional Analysis - by Product Type (Stainless Steel Wire Rope, Galvanized Steel Wire Rope, Carbon Steel Wire Ropes, and Coated Steel Wire Ropes), Type (Regular Lay and Lang Lay), End Use (Mining, Oil and G

The Europe steel wire rope market was valued at US$ 2,134.06 million in 2023 and is expected to reach US$ 2,958.46 million by 2031; it is estimated to register a CAGR of 4.2% from 2023 to 2031.

High Demand for Steel Wire Ropes from Oil & Gas Industry Drives Europe Steel Wire Rope Market

In the oil & gas industry, steel wire ropes are used in drilling applications owing to their high tensile strength and resistance to rust and corrosion. They are also used in production as an important component in downhole tools. Steel wire ropes are also used for mooring, towlines, and working lines in offshore operations. For instance, in October 2022, the Italian government announced plans to augment its gas production from the current gas production capacity. This plan also includes the construction of new offshore gas rigs across the country.

Furthermore, oil-producing companies are spending more on increasing oil production to meet the rising energy demand due to the booming population, further creating a demand for steel wire ropes. Thus, the high demand for steel wire ropes from the oil & gas industry is driving the market.

Europe Steel Wire Rope Market Overview

The Europe steel wire rope market growth is driven by factors such as rising demand from oil & gas, mining, marine, and fishing industries and the development of the building & construction industry in the region. In Europe, the building & construction industry is growing due to a rise in residential, commercial, and industrial construction. In Europe, many businesses have been forced to reassess their global strategy due to developments triggered by the COVID-19 pandemic and exacerbated by the tense geopolitical situation. It is a risk to build production sites in areas that are far from the market. Hence, various companies are increasingly building production facilities in Europe. These companies are finding support for their decisions both at the national and international levels. Governments of various countries are also supporting companies focused on capacity building in the region. For instance, the European Chips Act Regulation was proposed as part of a broader package of measures for strengthening the EU's semiconductor ecosystem; it entered into force in September 2023. The European Chips Act focuses on different strategic objectives, such as building and reinforcing the region's capacity to innovate in the design, manufacturing, and packaging of advanced chips, setting up an adequate framework to increase production by 2030. Cranes are widely used in different industrial constructions. The increase in industrial construction activities in the region drives the demand for cranes, and this, in turn, drives the demand for steel wire ropes.

According to the European Commission, major mining areas in Europe are located in the Fennoscandian belt in northern Finland and Sweden, Bergslagen (Sweden), the Variscan Belt of Iberia, and the Central European Kupferschiefer mineral belt. As per the World Mineral Production report by the British Geological Survey published in 2023, refined lead production in the UK grew from 342.8 thousand metric tons in 2019 to 362.6 thousand metric tons in 2021. The report also revealed a rise in chromium production in Finland and Russia. Thus, the growth in mining activities in the region drives the demand for steel wire ropes.

Europe Steel Wire Rope Market Revenue and Forecast to 2031 (US$ Million)

Europe Steel Wire Rope Market Segmentation

The Europe steel wire rope market is categorized into type, product type, end use, and country.

Based on product type, the Europe steel wire rope market is segmented into stainless steel wire rope, galvanized steel wire rope, carbon steel wire ropes, and coated steel wire ropes. The galvanized steel wire rope segment held the largest Europe steel wire rope market share in 2023.

In terms of type, the Europe steel wire rope market is segmented into regular lay and lang lay. The regular lay segment held a larger Europe steel wire rope market share in 2023.

By end use, the Europe steel wire rope market is divided into mining, oil and gas, building and construction, marine and fishing, and others. The building and construction segment held segment held the largest Europe steel wire rope market share in 2023.

Based on country, the Europe steel wire rope market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe steel wire rope market share in 2023.

Drahtseile Gebr Henschel GmbH, Usha Martin Ltd, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert. are some of the leading companies operating in the Europe steel wire rope market.

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