North America Wire Rod Market

The North America wire rod market is expected to grow from US$ 328.72 million in 2022 to US$ 379.55 million by 2028. It is estimated to grow at a CAGR of 2.4% from 2022 to 2028.

Growing Investments in Electric Power Transmission and Distribution is Fuelling North America Wire Rod

Market

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.

In November 2022, the US Department of Energy (DOE) announced an investment of US$ 13 billion in supporting the upgradation and expansion of the US electric grid. The US government will provide this funding under the Grid Resilience Innovative Partnership (GRIP) Programme, the Transmission Facilitation Programme, and President Joe Biden’s Bipartisan Infrastructure Law. Through this funding, the US government aims to increase the reliability of power grids by building transformative projects.  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 North America wire rod market.

North America Wire Rod Market Overview

The North America wire rod market is segmented into the US, Canada, and Mexico. The market growth in this region is attributed to the increasing demand for wire rods in automotive applications. According to the American Automotive Policy Council (AAPC), the automotive industry in the US accounts for ~3% of the country's GDP. Wire rods, particularly aluminum wire rods, are used in precision parts during automotive manufacturing. As they are lightweight yet durable in nature, there is an increasing need for these rods in the manufacturing of different vehicles such as cars and trucks. In addition, copper wire rods are used in the manufacturing of high-efficiency bar-wound electric motors. Further, these wire rods can be drawn into various wires, cables, and flat wires, which are used in automobiles for electricity conduction, data transfer, and robust connectivity. Thus, all these applications of wire rods in vehicle manufacturing are increasing the demand in North America. Moreover, the changing preference for electric vehicles and autonomous vehicles to decrease the carbon emission caused by the fuel-based vehicles is expected to increase the demand for wire rods in the market. In addition, several government authorities have taken various initiatives to promote the adoption of electric vehicles in the region. Several US states have implemented financial incentives, which include tax credits, rebates, and registration fee reductions to promote electric vehicle adoption. For instance, Colorado government offered a US$ 4,000 tax credit through 2021 on the purchase of a light-duty electric vehicle. Similarly, Connecticut government allows for a reduced biennial vehicle registration fee of US$ 38 for electric vehicles. Thus, growing government initiatives in the region are increasing the demand for electric vehicles, further boosting the growth of the North America wire rod market.

North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)

North America Wire Rod Strategic Insights

Strategic insights for the North America Wire Rod provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Wire Rod Report Scope

North America Wire Rod Regional Insights

The geographic scope of the North America Wire Rod refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

North America Wire Rod Market Segmentation   

The North America wire rod market is segmented into material, industry, and country.   

Based on material, the North America wire rod market is bifurcated into copper and aluminium.  The copper segment held a larger share of the North America wire rod market in 2022.

Based on industry, the North America wire rod market is segmented into telecommunication, power, aviation, automotive, and others. The telecommunication segment held the largest share of the North America wire rod market in 2022.

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 dominated the North America wire rod market in 2022.

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 are the leading companies operating in the North America wire rod market.