The global stainless steel wire market is expected to register a steady revenue CAGR during the forecast period. Corrosion resistance and rise in temperature tolerance can result in increased useful life and performance. Its high tensile strength and shear modulus make it far more suitable for absorbing the impact stresses that landing gear equipment must withstand. Aerospace applications include usage in key joints in the superstructure of an aircraft to improve durability and reduce the risk of failure during flight. These factors are expected to drive market revenue growth during the forecast period.
Screws, springs, metallic net, cable wire, and hardware are all made from stainless steel wire. It is widely used in filters, construction, and electronic parts, as well as in the oil and fiber industries, kitchenware, and hardware. Revenue growth of the market contracted in 2020 as a result of the COVID-19 pandemic. This lethal virus wreaked havoc across the globe, particularly in North America and Europe. The COVID-19 pandemic has had immediate and negative consequences for the global construction, automotive, mechanical manufacturing, and metal industries. These are the worst-affected industries, and the most difficult challenge for manufacturers is to resume production at full capacity and make up for revenue loss and damage caused by the pandemic. Companies shut down their operations and manufacturing facilities to prevent the virus from spreading further. As a result, consumption has decreased in industrial manufacturing, mining, automotive, aerospace & defense, and other industries.
Top Companies Operating in the Global Stainless Steel Wire Market:
· Wiremesh Industries (Australia)
· BS Stainless (U.K.)
· Loos & Co., Inc. (U.S.)
· S3i Group (U.K.)
· Shanghai BoZhong Metal Group (China)
· WireCo World Group (Australia)
· Tokyo Rope (Japan)
· Kiswire (South Korea)
· Jiangsu Langshan (China)
· Guizhou Wire Rope (China)
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Major Factors Contributing to the Global Materials and Chemicals Market Revenue Growth
Revenue growth of the market is expected to be driven by rising demand for high-rise buildings. The structural systems of high-rise buildings are made of reinforced concrete and steel. Skyscrapers are usually made of steel, whereas residential buildings are usually made of concrete. For example, 7.8 billion people live in cities and urban areas in 2021, with 2.5 billion more expected to join them in the next 20-25 years. High-rise buildings, particularly residential ones, have proven to be advantageous in densely populated cities with over 3 million people. As a result, rising demand for high-rise buildings are expected to drive revenue growth of the market. They are also used in the aerospace industry that requires precision cold processing, such as helicopter and military applications, landing gears, and jet engine components.
Table of Contents:
1. Report Overview
1.1 Research Scope
1.2 Key Stainless Steel Wire market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline
2. Global Growth Trends
2.1 Global Stainless Steel Wire market size
2.2 Latest regional market trends
2.3 Emerging growth trends
3. Competitive Outlook
3.1 Global Stainless Steel Wire market key players
3.2 Global Stainless Steel Wire size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Stainless Steel Wire market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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Key Regional Markets Covered in the Report:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Stainless Steel Wire Market Segmentation
Type Outlook (Revenue, USD Billion; 2019-2030)
- Type 316
- Type 304
- Others
Application/End-use Outlook (Revenue, USD Billion; 2019-2030)
- Automotive
- Aerospace
- Industrial & Crane
- Oil & Gas
- Mining
- Construction
- Others
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