Brass Rods Market: Introduction
In terms of value, the global brass rods market is anticipated to expand at a CAGR of ~3% from 2019 to 2027. Brass rods are employed in various applications due to the excellent material properties of brass such as high thermal resistivity and excellent malleability. Furthermore, thermal and electrical properties of brass do not change after recycling. Thus, brass rods are preferred over their alternatives. In terms of product type, the extruded rods segment accounted for key share of the global brass rods market in 2018, owing to the ease of production and wide range of applications of extruded rods in various end-use industries such as construction and electrical & electronics industries.
In terms of end use, the plumbing fittings segment held major share of the global brass rods market in 2018. The brass rods market in Asia Pacific is estimated to expand at a CAGR of 3.5% during the forecast period, led by the rise in demand for brass rods in the construction industry in the region. Development of lead-free brass rods is estimated to offer lucrative opportunities for brass rods manufacturers, owing to the rise in popularity of lead-free materials, primarily in developed countries of North America and Europe, to curb the harmful effects of lead on the environment. However, the presence of strong substitutes such as polyvinyl chloride (PVC), compounded polyvinyl chloride (CPVC), and polyethylene (PEX) in plumbing applications; and fluctuation in prices of raw materials of brass rods owing to volatile supply scenario of copper and zinc metal are estimated to hamper the global brass rods market during the forecast period.
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Free-cutting Brass Rods to Witness High Demand
In terms of grade, the free-cutting brass rods segment led the global brass rods market in 2018 due to its ease of production and excellent machinability. Free-cutting brass rods are cost effective and can be employed in a wide range of applications such as precision hardware, electronics parts, and automotive parts. Expansion in end-use industries, primarily in developing countries such as China, India, and Brazil, is anticipated to augment the demand for construction components such as hardware and electrical components. This, in turn, is projected to fuel the demand for free-cutting brass rods during the forecast period.
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Asia Pacific to be Highly Lucrative Region
In terms of volume, Asia Pacific constituted prominent share of the global brass rods market in 2018. Key share of the market can be ascribed to the increase in demand for plumbing fitting components due to expansion in the construction industry in the region. Significant increase in demand for construction components owing to rapid infrastructure developments in China, India, and ASEAN countries is driving the demand for brass rods in Asia Pacific. Rise in electrification in rural parts of countries such as China, India, and Indonesia due to governmental initiatives has augmented the demand for brass materials in the region. This, in turn, is anticipated to fuel the demand for brass rods in electrical & electronics applications during the forecast period.
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The global brass rods market is fragmented with the presence of large numbers of global and local players. The tier 1 group of companies constituted around 45% to 50% share of the global brass rods market in 2018. These companies are adopting strategies such as mergers & acquisitions of prominent local players to increase their share in the global market. For instance, Wieland Group completed the acquisition of Global Brass and Copper Holdings, Inc. (GBC) in April 2019.
Prominent players operating in the global brass rods market are Mueller Industries, Inc., Hailiang Group, Wieland Group, Mitsubishi Shindoh Co. Ltd., Kobe Steel, Ltd., KME Germany GmbH & Co. KG, Tongling Nonferrous Metals Group Holding Co., Ltd, Poongsan America Corporation, Variety Metals Pvt Ltd, Hi-Tech Extrusion LLP, and Gold Metal Extrusion
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