The India Stainless Steel Wire Market is segmented By Type (Type 316, Type 304, Others), By End-Use (Automotive, Aerospace, Industrial & Crane, Oil & Gas, Mining, Construction, Others) and By Region (Northern Region, North-Eastern Region, Eastern Region, Central Region, Western Region, Southern Region)
The India Stainless Steel Wire Market was estimated at US$ XX Million in 2022 and is expected to reach US$ XX Million by the end of 2032 with a CAGR of XX% during the forecast period.
Steel wire is a semi-finished product that is rolled from steel billet and used to make wire. The wire is then wound into coils. Coils are formed by tying with a wire or by using a strapping band. They are often marketed in rolled form. Cleaning and coating, as well as heating, can be used to prepare the wires for future processing. Stainless steel wires are wrapped up in coils and have a circular cross-section with a diameter ranging from 5.5 to 42mm. Modern steelmaking technologies, such as basic oxygen and electric furnace procedures, are used to produce steel for the rod. Steel wires are used in a variety of industrial applications such as wire loops, spring cables, barbed wires, steel reinforcement, wire mesh, and vehicle components due to their high tensile strength and endurance.
Growing Automotive Industry to Propel Market Growth
Growth in the automobile industry in countries such as India and China, as well as the United States, Germany, and the United Kingdom, is one of the primary factors driving the global steel wire market. BMW, Tata Motors, Honda Motor, Volkswagen, Fiat, and Daimler are among the companies investing heavily in China and India to create manufacturing operations. Governments are supporting the sale of electric cars (EVs) in response to growing environmental concerns about the use of fossil fuel vehicles. The automotive industry is the principal final consumer of substantial quantities of steel wires utilised in production operations. As a result, the expansion of the automotive sector, which is primarily driven by the growth of EVs, will fuel the growth of the India stainless steel wire market
Construction Industry Expansion to Drive India Stainless Steel Wire Market
Huge amounts of government money are spent on the construction industry. There are various new government construction efforts, including initiatives to create new roads and bridges. The use of steel wire has expanded due to the construction of suspension bridges to improve infrastructure and connectivity. Every force imposed on the bridge is transferred into stress on the steel cables, and the highway is supported by suspended steel wire ropes. These wires are used in suspension bridge cables because of their high tensile strength, flexibility, endurance under severe conditions, and high load-bearing capabilities. In terms of volume, construction is the most important application industry for steel wire. Steel wire is required for the construction of flyovers, slabs, silos, aqueducts, hangers, high-rise structures, rivers, railroads, and nuclear power plants.
Corrosion Resistance and Recyclability to Support Market Growth
Stainless steel wire has a strong corrosion resistance and can be utilised in severe situations without being affected by water or other substances in the environment. Greater temperature tolerance can lead to increased usable life and performance. Its high tensile strength and shear modulus make it significantly more suitable for absorbing the impact forces that landing gear equipment must sustain. Stainless steel wire is recyclable and may be recycled into fresh stainless-steel wire with low energy input. These are important factors driving the growth of the India Stainless Steel Wire market.
Top Companies and Recent Strategic Developments
Key players including Essar Steel, Jindal Stainless Steel, Shyam Metalics and JSW Steel Ltd. have consolidated the Indian market. Moreover, the rise in domestic market players focusing on developing India Stainless Steel Wires is focusing on providing competitive pricing, which is further estimated to cater to the increasing demand among developing markets across the globe.
• In December 2022, Shyam Metalics, an Indian metal company, hopes to complete its acquisition of Mittal Corp in order to diversify its metal portfolio by joining the stainless steel/wire rod & bar mill industry.
• In December 2020, Essar Steel, one of Indias four largest steel companies, was purchased by Nippon Steel SG Wire Co., Ltd. and ArcelorMittal. The company recently purchased the Hazira steel factory in India in order to increase its manufacturing capacity and productivity from 7 million tonnes to over 14 million tonnes.
• In October 2021, Rajratan Global Wire Limited, based in India, announced construction of a 60 kilotons annual capacity production facility in Chennai, Tamil Nadu, to serve domestic markets in the United States and Europe. With its two plants in Pithampur, M.P., and Ratchaburi, Thailand, the company now has a manufacturing capacity of 1 lakh tonnes. It manufactures tyre beads as well as high-carbon steel wire.
• In 2020, Steel Authority of Indias IISCO Steel Plant Burnpur (SAIL- ISP) in India introduced a premium segment of wire rod goods in 2020 as part of its endeavour to increase market share across multiple industries and meet customers expanding needs.
Years considered for this report
• Historical Years: 2019-2021
• Base Year: 2021
• Forecast Period: 2022-2032
India Stainless Steel Wire Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for application Industries (2022 - 2032)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2032)
• Type 316
• Type 304
End-Use Analysis (Revenue, USD Million, 2022 - 2032)
• Industrial & Crane
• Oil & Gas
Region Type Analysis (Revenue, USD Million, 2022 - 2032)
• Northern Region
• North-Eastern Region
• Eastern Region
• Central Region
• Western Region
• Southern Region
• Shyam Metalics
• Viraj Group
• Shah Alloys Ltd.
• Panchmahal Steel
• Nevatia Steel
• KEI Industries Ltd.
• BS Stainless
• Venus Wires
• Essar Steel
• TATA Steel
• Jindal Stainless Steel
• JSW Steel Ltd.
• Kamdhenu Ltd.
• Rashtriya Ispat Nigam Ltd
Available Versions of Stainless Steel Wire Market Report:
United States Stainless Steel Wire Market Research Report
Europe Stainless Steel Wire Market Research Report
Asia Pacific Stainless Steel Wire Market Research Report
Global Stainless Steel Wire Market Research Report
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