Increase In Frequency Of Product Innovations To Drive The Steel Wire Rope Market From 2018-2028
A steel wire rope is a complex mechanical device used to support and move an object or load. Seel wire ropes are also used to support suspension bridges or towers as well as to lift and lower elevators. The selection of steel wire ropes for end-use applications depends upon the load bearing capacity as well the lifespan. Spiral strand steel wire ropes are more advantageous than round strand steel wire ropes, which can be attributed to the former’s high resistance to wear, enhanced crushing resistance and high strength. Thus, steel wire ropes are preferred over fiber wire ropes for heavy load applications. A large number of end users are preferring high carbon steel wire ropes for various applications. In order to hinder the impact of corrosion, galvanized steel wire ropes and stainless steel wire ropes are preferred for several applications.
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Steel Wire Rope Market: Dynamics
Lubrication at regular intervals extends the lifespan of a steel wire rope. The use of fiber ropes and advanced material ropes as alternative products for steel wire ropes is expected to have a negative impact on the growth of the global steel wire rope market. Corrosion is a key challenge associated with steel wire ropes as it affects industrial operation by means of delay.
The switch to steel sheaves from plastic sheaves to enhance the life of steel wire ropes drives their adoption. A good steel wire rope is expensive when compared with conventional steel wire ropes, which negatively impacts end-use industries. Manufacturers of steel wire ropes have been witnessing rapid growth in terms of sales post the crude oil crisis and there are a growing number of projects related to oil exploration, coal mining and drilling for other ores and minerals.
The import of steel from China to the U.S. has had a major breakthrough due to the new tariffs added by the U.S. government, which will be a driving factor for local suppliers as competition from Chinese vendors is hindered. Wet weather condition is a major challenge for the use of steel wire ropes. Other key challenges for the growth of the global steel wire rope market are shortage of labor and lack of employee competencies.
Steel Wire Rope Market: Segmentation
type • Spiral Strand
o 3 Strand
o 4 Strand
o 6 Strand
o 8 Strand
• Round Strand
o 3 Strand
o 4 Strand
o 6 Strand
o 8 Strand
Coating type • Zinc
• Aluminum Alloy
• Stainless Steel
Type of core • Fiber Core
• Independent Wire Rope Core
• Wire Strand Core
Application • Oil and Gas
• Heavy Machinery (Cranes etc.)
• General Engineering
• Aerial Rope
• Industrial Conveyor
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Steel Wire Rope Market: Regional Outlook
As of 2017, the consumption and sales of steel wire ropes is high in Asia Pacific, especially in China, Indonesia and India. North America and Europe are key regions for the global steel wire rope market as they are prominent end users of the oil and gas industry. Manufacturers of steel wire ropes are largely based in China, India, the U.S., Germany and Japan.
During the forecast period, the steel wire rope market in Asian countries such as China, India, Indonesia, Thailand and Malaysia is expected to witness a high growth trend. Since the last decade, China has been witnessing major growth in the steel wire rope market, which can be attributed to the growth of steel production and investment in infrastructure where lift and motion applications are involved.
Oil and gas, marine and mining industries drive the global steel wire rope market. During the forecast period, the mining industry is expected to witness a stable growth trend as government regulations for mining activities have limited the application of steel wire ropes. Manufacturers of steel wire ropes are expected to focus on economies with significant steel production and import. In addition, developing economies such as India, Brazil and GCC countries are expected to play a key role in the growth of the steel wire rope market.
Steel Wire Rope Market: Key Players
Some of the market participants identified across the value chain of the global steel wire rope market are:
• Anchor Industries
• Bharat Wire Ropes Limited.
• Certex Svenska AB
• Chung Woo Rope Co. Ltd
• DaeChang Steel
• Fasten Group
• Gustav Wolf GmbH
• Hendrik Veder
• Kiswire Inc.
• Mahadev Industries
• Mazzella Companies
• Shinko Wire Company, Ltd.
• SWR Ltd.
• Usha Martin
• WireCo WorldGroup
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