Wire Rod Market Analysis and Opportunities by 2031
Wire rod market size is projected to reach US$ 2,225.04 million by 2031 from US$ 1,678.14 million in 2023. The market is expected to register a CAGR of 3.6% in 2023–2031.
A wire rod is made by drawing hot metal through shafts. These shafts form and compress the metal from all sides, thus turning a piece of metal into a long and thin wire. They have round cross-sections and are wound up in the coil. They act as excellent raw materials for high-voltage cable and wire manufacturing. These wire rods are used to carry loads, electricity, and telecommunications signals. They are used in various sectors, including electrical, infrastructure, aviation, telecommunication, and automotive. For example, wire rod is used in multiple electronic components, telecom cables, sockets, and terminal blocks.
Wire Rod Market Analysis
The construction projects of commercial, industrial, and residential buildings are growing across the world, majorly in developing countries such as China, India, Malaysia, Poland, Saudi Arabia, and the UAE. This factor is projected to fuel the demand for products such as wires, wire ropes, wire and cables in various electrical and electronic applications. Hence, with rising construction activities, the scope of using different wire rods will endure to boost. For instance, in February 2023, Vedanta Aluminium introduced a 12 mm aluminum wire rod for the electrical industry at the International Aluminium Conference (IAC) 2023
Wire Rod Market Overview
Wire rod is a rolled steel product produced from rectangular or cylindrical steel. Wire rods are wounded into coils and transported into the form of wires. These wire rods are widely used to manufacture welding wires, electrodes, electrical cables, reinforcement strands and fibers. Wire rod has a wide range of applications, including tie wires, meshes, fencing, shopping carts, shelving, wire hangers and nails. In addition, wire drawn from the rod is painted, galvanized, and plated.
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
Market Size Value in US$ 1,621.27 million in 2022 Market Size Value by US$ 1,965.21 million by 2028 Growth rate CAGR of 3.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
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
| Market Size Value in | US$ 1,621.27 million in 2022 |
| Market Size Value by | US$ 1,965.21 million by 2028 |
| Growth rate | CAGR of 3.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Wire Rod Market Drivers and Opportunities
Increasing Construction and Infrastructure Development Activities
Wire rods are developed by using continuous casting technology. An increase in the construction of industrial plants, including electrical industries, will propel the scope of wire rods. According to the TASS (a Russian news agency), the commissioning of housing in Russia increased by 28.4% in the first five months of 2021 compared to 2020. According to the Ridgewater Homes website data, Australia witnessed a 10% growth in the construction of residential buildings in 2021. This growth is attributed to the increasing demand for houses due to sustained employment, record-low interest rates, and surging government programs such as HomeBuilder. HomeBuilder is an Australian Government initiative to aid confidence in residential construction sector buyers for procuring or renovations, which might get delayed owing to uncertainty caused by the pandemic.
Furthermore, several government initiatives are supporting the growth of the housing industry. For instance, in February 2021, according to the Yonhap News Agency website, the South Korean government announced that they would ease building regulations and support redevelopment projects in urban areas of the country by supporting the construction of 836,000 new houses nationwide. Also, the new housing policy by the government focuses on increasing the number of houses in the Seoul metropolitan area and other major cities.
Growing Investments in Electric Power Transmission and Distribution
The growing urbanization and digitization across the world are 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. For instance, 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.
Rising Adoption of Electric Vehicles
Wire rod is an important part used in various EV components such as motor, onboard charger, battery, and Electric Power Control Unit (EPCU). Increasing demand for zero-emission vehicles and growing supportive regulations for zero-emission vehicles through subsidies and tax rebates have compelled manufacturers to provide electric cars across the world. When switching to an electric vehicle (EV), customers expect a high level of automated experience and advanced driving features. Therefore, the growing technological innovation in EVs will raise the demand for wire rods.
As per the Global Electric Vehicle Outlook, sales of electric cars, including fully electric and plug-in hybrid vehicles, increased in 2021 to a new record of 6.6 million units. As per the same report, in China, electric car sales increased significantly to 3.3 million in 2021, accounting for about half of the total global sales. EV sales in Europe grew strongly by 65% and reached 2.3 million units, and sales in the US doubled to 630,000 units in 2021 from the previous year. Supportive government regulations for electric vehicle charging stations propel the sales of electric vehicles. In June 2022, the US government proposed new standards for its program to build a national network of 500,000 electric vehicle charging stations by 2030. Furthermore, the government had introduced a plan to allocate US$ 5 billion to states to fund EV chargers by 2028. Therefore, the rising sales of EVs are expected to drive the wire rod market in the coming years.
Wire Rod Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wire rod market analysis are material and industry.
- Based on material, the market is divided into copper, aluminum, and others. Copper wire rod provides high conductivity and formability, as well as are ideal for extrusion applications. Backed by the benefits provided by copper wire rods, copper wires are used in switch gears, transformers, and many other electrical applications. Moreover, with rising demand for products such as gaskets, flashlights, handicrafts, terminals, metal zip, metal forming, connectors, lamp caps, electronic components, electrical fittings, hardware, telecommunications, domestic appliances, plumbing products, springs, locks, and automotive radiator, the scope of using copper wire rod will endure to drive the growth of the segment.
- Based on industry, the wire rod market is divided into telecommunication, power, aviation, automotive, and others. The telecommunication industry has the largest share in 2022, owing to the increasing adoption of 5G technologies.
Wire Rod Market Share Analysis by Geography
The geographic scope of the Wire Rod market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The wire rod market in North America is segmented into the US, Canada, and Mexico. The market growth in this region is attributed to the increasing demand for wire rods in automotive applications. According to the American Automotive Policy Council (AAPC), the automotive industry in the US accounts for ~3% of the country's GDP. Wire rods, particularly aluminum wire rods, are used in precision parts during automotive manufacturing. As they are lightweight yet durable, there is an increasing need for these rods in the manufacturing of different vehicles, such as cars and trucks. In addition, copper wire rods are used in the manufacturing of high-efficiency bar-wound electric motors.
Asia Pacific is expected to have the largest share in 2023. This is owing to the rising production of copper across the globe. According to the World Bureau of Metal Statistics, in 2021, Japan produced around 1.52 million metric tons of refined copper. Out of the total copper produced, it is assumed that approximately 60% of it is used for the production of copper wire rods due to its rising use in the automotive, electronics, and telecom industries. Furthermore, according to the Japan Aluminium Association, in 2021, around 786.6 thousand metric tons of aluminum were produced.
Wire Rod Market Report Scope
Wire Rod Market News and Recent Developments
The Wire Rod market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In February 2023, Vedanta Aluminium launched 12 mm Aluminium Wire Rods for the electrical industry at the International Aluminium Conference in 2023. The company has a production capacity of more than 560 kilotons and is equipped with state-of-the-art technologies for producing wire rods. (Source: Eurofins, Press Release)
- Wire Rod Market Report Coverage and Deliverables
- The “Wire Rod Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Wire Rod Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Wire Rod Market Trends
- Detailed PEST Analysis and SWOT analysis
- Wire Rod Market Analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments.
- Wire Rod Market Industry, landscape and competition analysis, covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed Company Profiles
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
Asia Pacific is expected to dominate the wire rod market in 2023.
Increasing construction and infrastructure development activities across the globe drive the wire rod market growth during the forecast period.
Rising Adoption of Electric Vehicles across the globe is driving the market growth.
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.
Wire rod market size is projected to reach US$ 2,225.04 million by 2031 from US$ 1,678.14 million in 2023.
The market is expected to register a CAGR of 3.6% in 2023–2031.
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.
Trends and growth analysis reports related to Wire Rod Market
Jun 2024
End Mills Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material (Carbide, Steel, and Others), Type (Square Nose, Ball Nose, and Others), Diameter Size (Upto 4 mm, 4–6 mm, 6–8 mm, 8–12 mm, and Above 12 mm), End-Use Industry (Automotive, Heavy Machinery, Semiconductor and Electronics, Medical and Healthcare, Energy, Aerospace and Others), and Geography
Jun 2024
Plain Bearings Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type [Spherical Bearings (Radial, Angular, and Thrust), Rod Ends (Female Thread, Male Thread, and Welding Shank), and Bushings], Application (Agriculture, Construction, Industrial Vehicles, Automotive and Transportation, Aerospace and Defense, Energy and Power, and Others), and Geography
Jun 2024
Thermostatic Mixers Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Mounting Type (Deck Mount and Wall Mount), Application (Residential and Commercial), Design Type (Concealed and Exposed), and Geography
Jun 2024
Jun 2024
Trenchless Pipe Relining Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage - by Method (Cured in Place Pipe, Pull-in-Place, Pipe Bursting, and Internal Pipe Coating), End User (Residential, Commercial, Industrial, and Municipal), and Diameter (Below DN 50, DN 51–DN 150, DN 151–DN 250, and Above DN 251), and Geography
Jun 2024
Green Cement and Concrete Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Fly Ash Based, Geopolymer, Slag Based, and Others), End-user (Commercial and Public Infrastructure, Industrial, and Residential), and Geography
Jun 2024
Cold Storage Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Temperature Type (Chilled, Frozen), Warehouse Type (Public, Private and Semi-Private) and Application (Dairy Products, Meat and Seafood, Fruits and Vegetables, Pharmaceuticals, Processed Food) and Geography
Jun 2024
Chopper Pumps Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Submersible Chopper Pumps, Cantilever Chopper Pumps, Vertical Dry Pit Chopper Pumps, Self-Priming Chopper Pumps, End Suction Chopper Pump, Vertical Wet Well Chopper Pump), By End-user (Agriculture, Food and Beverages, Water and Waste Water Treatment, Chemical and Petrochemical, and Others), and Geography
Get Free Sample For