Global Wire Rods Market – Introduction
- 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
Global Wire Rods Market – Research Scope
Global Wire Rods Market, by Material
- Carbon Steel
- Others (Copper etc.)
Global Wire Rods Market, by Size (mm)
- Below 10 mm
- 10 – 20 mm
- 20 – 30 mm
- 30 – 40 mm
- Above 40 mm
Global Wire Rods Market, by Application
- Industrial Manufacturing
- Power & Energy
- Others (Automotive etc.)
Global Wire Rods Market, by Distribution Channel
- Direct Sales
- Indirect Sales
Global Wire Rods Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.