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Oil Tempered Spring Steel Wires Market Estimated to Experience a Hike in Growth by 2025
Oil Tempered Spring Steel Wires Market
Wire may be referred as a long and slender thread of metal or a flexible strand drawn out of a metal. Steel wires are drawn from various alloy-based iron comprising carbon as the main element with small proportions of phosphorus, sulfur, manganese, chromium, and nickel. Steel wires possess strength, machinability, and malleability depending upon their composition and production process.
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Springs made out of steel wires exhibit high yield strength by enduring significant bending or twisting moments and returning to their original position without deformation. Oil tempering process helps strengthen and harden metal wire by reducing its brittleness. Oil tempered steel wire is a cold drawn-heat treated wire, which withstands high pressure while maintaining the flexibility of the material.
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The global oil tempered spring steel wires market is primarily driven by the increase in demand for oil tempered springs in the automotive industry. Production of oil tempered spring steel wires is directly proportional to the production of light, medium, and heavy commercial as well as passenger vehicles. Rise in demand for oil tempered spring steel wires for repeated dynamic (cyclic) loads such as engine valves, clutches, and auto suspensions is anticipated to drive the market. Increase in per capita income and need of automobiles for convenience and luxury have boosted the automobile industry, consequently leading to an increase in demand for Oil Tempered Spring Steel Wires Market. Demand for oil tempered spring steel wires in heavy duty industrial machines has also increased owing to homogeneous mechanical properties and high impact resistance of these wires.
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Based on product type, the oil tempered spring steel wires market can be divided into high fatigue wire, medium fatigue wire, and others. The high fatigue wire segment accounts for the key share of the global oil tempered spring steel wires market. Demand for high fatigue oil tempered spring steel wires is increasing due their exceptional characteristics of high strength and high heat resistance.
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In terms of function, the oil tempered spring steel wires market can be segmented into compression spring and extension spring. The compression spring segment constitutes key share of the global oil tempered spring steel wires market. Compression springs are used in heavy duty machines, engine valves, automotive suspension systems, etc., while extension springs are used in screen doors, vise-grip pliers, carburetors, trampolines, washing devices, farm machinery, garage doors, etc.
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Based on application, the oil tempered spring steel wires market can be divided into valve spring, suspension spring, and others. The suspension spring segment holds prominent share of the global oil tempered spring steel wires market. Demand for suspension spring is increasing due to the dampening and shock absorbing properties offered by oil tempered spring wires.
In terms of end-use, the oil tempered spring steel wires market can be segmented into automobile, industrial machines, and others. The automobile segment constitutes significant share of the global oil tempered spring steel wires market. Demand oil tempered spring steel wires in the automobile industry is anticipated to increase, these wires apply operating force, control motion and vibration, and reduce impact in an automobile. Oil tempered spring steel wires are used as engine valve spring, pump & generator spring, clutch spring, spring for air compression equipment, and auto suspension spring in automobiles.
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Based on geography, the global oil tempered spring steel wires market can be classified into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. The oil tempered spring steel wires market in Asia Pacific is anticipated to expand rapidly owing to the growth in economy and rise in purchasing power of consumers. North America and Europe also constitute prominent share of the global oil tempered spring steel wires market, led by the rapid industrialization in the automotive industry.
Global Oil Tempered Spring Steel Wires Market: Key Players
Key players operating in the global oil tempered spring steel wires market include Bekaert, KISWIRE LTD., KOBE STEEL, LTD., Neturen Co., Ltd, Stahl- und Drahtwerk Röslau GmbH, Sumitomo (SEI) Steel Wire Corp., and Suzuki Garphyttan AB.
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