The steel cable or wire rope market expects to grow at a CAGR (compound annual growth rate) of 4.2% in the coming period heading into 2023, reports PR Newswire.
Wire rope or steel cable provides strength, flexibility and has many applications. Steel cable is used in elevators, rigging and lifting applications, theatre sets, and is used as a reinforcing material for automotive tires and conveyor belts.
Filaments, which are fine strands of steel are significantly useful for the fabrication of automotive tires. Advantages of wire rope or steel cable filaments include high thermal resistance a better travelling performance. Currently, the global wire rope market is being greatly influenced by market entrants in the automotive industry.
Right now, technology and a need for lighter tires are two growing demands in the automotive industry. Flat-run tires, eco tires and nitrogen tires are three examples of tech-driven tires that create a demand for a flashier, updated tires for manufacturers. Their industry has a need for lighter tires, which means steel cable will be a sought-after material for automotive fabrication. These steel cable filaments will be used in application for heavy equipment tires, cargo truck tires, conveyor belts, rubber framework and light truck tires.
As the famed architect Walter Grophius said, “New synthetic substances—steel, concrete, glass—are actively superseding the traditional raw materials of construction.” Even in modern days, fabrication and manufacturing industries are constantly finding news ways to use to use familiar, synthetic materials.