Wire Rod Market to exceed US$ 1,965.21 million by 2028

by Sameer Joshi or 28-Mar-2023
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Report : Wire Rod Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Copper and Aluminum) and Industry (Telecommunication, Power, Aviation, Automotive, and Others)

According to the new research report titled “Wire Rod Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,965.21 million by 2028 and register a CAGR of 3.3% from 2022 to 2028.

Asia Pacific holds a substantial share in the wire rod market owing to the presence of a large number of market players such as Mitsubishi Materials Trading Corp, APAR Industries Ltd, Hindalco Industries Ltd, Leebo Metals Pvt Ltd, Sumitomo Electric Industries Ltd, and Vedanta Aluminium and Power Ltd in the region. The market players continuously provide wire rods for various industries such as telecommunication and automotive. In addition, the growing 5G infrastructure in Asia Pacific is bolstering the demand for wire rods for forming strong connectivity.

In North America, technological innovations are projected to provide opportunities for the wire rod market in the coming years. Further, the rising demand for technological advancements in the automotive industry to provide strong connectivity in vehicles and the increasing demand for electric vehicles in North America are boosting the regional wire rod market growth.

The growing aviation industry is one of the major factors for the wire rod market growth in Europe. In the region, the presence of various aircraft manufacturers providing advanced commercial and military aircraft is propelling the demand for wire rods. Furthermore, the governments of various European countries such as Germany, the UK, and France are significantly investing in the development of the automotive industry, which boosts the market growth in Europe. In February 2021, the Government of Germany launched a support program worth US$ 1.8 billion (EUR 1.5 billion) to help the automotive industry become digitalized. Thus, the expansion of the aviation and automotive industries will fuel the growth of the European wire rod market. The wire rod market growth in the MEA is attributed to the rising construction industry in the region. In the Middle East region, the demand for aluminum in growing at a decent rate. Pertaining to rise in construction industry, demand for electrical application has gone up which is further driving the demand for wire rod, cable, wire made from aluminum

The global wire rod market size is segmented on the basis of material, industry, and geography. Based on material, the wire rod market is bifurcated into copper and aluminum. Based on industry, the wire rod market is segmented into telecommunication, power, aviation, automotive, and others. The wire rod market size, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Key Findings of Study:

Below mentioned are some of the key initiatives occurring in the wire rod market:

  • In November 2021, Hindalco Industries, Ltd. completed the acquisition of Ryker Base Pvt. Ltd. Through this acquisition, copper rod manufacturing plant of Hindalco would continue to propel and will address the demand for electrical and electronics applications.
  • In February 2023, Vedanta Aluminium introduced a 12-mm aluminum wire rod for electrical industry at International Aluminium Conference (IAC) 2023. Newly introduced 12 mm wire rods are fabricated by utilizing Properzi Continuous Casting technology at Vedanta’s aluminium smelters in BALCO (Chhattisgarh) and Jharsuguda (Odisha). The new 12 mm wore rods assist in addressing requirements associated with electrical applications in automobiles, transformers, and more.

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