South Korea Steel Rolling Wheels Market was valued at USD 0.4 Billion in 2022 and is projected to reach USD 0.6 Billion by 2030, growing at a CAGR of 5.6% from 2024 to 2030.
The South Korea Steel Rolling Wheels Market has seen significant growth due to the increasing demand from various industrial sectors such as automotive, construction, and machinery manufacturing. Steel rolling wheels play a crucial role in the production of metal products, as they are an integral part of the rolling mill process used for shaping steel and other metals. These wheels, which help in the rolling process, are vital for producing steel sheets, strips, and other rolled products that are in high demand across different industries.
As the South Korean manufacturing sector continues to expand, the demand for high-quality steel rolling wheels is increasing. The wheels are essential for ensuring the efficiency and accuracy of the steel rolling process. Steel rolling mills require durable, high-performance wheels that can withstand the intense pressures and high temperatures involved in metal shaping. This has led to the need for specialized wheels made from advanced materials and coatings, ensuring they meet the rigorous demands of the industry.
The automotive industry is one of the largest consumers of steel rolling wheels in South Korea. With the rise in vehicle production, especially electric vehicles (EVs), the need for precision and high-quality steel components has never been more critical. Steel rolling wheels enable manufacturers to create parts such as body panels, structural components, and other automotive parts that require precise shapes and high-strength characteristics.
Another key sector driving the demand for steel rolling wheels is the construction industry. Steel is used extensively in the construction of buildings, infrastructure, and other large-scale projects. The need for high-quality rolled steel to produce beams, columns, and other construction materials has contributed significantly to the market’s growth. Steel rolling wheels enable the production of these materials with consistent quality and dimensional accuracy, which is essential for maintaining the structural integrity of buildings and other constructions.
The machinery manufacturing industry also plays a role in the growing demand for steel rolling wheels. Manufacturers of industrial machinery require precision-engineered steel components for creating heavy-duty machinery and equipment used in various sectors. Steel rolling wheels help produce the metal parts needed for machinery such as turbines, generators, and other essential equipment that keep industries running efficiently.
In summary, the South Korea Steel Rolling Wheels Market is growing rapidly due to the increasing demand from the automotive, construction, and machinery manufacturing industries. These wheels are critical for ensuring the quality and precision of rolled steel products, making them indispensable to several industrial sectors. As these industries continue to evolve, the need for advanced, high-performance steel rolling wheels will only continue to rise, ensuring the long-term growth and importance of this market.
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Jingu Group
Iochpe-Maxion
Superior Industries
Borbet
Ronal
Topy Group
Lizhong Group
Enkei Wheels
XINGMINITS
Sunrise Group
Yueling Wheels
Dongfeng Motor Wheel
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Steel Rolling Wheels Market
Industrial Equipment
Automotive
Construction Machinery
Aerospace
Material Handling
Solid Steel Wheels
Forged Wheels
Cast Steel Wheels
Composite Steel Wheels
Heavy-Duty Steel Wheels
Manufacturing
Logistics and Warehousing
Aerospace and Defense
Construction
Transportation and Automotive
Direct Sales
Distributors
Online Retail
OEM Partnerships
Wholesale Suppliers
Manual Wheels
Powered Wheels
Smart Wheels (with sensor integration)
Standard Wheels
Heavyweight Wheels
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Steel Rolling Wheels Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Steel Rolling Wheels Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Steel Rolling Wheels Market, By Type
6. South Korea Steel Rolling Wheels Market, By Application
7. South Korea Steel Rolling Wheels Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Steel Rolling Wheels Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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