JFE Steel announced the development of a thin version of their AFD (anti-fatigue-damage) steel with better fatigue resistance. The thin-walled form of AFD steel is expected to be used in a wider range of applications, including bridge structural parts that are prone to cracking over time. The new product (KT-220231-A) has been registered with Japan's Ministry of Land, Infrastructure, Transport, and Tourism's New Technology Information System (NETIS).
ArcelorMittal announced the investment of USD 36 Million in Boston Metal. It is the largest single initial investment through XCarb Innovation Fund till date.
Author Credits: Mohd Shadab, Yashika Karodiwal
Report ID: 4861
Published Date: Apr 28, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Rising demand in the entertainment industry, and growing demand for electric vehicles are the major factors driving the market growth.
The market size of steel wire is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023-2035.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
The major players in the market are Davis Wire Corporation, Tata Sons Private Limited, HEICO Corporation, KOBE STEEL, LTD., ArcelorMittal, NV Bekaert SA, JFE Steel Corporation, Nippon Steel Corporation, VAN MERKSTEIJN INTERNATIONAL B.V., and others.
The carbon steel segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The availability of substitutes and the heavy weight of the steel wire are the major challenges that affect the steel wire market.
Steel wire is used in many industries to make conveyer belts, transmission belts, automotive flame, protective apparel and others.
Steel wire market is estimated to reach USD 106 billion by 2022 and USD 297 billion by 2035.