- A wire rod is a long steel product produced by hot rolling billets on continuous rolling mills. It has a round cross-section and is wound up in coils. Wire rods undergo long processing such as heat treatment and wire drawing to take the end-product shape. As years progress, manufacturers are increasingly working on reducing the processing cost involved in this long processing of wire rods. Wire rods are made from material such as carbon steel, aluminum, and copper etc. The wire rods are correctly handled by specific handling and slinging equipment such as cross bars, chain slings, webbing slings, and C hooks to avoid damages. Manufacturers focus on producing these wire rods with high dimensional quality and precision. Additionally, players focus on latest technologies to assure high degree of thermodynamic properties, to achieve finer quality in production.
Rapid increase in construction and infrastructure development activities in developing economies projected to be a driver for the wire rods market
- Rise in usage of wire rods in construction and infrastructure development activities in developing economies such as China, India, and various other Southeast Asian countries is anticipated to be a driving factor for the wire rods market during the forecasted timeline. Furthermore, increase in usage of wire rods in industrial manufacturing, aviation, and the automotive sector etc. is also anticipated to be a driving factor for the market.
Rise in usage of wire rods in different application areas projected to be an opportunity for manufacturers and suppliers
- Increase in usage of wire rods in different application areas is projected to be an opportunity for manufacturers and distributors of wire rods. Cold drawing, cold forming, welding, and spring applications are the prime application areas were wire rods are used. These rods are majorly used for making bolts, nuts, or screws and widely used in automobile parts and industrial machines. The wire rod is produced by closely controlled manufacturing practices.
Asia Pacific Considered the Largest Market for Wire Rods
- Geographically, the global wire rods market can be divided into five regions: North America, Europe , Asia Pacific, Middle East & Africa, and South America
- Asia Pacific accounted for major share of the global wire rods market in the year 2020. The market in Asia Pacific is anticipated to grow at a significant rate during the forecast period due to rising construction and infrastructure development activities. Demand for wire rods is projected to surge in China, India, Japan, and other Southeast Asian countries.
- The market in North America is anticipated to expand at a moderate growth rate during the forecast period due to rise in usage of wire rods in different applications such as cold drawing, cold forming, welding, and spring applications in the U.S., Canada, and Mexico. This is projected to surge the demand for wire rods in the North America region.
Key Players Operating in the Wire Rods Market
Prominent wire rods companies are projected to face tough competition during the forecast period. Manufacturing companies such as ArcelorMittal S.A., EVRAZ plc, RIVA FORNI ELETTRICI S.p.A., Southwire Company, LLC, and JSW are investing heavily on expansion of their distribution network and launching a new range of wire rods in the market. Some of the key players operating in the global wire rods market include:
- ArcelorMittal S.A.
- EVRAZ plc
- Kaiser Aluminum
- NIPPON STEEL Stainless Steel Corporation
- Norsk Hydro ASA
- RIVA FORNI ELETTRICI S.p.A.
- Southwire Company, LLC
- Vimetco NV