Report : Europe 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 3.0% CAGR, the Europe Wire Rod Market is speculated to be worth US$ 555.14 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the Europe wire rod market was valued at US$ 464.31 million in 2022 and is expected to reach US$ 555.14 million by 2028, registering a CAGR of 3.0% 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 Europe wire rod market expansion.
The growing urbanization and digitization across the region 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 across the region. Subsequently, governments of various countries have increased their investments in the power & energy sector. Further, government bodies of various countries are increasing its investments in various renewable energy power generation systems to minimize the dependency on fossil fuels. Several governments are taking a step toward its aim of net-zero emissions by 2050. As aluminum provides unmatched corrosion resistance, durability, and lightweight strength, the material is broadly utilized to make renewable energy platforms such as wind turbines and solar panels. Aluminum is a solely used material in solar photovoltaic applications. As per the Aluminum Association, the metal holds over 85% of the most solar PV components beginning from frames to panels. Such huge penetration of metals in solar panels for clean energy is enduring toward the rise in aluminum, and thereby driving the market growth. Therefore, such investments in the upgradation or installation of power grids raise the demand for wire rods for an efficient supply of electricity. The growing investments in the transmission and distribution systems of electricity further fuel the growth of the Europe wire rod market.
On the contrary, rising demand for fiber optic cables hurdles the growth of Europe wire rod market.
Based on material, the Europe wire rod market is bifurcated into copper and aluminium. The copper segment held 56.1% share of Europe wire rod market in 2022, amassing US$ 260.38 million. It is projected to garner US$ 290.59 million by 2028 to expand at 1.8% CAGR during 2022–2028.
Based on industry, the Europe wire rod market is segmented into telecommunication, power, aviation, automotive, and others. The telecommunication segment held 32.4% share of Europe wire rod market in 2022, amassing US$ 150.36 million. It is projected to garner US$ 174.56 million by 2028 to expand at 2.5% CAGR during 2022–2028.
Based on country, the Europe wire rod market has been categorized into the UK, Germany, France, Italy, Spain, and the rest of Europe. Our regional analysis states that Russia captured 30.6% share of Europe wire rod market in 2022. It was assessed at US$ 142.01 million in 2022 and is likely to hit US$ 174.48 million by 2028, exhibiting a CAGR of 3.5% during the forecast period.
Key players dominating the Europe 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