PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1388964
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1388964
Wire Rods Market Assessment, By Grade, By Size, By End-use Industry, By Region, Opportunities, and Forecast, 2016-2030F
Global wire rods market size was recorded at 126.32 million tons in 2022, which is expected to grow to 153.91 million tons in 2030 with a CAGR of 2.5% during the forecast period between 2023 and 2030. The increase in transport production is driving the wire rod market growth. For instance, according to Airbus, a global aircraft manufacturer, the production of A330 aircraft reached 3 per month in 2022. The expansion of the building and construction projects at the global level is fostering the wire rods market. For instance, according to the recent data published by Invest India, a nodal government of India website, the Indian construction Industry will reach USD 1.4 trillion in 2025.
The increasing supply of wire rods to ensure sustainability targets and the bolstering construction activities are some of the key aspects driving the growth of the wire rods market. Likewise, the recent innovations related to wire rods to ensure superior product strength will create a favourable growth potential for the market growth in the long run.
The prominent elements, including the increasing carbon emission norms, the inclusion of low-emission materials, and the surging government regulations are propelling the adoption of wire rods such as low-carbon wire rods. In addition, the surging demand for affordable housing in developing economies, the expansion of commercial offices & increasing repair activities in airports & railway stations, and the rising investment in larger commercial complexes amplify the building & construction industry growth. Hence, the increase in sustainability norms and construction activities are spurring the demand for wire rods to ensure improved energy efficiency and superior cost-effectiveness, supplementing the market growth. Nevertheless, the fluctuations in the prices of raw materials vital for manufacturing wire rods are posing a major bottleneck for the market growth.
The Increasing Supply of Wire Rods to Ensure Sustainability Targets
Wire rods such as low carbon grade have minimum impurity contents to ensure efficient processing when further processed, with fast diameter minimization and related mechanical stress relieving. Moreover, the manufacturing of low-carbon-grade wire rods limits the worker's exposure to toxic chemicals. As a result, sustainable wire rods are ideal alternatives to fossil fuel-based wire rods. The wire rods with low carbon content are ideal for end-use industries such as building & construction, industrial manufacturing, and power & energy sectors. The global decarbonization norms are increasing due to factors such as rising government regulations in the developed economies, along with an increase in the global temperature rise.
For instance, in March 2023, C.D. Waelzholz GmbH+Co. KG, a Germany-based steel producer formed a strategic collaboration with Arcelor Mittal, a leading global wire steel manufacturer. Arcelor Mittal will supply low carbon wire rods to C.D. Waelzholz GmbH+Co. KG as part of the partnership. The primary focus of the supply partnership was to include low carbon emitting materials in the production of finished industrial products to ensure long-term sustainability targets. As a result, the supply of wire rods is increasing at the global level due to the rising adoption of greenhouse emission control targets, which is fostering the growth of the market.
Booming Construction Industry is Augmenting the Traction for Market Growth
The key technical properties associated with wire rods include a strength of 450 N/mm², superior durability, and higher durability. Henceforth, the adoption of wire rods is increasing in building & construction applications, including residential, commercial, industrial, and infrastructure. The increasing investment in educational institute buildings, the development of new airports, the rising construction of shopping malls in various regions, surging technological advancements to complete residential construction projects on time, and government schemes for cost-effective houses are some of the pivotal variables amplifying the growth of building & construction projects at the global level.
For illustration, as of October 2023, various commercial constructions at the global level such as Markisches Zentrum Redevelopment in Germany (project completion year 2024), Saya Status Shopping Mall in India (project completion year 2026), and the new terminal at Montreal Saint-Hubert Airport in Canada (project completion year 2025) are under various stages of construction. Likewise, according to the recent data published in the 2023 European Construction Industry Federation (FIEC) report, the investments in European Union housebuilding projects were valued at USD 576,826.5 million in 2022, showcasing a year-on-year growth rate of 2.2%. Therefore, the rise in building & construction activities is boosting the demand for wire rods to maintain superior cost-effectiveness, thereby spurring the market growth.
Prominent Share of the Asia-Pacific in the Market
The Asia-Pacific is among the key marketplaces for industries such as building & construction, industrial manufacturing, medical equipment, and transport. Since the above sectors are the major end-users of wire rods, the revenue advancement of the end-use industries is driving the growth of the wire rods market in the Asia-Pacific.
Impact of COVID-19
Impact of Russia Ukraine War
Key Players Landscape and Outlook
Table of Contents
1. Research Methodology
2. Project Scope & Definitions
3. Impact of COVID-19 on Wire Rods Market
4. Impact of Russia-Ukraine War
5. Executive Summary
6. Voice of Customer
- 6.1. Market Awareness and Product Information
- 6.2. Brand Awareness and Loyalty
- 6.3. Factors Considered in Purchase Decision
- 6.3.1. Brand Name
- 6.3.2. Quality
7. Wire Rods Market Outlook, 2016-2030F
8. Wire Rods Market Outlook, By Region, 2016-2030F
9. Supply Side Analysis
10. Market Mapping, 2022
11. Macro Environment and Industry Structure
12. Market Dynamics
13. Key Players Landscape
14. Pricing Analysis
15. Case Studies
16. Key Players Outlook
17. Strategic Recommendations
18. About Us & Disclaimer
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Wire Rods Market, By Value, in USD Billion, 2016-2030F
- Figure 2. Global Wire Rods Market, By Volume, in Million Tons, 2016-2030F
- Figure 3. Global Wire Rods Market Share, By Grade, in USD Billion, 2016-2030F
- Figure 4. Global Wire Rods Market Share, By Size, in USD Billion, 2016-2030F
- Figure 5. Global Wire Rods Market Share, By End-use Industry, in USD Billion, 2016-2030F
