1. The global steel wire market size is projected to grow from USD 93.2 billion in 2020 to USD 124.7 billion by 2025, at a CAGR of 6.0%. The steel wire industry is growing due to the rise in demand for steel wires from various applications, globally. The demand for steel wire is expected to decline in 2020 due to COVID-19. However, the end of lockdown and recovery in the end-use industries will stimulate the demand during the forecast period.
2. The global magnet wire market size is projected to grow from USD 32.7 billion in 2021 to USD 41.8 billion by 2026, at a CAGR of 5.0%. The magnet wire market is growing due to the rise in the demand from wind electrical & electronics, industrial, infrastructure, and transportation industries. Growing tax incentives along with government stimulus packages are fuelling the growth of magnet wire market across the world.