Stainless Steel Wire Rods MarketGlobal Industry Analysis, Growth, Share, Size, Trends And Forecast 2020 – 2026

The global stainless steel wire rods market is anticipated to expand at a considerable CAGR during the forecast period, 2020 – 2026. The growth of the market is attributed to the increase in its usage in industrial infrastructures.

Stainless Steel Wire Rods

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Stainless steel wire rods consist of metal chromium which resistance to corrosion at high temperatures. Moreover, it can resist chemical and corrosive environments owing to its smooth surface and it is safe for long-term use. These are mainly used in industries such as automobile, agriculture, ship building, petroleum, bright bars, welding electrode, and household applications. It is available in a wide range of sizes, grades, and shapes. These are produced on continuous rolling mills by hot rolling billets. They have a round cross-section and are wound up in coils. Additionally, they are used in reinforcing materials for conveyor belts and tires owing to their high tensile strength. It is a semi-finished good and the user can prepare it for further processing by heating or cleaning & coating. The coils are protected by tying with a strapping band or a wire. They are sold in a rolled condition. It possesses a broad spectrum of properties such as high malleability, ductility, and a greater variety of steel grades.

Based on types, the global stainless steel wire rods market is segregated into 12mm, 10mm, 8mm, 6mm, and Others. The 8mm segment accounts for a key share in the market owing to its wide application in various industries. Moreover, the 8mm segment is anticipated to expand at a substantial CAGR during the forecast period. On the basis of applications, the market has been categorized as steel fasteners, steel wire, steel bright bars, and others. The steel wire segment holds a major share of the market and is projected to grow at a high pace owing to the presence of elements such as nitrogen and carbon that offers better tensile strength and flexibility. Moreover, the stainless steel wire is used in a variety of applications such as communication devices, electrical appliances, aerospace vehicles, and automobiles. Furthermore, its use in furniture, hardware, utensils, nails, nuts, screws, and bolts are likely to propel the market.

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