Oil Tempered Spring Steel Wires Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025

Oil Tempered Spring Steel Wires Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025

  • Transparency Market Research
  • August 2038
  • Materials
  • 0 pages

Report Description

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Global Oil Tempered Spring Steel Wires Market: Overview

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. 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.

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.

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.

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.

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.

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.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • 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)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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