Brass Rod Market Expected to Reach USD 17.81 Billion By 2032

Posted 2023-09-13 13:12:55

Market Synopsis: The Brass Rod Market was valued at USD 13.42 Billion in 2022 and is projected to reach USD 17.81 Billion by 2032, growing at a CAGR of 3.2% during the forecast period. The market is being driven by the increasing demand for brass rods across various end-use industries, including automotive, construction, electrical, and electronics, owing to their exceptional strength, corrosion resistance, and malleability, making them suitable for a wide range of applications.

Moreover, the market is expected to witness steady growth due to the growing emphasis on environmentally friendly and sustainable practices in the manufacturing sector. Brass rods, with their low carbon footprint and 100% recyclability, are expected to experience increased demand in the coming years. The plumbing sector's rise in demand for brass rods, particularly for valves and pipe fittings, is another factor driving market growth.

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However, the demand for brass rods has experienced a decline due to supply chain disruptions caused by the COVID-19 outbreak and slowdowns in various industries. As economies recover and stabilize, the demand for brass rods is expected to rebound.

Attributes of Brass Rods: Brass rods are favored in multiple industries due to their outstanding strength, corrosion resistance, and malleability, making them a desirable material for various applications. However, fluctuating raw material prices, particularly copper and zinc, can impact manufacturing costs and potentially slow down market growth. The market is also highly competitive, which may lead to pricing competition affecting profitability. Additionally, the presence of substitutes such as steel and aluminum may influence the demand for brass rods, and the availability of cheaper alternatives can impact brass rod pricing.

Government Regulations: Various government regulations in different regions, such as restrictions on lead and cadmium content in brass rod products, play a significant role in shaping the market landscape. Compliance with environmental standards, such as the U.S. EPA's restrictions and the European Union's RoHS Directive, is crucial for manufacturers. Similarly, China has specific national standards for lead and cadmium content in brass rods. The UN's ILCM initiative also provides guidelines for responsible management of lead and cadmium in brass rod products.

Types of Brass Rods: The Brass Rod Market is segmented into Extruded Brass Rods, Cast Brass Rods, and Drawn Brass Rods based on product type. Among these, Extruded Brass Rods accounted for a substantial revenue share in 2021 due to their superior machinability, corrosion resistance, and durability, making them suitable for various applications in industries like plumbing fittings, industrial machinery, automobile parts, and electrical and electronic components. Cast Brass Rods are anticipated to experience considerable revenue growth during the projection period due to their widespread use in decorative items, works of art, sculptures, and various industrial applications. Drawn Brass Rods are also expected to experience moderate revenue growth, owing to their outstanding dimensional accuracy and surface smoothness, making them suitable for precision components, fasteners, screws, and pins.

End-Use Industries: The automotive, electrical and electronic, construction, industrial machinery, and other sectors constitute the major end-use industries in the global brass rod market. The construction industry held the highest revenue share in 2021 due to brass rods' exceptional properties, including high ductility, malleability, corrosion resistance, and thermal conductivity, making them vital in plumbing, electrical wiring, architectural details, hinges, door knobs, locks, and other hardware components. The automotive industry is expected to experience the fastest revenue growth during the projection period, driven by brass rods' use in electrical connectors, radiator cores, and engine parts for lightweight and fuel-efficient automobiles with reduced carbon emissions. The electrical and electronics sector also contributes significantly to market revenue, utilizing brass rods in electrical connectors, switches, and other components. The industrial machinery sector employs brass rods in applications like valves, pumps, and bearings to meet the demand for reliable and durable machinery components.

Regional Outlook: The market for brass rods is expected to grow significantly in different geographical regions, driven by specific factors in each area:

North America: The North American brass rod market is expected to post a high revenue CAGR during the forecast period, fueled by expanding infrastructure and construction sectors, particularly in the United States. Investments in infrastructure improvement and building renovation, along with the rise in renewable energy sources like solar and wind power, are expected to drive brass rod demand in the region.

Asia Pacific: The Asia Pacific region is anticipated to lead the brass rod market during the forecast period, with strong demand driven by expanding infrastructure and construction sectors in countries like China and India. The region's manufacturing and automotive sectors are also expected to boost demand for brass rods for various components. Availability of high-quality and reasonably priced brass rods in the area is likely to contribute to market growth.

Europe: The European brass rod market is expected to grow at a moderate rate, driven by the expanding automotive and construction industries, particularly in countries like Germany and the UK. The growing adoption of electric vehicles and sustainable building materials further contributes to the demand for brass rods in the region.

Competitive Landscape: Key players in the global brass rod market include Metal Gems (India), Harsh Steel, Hitachi Metals, Citizen Metalloys Ltd, Sarthak Metals, Hindustan Copper Limited, Metal Alloys Corporation, Metallica Industries, Bright Metals, and Mahavir Metal Corporation. Companies are focusing on strategic developments and new product launches to expand their market presence and cater to growing demands. For instance, Hitachi Metals announced investments in a copper and copper alloy production facility to meet rising demand in various industries, and Metal Gems (India) launched a new range of brass rods with improved properties.

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