An increase in the need for the production of lightweight vehicles is significantly driving the demand for the Aluminum Wire market.
Aluminum Wire Market Size – USD 53.06 Billion in 2019, Growth - CAGR of 3.3%, Trends – High demand from developing nations.
The global Aluminum Wire market is forecasted to reach USD 69.06 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand from the home electrical appliances, as well as the growth of the commercial, residential, and industrial sectors. However, copper wires act as a substitute in replacing the aluminum wires, owing to properties including high elasticity and high electrical conductivity, making them desirable for a variety of applications, thereby hampering the demand of the market.
Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of commercial and residential sectors over a broad aspect, thus, augmenting the demand for the market product. Moreover, the limitation of aluminum wire, which comprises the oxidation of aluminum, creating a surface coating which leads to excess heating resulting in fire hazard conditions, represents a significant challenge in the market.
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Further key findings from the report suggest
- Based on grade, Alloy grade is expected to grow with a CAGR of 3.4% over the forecast period, due to an offering of better conductivity, and bending ability, thereby making it appropriate to use for a variety of applications.
- Fiberglass insulated product has higher thermal stability and abrasion resistance making it suitable to be used for windings of generators, thus driving the demand for the Aluminum Wire market. The fiberglass insulated product expected to grow with a CAGR of 4.8% for the forecasted period.
- The home electrical appliance is the major contributor for the Aluminum Wire market and is forecasted to grow at a rate of 2.9% in the forecast period. The home electrical appliance sector of the Asia Pacific region is the major shareholder of the Aluminum Wire market, holding around 23.0% of the market in comparison to the divisions of other areas for the year 2019.
- The Asia Pacific dominated the market for Aluminum Wire. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region held approximately 43.0% of the Aluminum Wire market, followed by North America, which held around 31.0% market by area in the year 2019.
- Key participants include General Cable Technologies Corporation, Priority Wire Cable Inc., Southwire Company, Trefinasa, Norsk Hydro ASA, Novametal Group, Termomecanica, Nexans, Axon Cable, Vedanta Limited, among others.
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Market Segmentation:
Grade Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Electrical
- Alloy
- Mechanical
Product Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Enameled
- Paper Insulated
- Fiber Glass Insulated
- Nomex Insulated
- Mica Insulated
- Cotton Insulated
Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Automobile
- Circuit Breakers
- Switches Meters
- Home Electrical Appliances
- Motors
- Rotating machine
- Transformers
- Shipping
Regional Outlook:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of MEA
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Key questions covered in the global Aluminum Wire Market report:
- What is the expected market size of the global Aluminum Wire Market during the forecast period?
- What factors are expected to hamper global Aluminum Wire Market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Aluminum Wire Market?
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