Oil tempered wires are the heat treated, cold drawn wires. The oil tempering process increases the strength and hardness of the wire without making the wire brittle, and thus maintains the flexibility of the wire to withstand greater pressure. The tempering process makes the wire perfect for the manufacturing of coil springs. Compression and extension springs are the two common springs manufactured with oil tempered wires. Both the springs are used in a variety of industries. Oil tempered wire is a steel wire which have superior elasticity and ductility obtained by oil-quenching and tempered process. Oil tempered steel wires have excellent resistance against heat, fatigue, and deformation. Oil tempered steel wire mainly used to make springs, as spring is subjected to repeated dynamic motions.
The global automotive oil tempered steel wires market is primarily driven by increase in the usage of steel in various industries. Steel is used in numerous applications in both industrial and consumer products as it has excellent strength, durability, malleability, attractive surface appearance, and corrosion resistance properties. The automotive industry primarily uses oil tempered steel wires to produce various systems in automobile parts. This has contributed to the steady growth and increase in the sale of automobiles. However, economic downturn is a major challenge faced by the oil tempered steel wires market. Macroeconomic hurdles are anticipated to hamper the demand for oil tempered steel wires from the construction industry which is its major end-user. The global recession and the Eurozone crisis caused a significant decline of investment in the construction industry. In addition, regulatory hurdles also created serious challenges for the oil tempered steel wires market.
Based on application, the automotive oil tempered steel wires market can be bifurcated into valve springs and suspension springs. In the automotive industry, valve springs are commonly used for reinforcing tires, to produce drivetrain, steel wheel, exhaust, seating, and vehicle door systems. Another application of oil tempered steel wire is for clutch springs. Automobile suspension springs are used in motorcycle shock absorbers, automatic garage springs, general industry machines, automobile brake springs, and mountain bike springs.
On the basis of types, the automotive oil tempered steel wires market can be divided into high fatigue wires and medium fatigue wires. High fatigue oil-tempered steel wires are used for valve springs; they improve engine performance and fuel efficiency. High-fatigue oil tempered steel wires possess great fatigue strength and better creep resistance. Medium-fatigue wires, made of carbon steel, are commonly used for wire ropes, rails, tire cords, forging steels, cold finished steel bars, cold heading, and machineable steel.
Based on geography, the automotive oil tempered steel wire market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific leads the global automotive oil tempered steel wire market. North America and Latin America have established and steady markets for automotive oil tempered steel wires. Post the Eurozone crisis, Europe is projected to be the fastest growing market region in the automotive oil tempered steel wire market.
The key players operating in the automotive oil tempered steel wire market include Suzuki Garphyttan AB, Posco, Bekaert, Sumitomo, SUNCALL CORPORATION, American Spring Wire, Shinko Wire Company Ltd, and Joh. Pengg AG.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.