A report by Global Market Insights Inc., forecast that the worldwide aluminum wire market would account for USD 65 million by the end of 2024, given the expansive product applications.
Aluminum wire market has been witnessing tremendous gains of late owing to an increased consumer spending on automotive vehicles and other electrical appliances in lieu of the mounting awareness pertaining to the surging demand for lightweight products. Proliferation of advanced technologies in order to reduce the emission levels, enhance the driving dynamics of vehicle, increase fuel efficiency is also likely to drive the aluminum wire market dynamics in the upcoming years.
The energy sector has also been using these products in transformer applications, thus favoring the market expansion over the forthcoming years. Speaking on similar lines, it has been predicted that transformer applications are set to record massive proceeds from aluminum wire market attributing to the product’s robust properties like high heat resistance, resistance to transformer oil, and lightweight designs. As per estimates, the transformer application segment is predicted to display a CAGR of 3.5 per cent through 2024. More so, slating investments in electric power infrastructure would also support the extensively rising growth curve of aluminum wire market.
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Above that, aluminum wire is extensively being used for electrical wiring and in grid transmission and distribution networks perhaps ascribing to its superior conductivity compared to copper supporting use for wiring in residences, aircrafts, appliances, and commercial buildings.
Expansive product spectrum to drive aluminum wire market
Aluminum wire market has been characterized by a robust product gamut encompassing enameled round aluminum wire, nomex insulated aluminum wire, fiber glass insulated aluminum wire, and others. As per the report, enameled round aluminum wire market is projected to record a remuneration of USD 36.5 billion by 2024, considering its heightened use in electrical conductor and coil windings. Meanwhile, nomex insulated aluminum wire market is also set to register prolific gains of 3 per cent over 2018-2024. The growth comes from product’s application in dry transformer and military cables by virtue of its ability to withstand a temperature above 2000 Celsius. The product holds compatibility with a variety of transformer liquid and lubricant oil coolants.
On the contrary, the fiber glass product segment, which held a sizeable business share of USD 2.5 billion 2017 in the global aluminum wire market, is also set to emerge as a remunerative vertical for the industry in the years ahead. This can aptly be credited to the product’s deployment in woven tape which is largely used in transformers, motors, and reactors to offer effective insulation and other superior properties like resistance to abrasion, impressive thermal stability, and dielectric strength.
Unveiling the geographical trends across aluminum wire market
Amidst the intense share battle, North America is expected to stand tall as a lucrative growth ground for aluminum wire industry. For the records, North America aluminum wire market was valued at USD 3.5 billion in 2017 and is further poised to accrue noticeable gains in the upcoming years. One of the fundamental reasons behind this propelling growth is the increasing demand for advanced infrastructure supporting the use of these products for electricity transmission and in residential electrical wiring.
On the other hand, Europe would exhibit a CAGR of 3 per cent through 2024, perhaps due to the burgeoning demand for green building concept deploying aluminum wires for roofing systems, curtain walling, and window frames that offer supreme insulation across various domains.
Across the regional belt, Asia Pacific is also projected to stand as an investment hotbed for aluminum wire industry on accounts of the expanding construction projects in the region. It has been reported that the region, chiefly led by India, China, and Japan, would exceed a valuation of USD 30 billion over the foreseeable time frame. What has driven the use of aluminum wire across construction industries is the product’s light weight nature which makes it easier to transport, unload, and cross-cut.
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COVID-19 pandemic might hamper the escalating aluminum wire sales
Recent outbreak of COVID-19 has brought about a severe disruption to the global economy while laying negative impact to most of the businesses. It does not come as a surprise that; the pandemic outbreak has nearly paralyzed the automotive industry along with denting the construction industry die to enforcement of strict lockdown regulations in various nations.
Given that both of the above mentioned industries have been laying positive impact on the aluminum wire sales, COVID-19 stands as an obstruction in the growth path, thus resulting in market expansion slowdown.
However, post stabilization, the global aluminum wire market is set to record phenomenal returns as soon as construction and automotive industries get back on the growth track.
About Global Market Insights:
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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