The wire rod market is expected to grow from US$ 1,621.27 million in 2022 to US$ 1,965.21 million by 2028; it is estimated to register a CAGR of 3.3% from 2022 to 2028.
The growing urbanization and digitization across the world is raising the demand for uninterrupted electric supply. For this, the need for the upgradation or installation of new electric transmission and distribution systems is increasing globally. Subsequently, governments of various countries have increased their investments in the power & energy sector. In November 2022, the US Department of Energy (DOE) announced an investment of US$ 13 billion in supporting the upgradation and expansion of the US electric grid. The US government will provide this funding under the Grid Resilience Innovative Partnership (GRIP) Programme, the Transmission Facilitation Programme, and President Joe Biden’s Bipartisan Infrastructure Law. Through this funding, the US government aims to increase the reliability of power grids by building transformative projects. In November 2022, Ofgem, an energy regulator of the UK, announced the five-year (between 2023 and 2028) investment package of ~US$ 26.6 billion for electricity distribution network companies. This investment is made to help deliver cheaper and cleaner energy and increase the reliability of local grids with no extra cost to consumers.
Wire Rod Market -
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Wire Rod Market: Strategic Insights
Wire Rod Market
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CAGR (2022 - 2028)
3.3%
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Market Size 2022
US$ 1.62 Billion
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Market Size 2028
US$ 1.97 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- Mitsubishi Materials Trading Corp
- APAR Industries Ltd
- Hindalco Industries Ltd
- Norsk Hydro ASA
- Leebo Metals Pvt Ltd
- Sumitomo Electric Industries Ltd
- Vedanta Aluminium and Power Ltd
- United Co RUSAL Plc
- Vimetco NV
- Cunext Copper Industries SL
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Material
- Copper and Aluminum
Industry
- Telecommunication
- Power
- Aviation
- Automotive
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Wire Rod Market: Strategic Insights
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CAGR (2022 - 2028)3.3% -
Market Size 2022
US$ 1.62 Billion -
Market Size 2028
US$ 1.97 Billion
Market Dynamics
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- XXXXXXX
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- XXXXXXX
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Key Players
- Mitsubishi Materials Trading Corp
- APAR Industries Ltd
- Hindalco Industries Ltd
- Norsk Hydro ASA
- Leebo Metals Pvt Ltd
- Sumitomo Electric Industries Ltd
- Vedanta Aluminium and Power Ltd
- United Co RUSAL Plc
- Vimetco NV
- Cunext Copper Industries SL
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Material - Copper and Aluminum
Industry - Telecommunication
- Power
- Aviation
- Automotive
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Impact of COVID-19 Pandemic on Wire Rod Market
The US was the most-affected country in North America due to the COVID-19 pandemic. In Q2 of 2020, strict regulations imposed by the US government disrupted the supply chain and import & export. The disruption led to the temporary shutdown of manufacturing facilities, and the facilities were operating with minimum staff. Industries such as automotive and manufacturing were negatively affected in 2020. However, as the global supply chain resumed in Q2 of 2021, the market started to rise. The automotive industry, which is one of the largest industries in the US, restarted its operation in Q3 of 2021. Further, in Q1 of 2022, the automobile factories increased their production due to increased demand for different vehicles, particularly electric vehicles. Also, the rising awareness about clean energy in the US, Canada, and Mexico has raised the demand for renewable energy power generation infrastructure, fueling the wire rod market growth.
Besides aforementioned aspects, the semiconductor industry got impacted adversely in the region. The lack of chip has glowed a new spotlight on the US manufacturing. During pandemic, the country realized about the dependency on Asian high-tech manufacturing capabilities and techniques like China, whereas China itself is investing massive amounts on their chipmaking capabilities. Moreover, Taiwan, China, and Malaysia are the largest sources of the US imports and key destinations for the US exports of semiconductors. East and Southeast Asia are vital partners for the US semiconductor trade. According to Intel Corporation, the chip shortage lasted till 2021 and 2022 late will get fade in 2023. There has been a massive gap demand and supply of chip in the country.
Lucrative Regions for Wire Rod Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights – Wire Rod Market
From decades, the telecommunication industry is widely using copper for their communication purpose. Copper is the metal that has been utilized for communication wires and cables. As copper is a ductile material, having tensile strength, and a satisfactory conductor, it is widely used for communication purpose. Moreover, with evolving telecommunication industry, advanced material is used. Despite the roll out of optical fiber systems, copper is still used highly in infrastructure and interface devices. Such copper-based applications in telecommunication will endure to fuel the growth of copper in the future. Moreover, aluminum is gaining popularity in the telecommunication industry for applications such as base station, 5G equipment, and wired & wireless telecom equipment. As wire and cable in telecommunication is highly used, the demand for aluminum and copper wire rods is also high. This factor will, in turn, fuel the demand for wire rods.
Industry-Based Insights
Based on industry, the wire rod market is segmented into telecommunication, power, aviation, automotive, and others. The telecommunication segment accounted for the largest wire rod market share in 2022. Telecommunication businesses need wire and cable for various applications such as phone lines, internet, and data security. The primary application of wire rod is manufacturing of wires and cables. Telecommunication businesses need wire and cable for various applications, such as phone lines, internet, and data security. The telecommunications industry always requires wire assemblies to keep up with the rapidly expanding need for communication across the globe. They use wire rods for transferring data. They are also used for telecommunications for fixed phone lines. They are used in telecom infrastructure to transmit internet communication, such as broadband and cable television signals. With a large number of telecommunication-based applications of wires and cables made up of aluminum or copper, the manufacturing of wire rod will endure to grow.
The global wire rod market size is segmented on the basis of material, industry, and geography. Based on material, the market is bifurcated into copper and aluminum. Based on industry, the market is segmented into telecommunication, power, aviation, automotive, and others. The market size, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Mitsubishi Materials Trading Corp, APAR Industries Ltd, Hindalco Industries Ltd, Norsk Hydro ASA, Leebo Metals Pvt Ltd, Sumitomo Electric Industries Ltd, Vedanta Aluminium and Power Ltd, United Co RUSAL Plc and Vimetco NV among the key wire rod market players operating across the world.
The wire rod market players are mainly focused on the development of advanced and efficient products.
- In 2023, Alcoa Corporation, a global industry leader in aluminum, alumina, and bauxite, announced that most of the employers at its San Ciprián complex in Spain approved an upgraded plan to reactivate the aluminum smelter in 2024.
- In 2023, Vedanta Aluminium, India's largest aluminum producer, announced the launch of a 12 mm Aluminium Wire Rod for the electrical industry at International Aluminium Conference (IAC) 2023. The company’s facility has a production capacity of 560-kilo tonnes, equipped with state-of-the-art technologies of Southwire (USA) and Continuus-Properzi (Italy).
Wire Rod Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1.62 Billion |
| Market Size by 2028 | US$ 1.97 Billion |
| Global CAGR (2022 - 2028) | 3.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Material
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| Regions and Countries Covered |
North America
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| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, Chile, China, France, Germany, India, Italy, Japan, Mexico, Peru, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The copper segment led the global wire rod market in 2022.
The US, UK, Rest of Europe, India, the UAE, and Brazil are the countries registering high growth rate during the forecast period.
APAC is the fastest-growing regional market in the global wire rod market between 2022-2028.
The top companies in the wire rod market are Mitsubishi Materials Trading Corp; Elcowire Group AB; International Metal Industry Co., Ltd; RK Copper & Alloy LLC; and Leebo Metals Pvt Ltd. are few prominent copper wire rod players existing in the market. Hindalco Industries Ltd; Norsk Hydro ASA; Sumitomo Electric Industries Ltd; Vedanta Aluminium and Power Ltd; and United Co RUSAL Plc are some of the key aluminum wire rod players operating in the market.
The key driving factors impacting wire rod market growth includes:
1. Increasing Construction and Infrastructure Development Activities
2. Growing Investments in Electric Power Transmission and Distribution
The global wire rod market was valued at US$ 1,621.27 Mn in 2022
The List of Companies - Wire Rod Market
- Mitsubishi Materials Trading Corp
- APAR Industries Ltd
- Hindalco Industries Ltd
- Norsk Hydro ASA
- Leebo Metals Pvt Ltd
- Sumitomo Electric Industries Ltd
- Vedanta Aluminium and Power Ltd
- United Co RUSAL Plc
- Vimetco NV
- Cunext Copper Industries SL
- International Metal Industry Co Ltd
- Kmez
- RK Copper & Alloy LLP
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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