Report : Asia Pacific Wire Rod Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material (Copper and Aluminium) and Industry (Telecommunication, Power, Aviation, Automotive, and Others)
At 4.0% CAGR, the Asia Pacific Wire Rod Market is speculated to be worth US$ 827.41 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the Asia Pacific wire rod market was valued at US$ 652.65 million in 2022 and is expected to reach US$ 827.41 million by 2028, registering a CAGR of 4.0% from 2022 to 2028. Increasing construction and infrastructure development activities and growing investments in electric power transmission and distribution are the critical factors attributed to the Asia Pacific wire rod market expansion.
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. The adoption of 5G infrastructure is continuously increasing due to the growing smart cities, smart cars, and smart factories. Growing 5G deployment is accelerating the growth of various industries, sectors, and governments by quickly and efficiently connecting organizations to every aspect of their business. In addition, ultra-fast 5G mmWave is creating new use cases for technologies such as AI through distributed computing and connected intelligent edge for immersive XR. Thus, the 5G technology is fueling digital transformations across the world by connecting people to their homes and cars and different businesses to their supply chains. Also, the growing of 5G network helps in increasing the adoption of robotics for various industrial purposes, which will subsequently increase the demand for wire rods to construct 5G infrastructure for uninterrupted communication and data transfer. Therefore, the growing demand for 5G is expected to create lucrative opportunities for the Asia Pacific wire rod market during the forecast period.
On the contrary, rising demand for fiber optic cables hurdles the growth of Asia Pacific wire rod market.
Based on material, the Asia Pacific wire rod market is bifurcated into copper and aluminium. The copper segment held 56.7% share of Asia Pacific wire rod market in 2022, amassing US$ 369.90 million. It is projected to garner US$ 415.51 million by 2028 to expand at 2.0% CAGR during 2022–2028.
Based on industry, the Asia Pacific wire rod market is segmented into telecommunication, power, aviation, automotive, and others. The telecommunication segment held 31.8% share of Asia Pacific wire rod market in 2022, amassing US$ 207.85 million. It is projected to garner US$ 254.95 million by 2028 to expand at 3.5% CAGR during 2022–2028.
Based on country, the Asia Pacific wire rod market has been categorized into China, India, Japan, South Korea, Australia, and the rest of Asia Pacific. Our regional analysis states that China captured 33.0% share of Asia Pacific wire rod market in 2022. It was assessed at US$ 215.56 million in 2022 and is likely to hit US$ 283.97 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Key players dominating the Asia Pacific wire rod market are Alcoa Corp, APAR Industries Ltd, Elcowire Group AB, Hindalco Industries Ltd, Mitsubishi Materials Trading Corp, Norsk Hydro ASA, Sumitomo Electric Industries Ltd, United Co RUSAL Plc, Vedanta Aluminium and Power Ltd, and Vimetco NV among others.
- In 2023, Vedanta Aluminium launches 12 mm Aluminium Wire Rod for the electrical industry at International Aluminium Conference (IAC).
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com