Report : South 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 2.6% CAGR, the South America Wire Rod Market is speculated to be worth US$ 147.42 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the South America wire rod market was valued at US$ 126.08 million in 2022 and is expected to reach US$ 147.42 million by 2028, registering a CAGR of 2.6% 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 South America wire rod market expansion.

With constant developments, the automotive industry is witnessing an upward trend. The industry is getting inclined toward using aluminum because of its intrinsic properties. Both passenger and commercial vehicle manufacturers are utilizing aluminum. As aluminum is a lightweight material known for improving performance, the demand for the same is rising. Also, owing to its versatile, durable, and corrosion resistance characteristic, the demand for aluminum is expanding. At present, aluminum is a second used metal in vehicles and predicted to be the fastest growing. Growth in aluminum depicts metal prominence in the automobile manufacturing. Pertaining to changing consumer consciousness toward tightening of emission norms and sustainability, an upward trend is witnessed in aluminum usage among the vehicles including hybrids, internal combustion engine (ICE) vehicles, and battery electric vehicles (BEVs). As major proportion (more than 60%) of aluminum production is used for producing wire rods, the inclination toward manufacturing aluminum wire rods will rise. Also, coupled with rising demand for cars, aluminum wire rods are projected to grow at a faster CAGR during the forecast period. For applications such as electrical wiring, the demand for aluminum-based products (wires) is rising. Therefore, with growing demand of wires in automotive, production of aluminum wire rods will also penetrate.

On the contrary, rising demand for fiber optic cables hurdles the growth of South America wire rod market.    

Based on material, the South America wire rod market is bifurcated into copper and aluminium.  The copper segment held 56.2% share of South America wire rod market in 2022, amassing US$ 70.80 million. It is projected to garner US$ 78.02 million by 2028 to expand at 1.6% CAGR during 2022–2028.

Based on industry, the South America wire rod market is segmented into telecommunication, power, aviation, automotive, and others. The telecommunication segment held 33.1% share of South America wire rod market in 2022, amassing US$ 41.69 million. It is projected to garner US$ 47.27 million by 2028 to expand at 2.1% CAGR during 2022–2028.

Based on country, the South America wire rod market has been categorized into Brazil, Argentina, Peru, Chile, and the rest of South America. Our regional analysis states that Chile captured 39.6% share of South America wire rod market in 2022. It was assessed at US$ 49.92 million in 2022 and is likely to hit US$ 58.53 million by 2028, exhibiting a CAGR of 2.7% during the forecast period.

Key players dominating the South 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, and Vimetco NV among others.

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