LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global stainless steel wire rods market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global stainless steel wire rods market for 2017-2021 provides a detailed industry analysis based on the application (wire, fasteners, and bright bars) and geography (APAC, Europe, North America, and ROW).
|Stainless steel wire rods are manufactured by hot rolling billets on continuous rolling mills to be used in various industrial applications such as reinforcing materials for tires and conveyor belts. Technavio analysts forecast the global stainless steel wire rods market to grow to USD 2,796.9 thousand metric tons by 2021, at a CAGR of close to 4% over the forecast period.|
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The top three emerging trends driving the global stainless steel wire rod market according to Technavio chemicals and materials research analysts are:
- Demand for different types of stainless steel wire rods
- Developing sustainable economic performance in current stainless steel market
- Investment in road infrastructure
Demand for different types of stainless steel wire rods
“Various end-user industries involved in applications such as the manufacture of tools, cutlery, and razor blades create a demand for different grades of stainless steel rods based on their individual requirements,” says Mahitha Mallishetty, a lead analyst at Technavio for metals and minerals research.
Grades that have lower alloys combination will resist corrosion in pure water or atmospheric environments. Grades that have a higher alloy combination can resist corrosion in alkaline or acid solutions and chlorine bearing environments, such as processing plants and other industrial facilities.
Developing sustainable economic performance in current stainless steel market
Stainless steel is a much more sustainable and economical solution when compared to other similar materials. The iron alloy does not require a protective coating to offer corrosion-resistance, requires less maintenance, and has a longer service life. These features of stainless steel products are advantageous in terms of economic, social, and environmental balance, thereby providing strong growth prospects. Products such as valves, pumps, fittings, filters and flanges, welded equipment and machinery, and automotive parts create the highest demand for stainless steel wire rods.
Investment in road infrastructure
Various governments have launched many road investment programs to increase connectivity. These roads create a large demand for the market to be used in road dividers, metro coaches, railway tracks, and footpath rails.
“The growth of the stainless steel wire rod market can be attributed to the rise in awareness of using stainless steel in many applications due to their durability and minimal maintenance,” says Mahitha.
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