Market Research Reports - Ken Research Organized Steel Wire Rope Manufacturers

This report will help the readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report is useful for investors, potential entrants and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future. India Steel Wire Rope Market Size and Overview The market for steel wire rope is at a matured stage, with a limited number of players dominating the market. Steel Wire ropes are used dynamically for lifting and hosting in applications, and for transmission of mechanical power. Steel Wire Rope industry in India has prospered owing to growth in infrastructure activities and demand in industrial sector. This growth was witnessed majorly due to government initiatives such as Pradhan Mantri Awas Yojana, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Smart Cities Mission, Delhi Mumbai Industrial Corridor (DMIC) and others. The primary growth drivers for steel wire ropes in India have been infrastructure development, increased industrial activity, enhanced emphasis on shipping and port sector along with growth in the mining industry. Market Segmentation: By Domestic and Exports Sales Domestic sales have contributed the maximum share to the steel wire ropes market in FY’2018. Domestic companies’ incapability of meeting international standards has been the proximate reason for fewer sales in the exports market. Usha Martin Limited, Bharat Wire Ropes Limited and Bedmutha Industries Limited cater to the needs of foreign market. By Industry Application Engineering and Construction segment has contributed the largest share in terms of revenues in FY’2018 from sales of wire ropes due to increasing government allocation on infrastructure projects like “Housing for All”, AMRUT and Smart Cities Mission. This was followed by the Oil and Gas Industry which contributed second largest share in terms of revenues in FY’2018. By Wire Coating Plain Black Carbon Steel Wire Ropes segment has dominated the steel wire rope market in terms of production volume. The cost of black carbon ropes is more economical than galvanized wire ropes by 10-15% as they do not include the additional cost of zinc and associated production processes which appeals to Indian buyers. However, Galvanized steel wire ropes are more durable and hence they are exported to foreign countries or used in coastal areas domestically.

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