India Steel Wire Rope Market is expected to reach around INR 16 Billion by Fiscal year 2023: Ken Research


India steel wire rope market segmentation by Sales (Domestic and Exports Sales), by coating (Plain Black, Galvanized and Others), by Industry Application (Construction and Engineering, Oil & Gas, Mining, Shipping and Others), by sector (Organized and Un-organized), by type of Lay (Regular Lay, Lang Lay and Others) and by Regional Demand (Western, Southern, Northern and Eastern Region)

Government’s initiative of expanding infrastructure under various schemes, such as Housing for All, AMRUT, will increase the demand for wire ropes in future.

Increasing urbanization in India and growth of nuclear families has led to increase in residential development. This has further increased housing requirements, which will drive the demand for wire ropes.

Rise in mining and quarrying sector will also augment the steel wire ropes in market in India.

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. The primary drivers of wire rope market in future will be “Housing for all by 2022” project. This will require a series of government projects to be launched which can provide impetus to the construction and allied industries and consequently to the steel wire rope market. It has been anticipated that steel wire ropes production will meet the domestic market demand owing to year-on-year increase in production capacities of the companies. Major players in the market are likely to increase their focus on improving their market shares in export market and tap new domestic markets. “Smart Cities Mission” has planned to invest INR 1 Billion for each smart city. The aim of the mission is to improve living standards across major cities in India. The mission also aims at improving infrastructure facilities in urban areas in the country which will drive the demand of steel wire ropes in India.

India Steel Wire Rope Market info graphic

The crude oil prices are not expected to rise significantly in the near future, due to introduction of shale gas in the major markets such as US and Canada. Decreasing cost of solar energy as well as rising environmental concerns further enhances the interest in renewable energy sources which subsequently reduces the growth in demand for conventional sources such as oil and gas. This is expected to constrain the demand for steel wire rope from oil and gas sector.

Analysts at Ken Research in their latest publication “India Steel Wire Rope Market – Outlook to 2023 – by Coating (Plain Black, Galvanized and Others), by Industry Application (Construction and Engineering, Oil & Gas, Mining, Shipping and Others)” believe that by obtaining international standards, quality enhancement by investing in R&D and collaboration with distributors and other sales partners in international markets will aid the steel wire rope market.

India steel wire rope market is expected to register positive CAGR of around 5.3% during the period 2019-2023. The demand for specialized wire ropes for niche applications and with better distribution channel & marketing strategies used by organized players is expected to have positive impact on the overall revenue of steel wire rope market.

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