Top 5 trends driving global aluminum wire market expansion

10:31 AM, 11th January 2021
Surging consumer expenditure on electrical appliances and automotive vehicles on account of shifting preference towards lightweight products would augment aluminum wire market expansion in the forthcoming years.

Aluminum wire is broadly utilized in electrical wiring, grid transmission and power distribution networks. The greater conductivity of these wires than copper allows its higher adoption for wiring in commercial buildings, residences, appliances, aircraft and others.

Surging consumer expenditure on electrical appliances and automotive vehicles on account of shifting preference towards lightweight products would augment aluminum wire market expansion in the forthcoming years. Reportedly, the production of cars in the US rose to 2.25 million units in November from 2.22 million units in October 2020. Increasing production of automobiles is expected to boost the demand for energy-efficient wires.

According to a Global Market Insights, Inc., forecast, global aluminum wire market size will surpass $65 billion by 2024. Below stated are some key aspects of aluminum wires complementing its adoption in various applications.

Robust demand for automotive and electrical applications

The escalating demand for diverse and high-quality wires for automotive and electrical applications is expected to expand aluminum wire industry size in the upcoming years. Advancements in automobiles including utilization of sophisticated technology to curb carbon emission, improving driving dynamics and enhanced fuel efficiency will influence applications of material in vehicles. Also, growing investment to enhance electric power infrastructure would foster industry expansion significantly, for accommodating the EV trend.

Applications in coil winding and electrical usage

Enameled round aluminum wire is extensively used in coil winding and electrical conductors. These coils are largely deployed in refrigerators, generators, and other electrical devices to amplify and transmit electricity. Notably, the enameled round aluminum wire industry share is estimated to exceed $36.5 billion by 2024. The robust quality of the product eliminates the risk of spark which could cause catastrophic consequences in electronic goods, resulting in higher product demand.

Browse key industry insights are spread across 220 pages with 194 market data tables and 42 figures & charts from the report, “Aluminum Wire market size by product (enameled, paper insulated, fiber glass insulated, Nomex insulated, mica insulated, cotton insulated), by application (automobile, circuit breakers, switches & meters, home electrical appliances, motors, rotating machine, transformers, shipping), industry analysis report, regional outlook, application potential, price trends, competitive market share & forecast, 2018 – 2024,” in detail along with the table of contents: https://www.gminsights.com/request-sample/detail/2937

Growing usage in transformers

Aluminum wires are extensively utilized to make transformers, which play an important role in transmitting electricity to the other parts where it is required. The demand for aluminum wire for applications in transformers is projected to witness considerable growth at over 3.5 percent through 2024. Exceptional characteristics including superior heat resistance, transformer oil repellent, and lightweight design of the product will positively influence its high adoption in electrical applications.

Robust demand from motors and reactors

Fiberglass insulated aluminum wire industry share accounted for over $2.5 billion in 2017. The product is broadly utilized in motors, reactors, and transformers for winding application. The incorporation of woven tape cover in these wires provides superior insulation and several other benefits including dielectric strength, resistance to abrasion, and high thermal stability, result in height demand for the product.

Infrastructure development investments

North America aluminum wire industry share, dominated by the US, was more than $3.5 billion in 2017. Product utilization in infrastructure for electricity transmission is considered to be safe for residential electrical wiring. Additionally, the oxide film properties of the product possess high tensile strength.

Led by Germany, Spain, France, and the UK, the Europe aluminum wire industry is estimated to grow significantly at more than 3 percent CAGR up to 2024. Rising trend of green building concept in the region will offer a robust application potential to the product, which includes in roofing systems, curtain walling, and window frames.

Asia Pacific aluminum wire industry dominated by India, Japan, and China will exceed $30 billion by 2024. Robust infrastructure development in the region including the construction of hospitals, schools, government accommodation, defense bases and others will accelerate product demand for the effective supply of electricity.

Leading companies providing aluminum wires worldwide include Nexans, Vimlesh Industries, Axon Cable and Southwire Company, among many others.

The ongoing crisis of the COVID-19 pandemic has substantially hampered global economic growth. The restriction on all types of construction and manufacturing activities imposed by the authorities due to the worldwide lockdown may have slightly impeded the aluminum wire market forecast. However, the recommencement of industrial activities post-lockdown is expected to boost product demand in the coming years.

© Worldofchemicals News

Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com

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