Report : North America 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 2.4% CAGR, the North America Wire Rod Market is speculated to be worth US$ 379.55 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the North America wire rod market was valued at US$ 328.72 million in 2022 and is expected to reach US$ 379.55 million by 2028, registering a CAGR of 2.4% 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 North America wire rod market expansion.
The construction projects of commercial, industrial, and residential buildings are growing across the region, majorly in developing countries. 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. This growth is attributed to the increasing demand for houses due to sustained employment and record-low interest rates, and surging government programs 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. Moreover, strong economic conditions witness a rise in construction buildings. The region 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. 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 North America wire rod market growth.
On the contrary, rising demand for fiber optic cables hurdles the growth of North America wire rod market.
Based on material, the North America wire rod market is bifurcated into copper and aluminium. The copper segment held 57.4% share of North America wire rod market in 2022, amassing US$ 188.71 million. It is projected to garner US$ 203.88 million by 2028 to expand at 1.3% CAGR during 2022–2028.
Based on industry, the North America wire rod market is segmented into telecommunication, power, aviation, automotive, and others. The telecommunication segment held 33.5% share of North America wire rod market in 2022, amassing US$ 110.01 million. It is projected to garner US$ 123.53 million by 2028 to expand at 1.9% CAGR during 2022–2028.
Based on country, the North America wire rod market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 72.9% share of North America wire rod market in 2022. It was assessed at US$ 239.80 million in 2022 and is likely to hit US$ 280.87 million by 2028, exhibiting a CAGR of 2.7% during the forecast period.
Key players dominating the North America 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).
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