Automotive Oil Tempered Steel Wires Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
- Transparency Market Research
Oil tempered wires are the heat treated, cold drawn wires. The oil tempering process increases the strength and hardness of the wire without making the wire brittle, and thus maintains the flexibility of the wire to withstand greater pressure. The tempering process makes the wire perfect for the manufacturing of coil springs. Compression and extension springs are the two common springs manufactured with oil tempered wires. Both the springs are used in a variety of industries. Oil tempered wire is a steel wire which have superior elasticity and ductility obtained by oil-quenching and tempered process. Oil tempered steel wires have excellent resistance against heat, fatigue, and deformation. Oil tempered steel wire mainly used to make springs, as spring is subjected to repeated dynamic motions.
The global automotive oil tempered steel wires market is primarily driven by increase in the usage of steel in various industries. Steel is used in numerous applications in both industrial and consumer products as it has excellent strength, durability, malleability, attractive surface appearance, and corrosion resistance properties. The automotive industry primarily uses oil tempered steel wires to produce various systems in automobile parts. This has contributed to the steady growth and increase in the sale of automobiles. However, economic downturn is a major challenge faced by the oil tempered steel wires market. Macroeconomic hurdles are anticipated to hamper the demand for oil tempered steel wires from the construction industry which is its major end-user. The global recession and the Eurozone crisis caused a significant decline of investment in the construction industry. In addition, regulatory hurdles also created serious challenges for the oil tempered steel wires market.
Based on application, the automotive oil tempered steel wires market can be bifurcated into valve springs and suspension springs. In the automotive industry, valve springs are commonly used for reinforcing tires, to produce drivetrain, steel wheel, exhaust, seating, and vehicle door systems. Another application of oil tempered steel wire is for clutch springs. Automobile suspension springs are used in motorcycle shock absorbers, automatic garage springs, general industry machines, automobile brake springs, and mountain bike springs.
On the basis of types, the automotive oil tempered steel wires market can be divided into high fatigue wires and medium fatigue wires. High fatigue oil-tempered steel wires are used for valve springs; they improve engine performance and fuel efficiency. High-fatigue oil tempered steel wires possess great fatigue strength and better creep resistance. Medium-fatigue wires, made of carbon steel, are commonly used for wire ropes, rails, tire cords, forging steels, cold finished steel bars, cold heading, and machineable steel.
Based on geography, the automotive oil tempered steel wire market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific leads the global automotive oil tempered steel wire market. North America and Latin America have established and steady markets for automotive oil tempered steel wires. Post the Eurozone crisis, Europe is projected to be the fastest growing market region in the automotive oil tempered steel wire market.
The key players operating in the automotive oil tempered steel wire market include Suzuki Garphyttan AB, Posco, Bekaert, Sumitomo, SUNCALL CORPORATION, American Spring Wire, Shinko Wire Company Ltd, and Joh. Pengg AG.
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- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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