PUBLISHER: The Business Research Company | PRODUCT CODE: 1644002
PUBLISHER: The Business Research Company | PRODUCT CODE: 1644002
Cold heading quality (CHQ) wire is a specialized steel wire engineered for cold heading processes, where metal is shaped at room temperature into components such as fasteners, bolts and others. This wire is integral to industries requiring high-strength, precision-formed parts, including automotive, construction and industrial manufacturing.
The cold heading quality (CHQ) wire market consists of sales, by entities (organizations, sole traders and partnerships), of CHQ wires produced with high surface quality, precise dimensions and uniform mechanical properties to meet stringent demands.
The global cold heading quality wire market was valued at $12,729.50 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.00%.
Increase In Demand For Furniture
The increase in demand for the furniture played a significant role in driving the growth of the CHQ wire market in the historic period. The furniture industry encompasses the design, manufacturing, distribution and retail of various types of furniture for residential, commercial and institutional spaces. The furniture industry is rising due to increasing consumer demand for home improvement, urbanization and a growing focus on interior design and sustainable and customizable products. Cold heading wire is known for its high tensile strength and resistance to fatigue, which makes it ideal for creating durable components. Furniture often requires high-quality, strong metal parts (such as screws, nails and fasteners) to ensure the stability and longevity of the furniture. For example, in March 2024, according to the Furniture Industry Research Association, a UK-based furniture association, the furniture and furnishings sector, including specialist retail, generated a total turnover of over $42.7 billion (£41 billion) in 2022, with more than 29,000 companies and employing over 292,000 people. The sector's manufacturing turnover reached $11.83 billion (£11.35) billion, marking a 10% increase from 2021. Additionally, furniture imports into the UK rose to $8.85 billion (£8.5 billion) in 2022, according to the international trade section of the digest. Therefore, the increase in demand for furniture industry drove the growth of the CHQ wire market.
Expansion Plans To Meet Growing Demand For High-Performance Steel
Companies in the CHQ wire market are focusing on expanding their capacity to offer wires with enhanced strength, durability and resistance to corrosion. For instance, in May 2024, ArcelorMittal, a Luxembourg-based steel company, announced the plans to upgrade its flagship factory in Hazira, Gujarat, with a new 2 million tonne cold rolling mill and an upstream hot strip machine, targeting specialty steel grades. The expansion is driven by the growing demand for high-performance steel, which now makes up more than 60 percent of the body structure in modern automobiles within India's auto industry. This move is aimed at meeting the rising need for advanced materials in the sector.
The global CHQ wire market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 8.6% of the total market in 2023.
Cold Heading Quality Wire Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the cold heading quality wire market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for cold heading quality wire? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The cold heading quality wire market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider cold heading quality wire market; and compares it with other markets.
Global Market Size And Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.