Dublin, May 26, 2023 (GLOBE NEWSWIRE) — The “Wire Rod Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Material and Industry” report has been added to ResearchAndMarkets.com’s offering.
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 2023 to 2028.
Strong economic conditions in North America, Asia Pacific, and the Middle East & Africa witness a rise in construction buildings. Europe witnessed a slightly subdued growth in the construction activity, supported by a developed construction sector in various countries that allowed better residential and infrastructural spending.
According to the Oxford Economics/Haver Analytics data of contribution to global construction growth 2020-2030, China, India, and the US are among the major contributors to residential construction activities.
According to Marsh LLC data, residential construction activity grew rapidly in 2021, with a growth rate of 7.1%. Also, the residential sector accounted for 44% of total global construction in 2020, making it the largest subsector. In construction activities, wire rods are needed for various purposes such as conducting electricity, data, voice communication, and security. Thus, the growing construction activities are increasing the demand for wire rods, thereby driving the wire rod market growth.
Wire rods are used for high-voltage overhead transmission lines. They also help to connect power grids with various end users, including industrial, residential, and commercial buildings. Forinsatnce, in APAC region, investment in the power & energy sector is increasing due to the rising demand for electricity.
For instance, in February 2023, the Government of India approved the investment of US$ 3.9 billion (Rs. 319 billion) for the 2,880-megawatt Dibang project, a hydropower project in Arunachal Pradesh, India. Similarly, in September 2022, the New South Wales government approved EnergyConnect, the country’s biggest transmission project. This project is expected to provide cheaper renewable energy to the power grid. Hence, the growing investment in the power sector is likely to boost the growth of the wire rod market in APAC during the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 191 |
| Forecast Period | 2022 – 2028 |
| Estimated Market Value (USD) in 2022 | $1621.27 million |
| Forecasted Market Value (USD) by 2028 | $1965.21 million |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing Construction and Infrastructure Development Activities
- Growing Investments in Electric Power Transmission and Distribution
Restraints
- Rising Demand for Fiber Optic Cables
Opportunities
- Evolving Telecommunication Industry
Future Trends
- Rising Adoption of Electric Vehicles
- Strong Inclination Toward Aluminum
Companies Mentioned
- 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
For more information about this report visit https://www.researchandmarkets.com/r/86uamo
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Attachment
- Global Wire Rod Market