ALBANY, New York, Feb. 24, 2020 /PRNewswire/ -- Transparency Market Research has been following the developments in the global brass rods market. According to the research report, the brass rods market is growing at a pace of ~3% CAGR for the forecast period ranging from 2019 to 2027. Given the rate of growth, the market valuation is expected to rise up to ~US$10 bn by the end of 2027.
"The companies in the global brass rod market are now capitalizing on the growing trend of aesthetic interior design to provide quality products. An emerging trend in the market is of 'metal of choice' preferred by lighting designers. Moreover, increasing popularity of brass as visually appealing golden metal in variety of lighting applications is also helping to push the growth of the global market.", notes TMR analyst.
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Key Findings in the Research Report:
- The global brass rods market can be broadly segmented in terms of type of product, grade, end use, and region.
- In terms of type of product, the global market has been primarily dominated by the segment of extruded rods. The growth of the segment is attributed to the broad range of applications in the fields of electrical & electronic components and plumbing fittings.
- Based on grade, the segment of free cutting brass rods accounted for a majority share in 2018. This domination is due to its cost effectiveness and ease of manufacturing.
- Based on end use, the segment of plumbing fittings accounted for the largest share in the global brass rods market in 2018.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Brass Rods Market by Grade: Free-cutting Brass Rods, Forging Brass Rods, High-tensile Brass Rods, Naval Brass Rods, and Others; Product Type: Extruded Rods and Hollow Rods; and End Use: Industrial Machinery, Automotive, Electrical & Electronics, Plumbing Fittings, and Others, Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/brass-rods-market.html
Global Brass Rods Market – Prominent Growth Drivers
There are numerous factors that are helping to fuel the development of the global brass rods market. Some of the prominent growth drivers are mentioned below:
- One of the most prominent driving factor for the market growth has been the number of benefits these products offer. Brass rods are excellent material characteristics such as high durability, high strength, low weight, ability to endure higher temperatures, and corrosion resistance. Moreover, they are extremely cost efficient as compared to copper. Such benefits are thus driving the growth of the global market.
- Another important driving factor for the growth of the global brass rods market is its wide range of applications.
- Brass rods are now being widely used as fitting components in residential as well as commercial infrastructure establishments. Their high malleability and thermal properties make them ideal for such application. This is also projected to improve the sales of the products and contribute in overall market growth.
- Brass is a mixture of copper and zinc and thus possess excellent material characteristics similar to the parent elements. It makes brass a preferred element for producing plumbing component as it does not lose it thermal and chemical properties during the recycling.
- In several developing countries, vast amounts of investments are being poured in for the expansion and growth of their respective construction sector. This is expected to have a highly positive impact on the overall development of the global brass rods market.
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Global Brass Rods Market – Prominent Restraining Factors
Even though the market is expected to have a positive growth outlook, there are some factors that might slow down the process and may prevent it from reaching its estimated potential. Some of the key restraining factors for the growth of the global brass rods market are given below:
- One of the key restraining factors for market growth is the constant fluctuation in the prices of raw materials.
- Another important fact that may slow down the growth of the brass rods market is the easy availability of substitutes such as PEX-based plumbing materials, CPVC, and PVC materials among others.
Global Brass Rods Market – Geographical Outlook
- Asia Pacific accounted for the largest share in the global market for brass rods in 2018. The growth of the regional segment is attributed to increasing demand for brass rods in electrical and plumbing applications.
- Moreover, the growth of the regional market is also high due to the flourishing industrial as well as residential infrastructure in emerging economies such as India, Indonesia, and China.
- North America and Europe markets are also expected to have a positive growth curve in the coming years of the forecast period.
Analyze Brass Rods market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Brass Rods Market – Competitive Landscape
The vendor landscape of the global market is fragmented because of the presence of large pool of well-established brands. The companies in the global market are focusing cutting down the production costs and optimizing their operations in order to gain a competitive advantage of their rivals.
Some of the key players 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.
Global Brass Rods Market: Segmentation
Brass Rods Market, by Product Type
- Extruded Rods
- Hollow Rods
Brass Rods Market, by Grade
- Free-cutting Brass Rods
- Forging Brass Rods
- High-tensile Brass Rods
- Naval Brass Rods
- Others (including Leaded Copper and Arsenical Copper)
Brass Rods Market, by End Use
- Industrial Machinery
- Electrical & Electronics
- Plumbing Fittings
- Others (including Forging)
Brass Rods Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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