A Key Trend In The Steel Wire Market Is The Use Of Artificial Intelligence For Product Development

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Aug 02, 2022, 11:00 ET

The Business Research Company's steel wire market research report expands on key drivers, trends, and growth opportunities in the market

LONDON, Aug. 2, 2022 /PRNewswire/ -- Companies in the steel wire market are investing significantly in artificial intelligence technology in their product development. The advancements in technologies such as big data and industrial IoT have impacted daily lives tremendously, especially in industries like the manufacturing industry. There has been a lot of development in AI over the years, thus reducing the cost and enhancing productivity and efficiency with minimal human intervention. For example, in 2020, Leading Enterprise Artificial Intelligence® provider, Noodle.ai, and the digitalization team at SMS Group, a trailblazer in digitalization for plants and equipment used in steel and nonferrous metals production and processing, launched MPV. The MPV is the first joint AI-driven application for the steel industry. The launch follows the announcement of their partnership in June 2019.

The global steel wire market size is expected to grow from $84.9 billion in 2021 to $88.67 billion in 2022 at a compound annual growth rate (CAGR) of 4.4%. The global steel wires market size is expected to grow to $105.82 billion in 2026 at a CAGR of 4.5%.

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The Rising Use Of Steel Wire In Various Applications – A Major Driver

A major factor propelling the steel wire market is the growing use of steel wire in the construction, automotive, and aviation industries. Steel wire demand is being sparked by rising urbanization and an increase in the need for flexible, high-quality wire. It is projected that improved automobile performance, affordable production technology, and enhanced production methods will drive the market in the near future.

The Growing Use Of Plastic Ropes To Hinder The Growth Of The Market

The primary restraint on the steel wire industry is the growing use of plastic ropes in place of steel ropes in various applications. The widespread availability of plastic and hybrid ropes as alternatives to steel ropes, however, is a significant factor impeding the growth of the market's revenue. Cranes, elevators, and other structures are made of steel ropes, but small and medium-sized businesses are switching to the aforementioned substitutes because of supply chain disruptions and the cost-effectiveness of making plastic and hybrid ropes. In addition, the steel wire industry outlook states that using plastic ropes instead of steel ropes dramatically lowers product weight, plus improves stability and equipment load.

Steel Wire Market Segmentation

The global steel wire market analysis is segmented -

By Type: Carbon Steel, Alloy Steel
By Thickness: 0.01 mm to 0.8 mm, 0.8 mm to 1.6 mm, 1.6 mm to 4 mm, 4 mm and Above
By Form: Non-Rope, Rope
By End-Use: Construction, Automotive, Energy, Agriculture, Industrial

See more on the Steel Wire Market Report

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