The scope of our recent study on the "Iron Chromium Aluminum Alloy Wire Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by application (Electronic Appliances, Aerospace, Industrial Furnaces, Metallurgical and Machinery, and Others)" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The iron chromium aluminum alloy wire market was valued at US$ 380.47 million in 2022 and is projected to reach US$ 509.61 million by 2028; it is expected to register a CAGR of 5.0% from 2022 to 2028.
Many application sectors, such as industrial furnaces, electronics, metallurgy, and machinery, increasingly adopt iron chromium aluminum alloy wires. Electronics, construction, automotive, and metal & mining are among the rapidly growing industries in India. The vast resources of various metallic and nonmetallic minerals in India serve as a foundation for expanding and advancing the country's mining industry. India is largely self-sufficient in metallic minerals, including bauxite, chromites, iron ore, and lignite, and mineral fuels such as coal and lignite. The metals & mining industry in India has the potential to significantly impact the country's gross domestic product (GDP) and foreign exchange earnings. This gives the country a competitive edge by obtaining essential raw materials at reasonable rates. Rise in infrastructure development and growth of the power and cement industries are aiding the country's metals & mining sector. India's government has also recently adopted various initiatives for the growth of the metals & mining sector. In November 2022, the government of India removed export duties on steel and stainless steel to strengthen the country's steel sector and establish its position in the global market.
The automotive industry in Brazil is growing rapidly due to the foreign investments made by some of the largest automobile producers across the world. Additionally, Brazil is one of the largest producers of iron ore, manganese, tantalite, and bauxite. Other important minerals from the Brazilian mining sector include gold, kaolin, nickel, coal, and phosphates. According to the International Trade Administration, the revenue of the mining sector in Brazil increased in 2021. Therefore, the increasing industrialization in developing countries such as India and Brazil is expected to boost the iron chromium aluminum alloy wire market growth during the forecast period.
Impact of COVID-19 Pandemic on Iron Chromium Aluminum Alloy Wire Market
The global economy was hit hard due to the COVID-19 pandemic. Governments of various regions had taken possible steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of manufacturing sectors. The chemicals & materials industry faced challenges in procuring raw materials. Moreover, supply constraints significantly raised the raw material costs of iron chromium aluminum alloy wire. The COVID-19 pandemic significantly impacted glass, ceramics, and metallurgy industries across the globe, with a decline in the production process. However, the iron chromium aluminum alloy wire market has recovered due to the rising demand for industrial furnaces in manufacturing industries.
The report includes the segmentation of the global iron chromium aluminum alloy wire market as follows:
On the basis of application, the global iron chromium aluminum alloy wire market is segmented into electronic appliances, aerospace, industrial furnaces, metallurgical and machinery, and others. By geography, the global iron chromium aluminum alloy wire market is broadly segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global iron chromium aluminum alloy wire market in North America is further segmented into the US, Canada, and Mexico. The global iron chromium aluminum alloy wire market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global iron chromium aluminum alloy wire market in Asia Pacific is analyzed on the basis of China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and Rest of MEA. The global iron chromium aluminum alloy wire market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.
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