Waste Management(US:WM) GlobeNewswire News Roomยท2024-08-14 14:52Market Overview - The Europe steel wire market is projected to reach USD 13.07 billion by 2030, expanding at a CAGR of 7.9% from 2024 to 2030, driven by increased spending in renewable energy and rising construction activities, particularly high-rise buildings [1][5] Industry Structure - The European steel wire industry is organized with a distinct purchasing pattern, where prices and volumes are negotiated through long-term contracts. There is a growing emphasis on sustainability and decarbonization, which is influencing market dynamics [2] Key Applications - The automotive industry is a major end user of steel wires, utilizing them for various applications including load movement, equipment positioning, and auto parts production. The anticipated increase in auto production in the Asia Pacific is expected to boost market growth [3] - In waste management, baling wires are essential for bundling and securing waste materials, with low-carbon steel wires being favored for general waste compaction due to cost-effectiveness [4] Regional Insights - Germany dominated the European steel wire market in 2023 and is expected to maintain its leadership through 2030, driven by significant investments in high-rise building construction, particularly in Frankfurt [5] - The UK is projected to experience significant growth in revenue and volume, with investments in the energy sector likely to increase demand for steel wires across various applications [7] Competitive Landscape - The market is highly competitive, with established players innovating their product offerings. For example, Voestalpine has introduced a "green" wire rod made from hydrogen-reduced pure iron and scrap [6] - Companies are strategically enhancing their supply chains and pursuing acquisitions or collaborations to strengthen their market position and implement sustainable production practices [7]