The new report by Expert Market Research titled, ‘Global Bright Steel Wire Rope Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global bright steel wire rope market, assessing the market based on its segments like type, lay type, strand pattern, application, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2021-2026)
- Historical Market Size (2020): USD 8.4 Billion
- Forecast CAGR (2021-2026): 3.4%
- Forecast Market Size (2026): USD 10.26 Billion
The growth of the global bright steel wire rope market is driven by the rising industrialisation. The rapid growth in the industrial sectors such as mining, oil and gas exploration, heavy engineering, and ship building will likely propel the market over the forecast period. Additionally, the expanding infrastructure development such as bridges, airports, and shipping ports among others in the developing countries is expected to bolster the growth. However, the increasing corrosion rate of bright steel wire ropes due to moisture compared to other steel wire ropes may hinder the market growth over the forecast period.
Industry Definition and Major Segments
Steel wire are ropes without any applied surface coating or treatment. These ropes are generally lubricated for preventing corrosion and rusting. They find application across various sectors and are known to have lower prices compared to other wire ropes.
By type, the market is divided into:
- Fog Ropes
- Soft Ropes
- Hard Ropes
On the basis of lay type, the market is bifurcated into:
Based on strand pattern, the market is segmented into:
- Seale Type
- Filler Wire Type
- Warrington Type
By application, the market is divided into:
- Oil and Gas
- Heavy Machines and Cranes
The regional markets for bright steel wire rope include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Regionally, Asia Pacific is projected to witness the fastest growth rate over the forecast period. This can be attributed to the rapid industrialisation and urbanisation. Additionally, factors such as largest share in global steel production by China and India and presence of key manufacturers for bright steel wire rope are expected to aid the market growth. Meanwhile, North America and Europe have a significant share in the global market owing to presence of end use industries such as oil and gas, and heavy engineering industry, among others. Latin America and Middle East and Africa are projected for a robust growth due to developing marine, oil and gas and mining sector.
Key Market Players
The major players in the market are YuanBo Engineering Co., Ltd., Dunamis Wire Ropes Mfg. LLP, Tokyo Rope Mfg. Co., Ltd., Guizhou Wire Rope Incorporated Company, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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