South & Central America 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 (

The South & Central America steel wire rope market was valued at US$ 661.19 million in 2023 and is expected to reach US$ 858.96 million by 2031; it is estimated to register a CAGR of 3.3% from 2023 to 2031.

Increasing Demand for Galvanized Steel Wire Ropes Fuel South & Central America Steel Wire Rope Market

A galvanized wire rope is a steel wire rope coated in a layer of zinc. The coating helps protect the steel from moisture in the air, preventing the wire rope from being susceptible to rust. Galvanized wire rope is ideal for use in marine locations where the wire rope is exposed to wet, damp, and humid conditions. This type of rope also helps prevent the inner steel from degrading from rust deposits.

There are several benefits of galvanized wire rope. It is cheaper than stainless steel wire rope, lighter than stainless steel, and available in steel core or fiber core. Galvanized wire ropes are also available in different constructions. Each type of wire rope construction is suited for different purposes. A wire rope with a thicker diameter is more abrasion and crush-resistant, whereas a thinner-diameter rope provides flexibility and bendability. In addition, the coating of galvanized wire rope offers enhanced protection against rust and corrosion. Also, galvanized wire ropes are used in various applications as an alternative to stainless steel. Thus, the increasing demand for galvanized steel wire ropes is expected to provide growth opportunities for the steel wire rope market in the coming years.

South & Central America Steel Wire Rope Market Overview

According to the International Trade Administration, Brazil launched a 2022–2032 Energy Expansion Plan to attain an oil production capacity of 4.9 million barrels of oil per day by 2032, wherein pre-salt fields accounted for 80% of total production. According to a report published by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) in 2022, Brazil had the largest ultra-deep oil reserves, accounting for 97.6% of Brazil's offshore oil production. According to the US Energy Information Administration, Brazil has ~13 billion barrels of oil reserves, which is the second largest in South & Central America after Venezuela. The region also marks the presence of several shipping companies, such as Latin American Cargo, Seaspace International, South American Shipping, and Navios South American Logistics Inc.

According to a report published by the International Energy Agency in 2023, Latin America's share of global copper exploration expenditure increased from 35% to 45% during 2012–2022, which indicates potential for mining production growth. As of 2023, countries in Latin America supplied 35% of the global lithium, including Chile (26%) and Argentina (6%). In the marine industry, stainless steel wire rope is used for several applications, such as lifting, mooring, and towing operations. In the mining industry, steel wire rope is used in material handling operations and resource transportation. Thus, the growth of shipping and marine transportation and the rise in mining operations fuel the demand for steel wire ropes in South & Central America.

South & Central America Steel Wire Rope Market Revenue and Forecast to 2031 (US$ Million)

South & Central America Steel Wire Rope Market Segmentation

The South & Central America steel wire rope market is categorized into type, product type, end use, and country.

Based on product type, the South & Central America 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 South & Central America steel wire rope market share in 2023.

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

By end use, the South & Central America 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 South & Central America steel wire rope market share in 2023.

Based on country, the South & Central America steel wire rope market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America steel wire rope market share in 2023.

Usha Martin Ltd, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert are some of the leading companies operating in the South & Central America steel wire rope market.

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