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)
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 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.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
3.4 Sources and Parameters
4. North America Wire Rod Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Experts’ Opinions
5. North America Wire Rod Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Construction and Infrastructure Development Activities
5.1.2 Growing Investments in Electric Power Transmission and Distribution
5.2 Market Restraints
5.2.1 Rising Demand for Fiber Optic Cables
5.3 Market Opportunities
5.3.1 Evolving Telecommunication Industry
5.4 Future Trends
5.4.1 Strong Inclination Toward Aluminum
5.5 Impact Analysis of Drivers and Restraints
6. Wire Rod Market – North America Analysis
6.1 North America Wire Rod Market Overview
6.2 North America Wire Rod Market Revenue Forecast and Analysis
7. North America Wire Rod Market Analysis – By Material
7.1 Overview
7.2 North America Wire Rod Market, By Material (2021 And 2028)
7.3 Copper
7.3.1 Overview
7.3.2 Copper: Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
7.4 Aluminum
7.4.1 Overview
7.4.2 Aluminum: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8. North America Wire Rod Market Analysis – By Industry
8.1 Overview
8.2 North America Wire Rod Market, By Industry (2021 And 2028)
8.3 Telecommunication
8.3.1 Overview
8.3.2 Copper and Aluminum Telecommunication: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.3.2.1 Copper
8.3.2.1.1 Copper: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.3.2.2 Aluminum
8.3.2.2.1 Aluminum: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.4 Power
8.4.1 Overview
8.4.2 Copper and Aluminum Power: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.4.2.1 Copper
8.4.2.1.1 Copper: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.4.2.2 Aluminum
8.4.2.2.1 Aluminum: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.5 Aviation
8.5.1 Overview
8.5.2 Copper and Aluminum Aviation: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.5.2.1 Copper
8.5.2.1.1 Copper: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.5.2.2 Aluminum
8.5.2.2.1 Aluminum: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.6 Automotive
8.6.1 Overview
8.6.2 Copper and Automotive: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.6.2.1 Copper
8.6.2.1.1 Copper: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.6.2.2 Aluminum
8.6.2.2.1 Aluminum: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.7 Others
8.7.1 Overview
8.7.2 Copper and Aluminum Others: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.7.2.1 Copper
8.7.2.1.1 Copper: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
8.7.2.2 Aluminum
8.7.2.2.1 Aluminum: Wire Rod Market Revenue and Forecast To 2028 (US$ Million)
9. North America Wire Rod Market– Country Analysis
9.1 Overview
9.1.1 North America: Wire Rod Market, by Key Country (Copper and Aluminum)
9.1.1.1 US: Wire Rod Market – Revenue and Forecast to 2028 (US$ Million) (Copper and Aluminum)
9.1.1.1.1 US: Wire Rod Market, By Material
9.1.1.1.2 US: Wire Rod Market, By Industry
9.1.1.2 Canada: Wire Rod Market – Revenue and Forecast to 2028 (US$ Million) (Copper and Aluminum)
9.1.1.2.1 Canada: Wire Rod Market, By Material
9.1.1.2.2 Canada: Wire Rod Market, By Industry
9.1.1.3 Mexico: Wire Rod Market – Revenue and Forecast to 2028 (US$ Million) (Copper and Aluminum)
9.1.1.3.1 Mexico: Wire Rod Market, By Material
9.1.1.3.2 Mexico: Wire Rod Market, By Industry
10. Industry Landscape
10.1 Overview
10.2 Product Development
10.3 Mergers & Acquisitions
11. Company Profiles
11.1 Hindalco Industries Ltd
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Mitsubishi Materials Trading Corp
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 APAR Industries Ltd
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Vedanta Aluminium and Power Ltd
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 United Co RUSAL Plc
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Vimetco NV
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Sumitomo Electric Industries Ltd
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Norsk Hydro ASA
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Elcowire Group AB
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Alcoa Corp
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Table 2. US: Wire Rod Market, By Material – Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Wire Rod Market, By Industry (Copper and Aluminum)– Revenue and Forecast to 2028 (US$ Million)
Table 4. Canada: Wire Rod Market, By Material – Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: Wire Rod Market, By Industry (Copper and Aluminum)– Revenue and Forecast to 2028 (US$ Million)
Table 6. Mexico: Wire Rod Market, By Material – Revenue and Forecast to 2028 (US$ Million)
Table 7. Mexico: Wire Rod Market, By Industry (Copper and Aluminum)– Revenue and Forecast to 2028 (US$ Million)
Table 8. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Wire Rod Market Segmentation
Figure 2. North America Wire Rod Market Segmentation – By Country
Figure 3. North America Wire Rod Market Overview
Figure 4. North America Wire Rod Market, by Material
Figure 5. North America Wire Rod Market, by Country
Figure 6. North America – PEST Analysis
Figure 7. North America Wire Rod Market- Ecosystem Analysis
Figure 8. North America Wire Rod Market: Impact Analysis of Drivers and Restraints
Figure 9. North America Wire Rod Market Revenue Forecast and Analysis (US$ Million)
Figure 10. North America Wire Rod Market, By Material (2021 and 2028)
Figure 11. Copper: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 12. Aluminum: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America Wire Rod Market, By Industry (2021 and 2028)
Figure 14. Copper and Aluminum Telecommunication: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Copper: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Aluminum: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Copper and Aluminum Power: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Copper: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Aluminum: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Copper and Aluminum Aviation: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Copper: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Aluminum: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Copper and Automotive: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Copper: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. Aluminum: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 26. Copper and Aluminum Others: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 27. Copper: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. Aluminum: North America Wire Rod Market Revenue and Forecast to 2028 (US$ Million)
Figure 29. North America: Wire Rod Market, by Key Country – Revenue (2021) (US$ Million)
Figure 30. North America: Wire Rod Market Revenue Share, by Key Country (2021 and 2028)
Figure 31. US: Wire Rod Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Canada: Wire Rod Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Mexico: Wire Rod Market – Revenue and Forecast to 2028 (US$ Million)
- 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
- Vimetco NV