The growing demand for aluminum wires in the automotive industry is expected to aid the expansion of the market, states Fortune Business Insights, in a report, titled “Aluminum Wire Market Size, Share and Industry Analysis, By Type (Enameled Paper Insulated, Fiber Glass Insulated, Nomex Insulated, Mica Insulated, Cotton Insulated), By Application (Automobile, Circuit Breakers, Switches and Meters, Home Electrical Appliances, Motors, Transformers) Others and Regional Forecast, 2021-2028.” The surging automotive industry is expected to enable growth during the forecast period.
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Need for Advanced Home Solutions to Augment Growth
The growing demand for advanced electrical fittings is expected to bolster the healthy growth of the market. The surging demand for electric vehicles is expected to spur opportunities for the market. Aluminum wires are used in electric vehicles or battery connectors to reduce vehicle weight to improve fuel economy. Moreover, High demand for aluminum wire in the construction industry for electricity distribution and transmission is expected to enable speedy expansion of the market. Aluminum wire is estimated to be safe for home cabling. Furthermore, the increasing demand for aluminum has led to an increased price of materials, which can consolidate the market. For instance, in July 2019, the average processing fee for aluminum rods in Shandong increased from 18.53-21.38 USD / mt a month ago to 22.80 USD / mt in Henan 22.09 USD / mt in Inner Mongolia.
However, copper is used as a substitute and is less expensive than aluminum wires due to its properties, such as extraordinary ductility, fracture strength, and high electrical conductivity, making them desirable in various applications. This factor is expected to inhibit the growth of the market.
Increasing Industrialization to Propel Market in Asia Pacific
The market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific market is expected to dominate the aluminum wire market. The growth is attributed to the rising electricity consumption. The growing population coupled with the increasing industrial expansion is expected to favor the development of the market. The excessive demand for automobiles is expected to contribute impetus to the region. The rising demand for electric and hybrid vehicles is likely to uplift the market in the forthcoming years. China is expected to experience maximum growth. North America is expected to exhibit a steady growth rate due to the high demand for aluminum wire in the construction industry to distribute and transmit electricity. The increasing demand for advanced home solutions and advanced electrical fittings is expected to boost wire production in North America. Europe is expected to account for a major share due to the application in the flourishing automotive industry.
01 August 2019: Vedanta, India’s largest aluminium producer announced its plans to export more than half of its production volume to international markets. Their aim is to protect the primary domestic industry against growing imports of scrap.
The Report Lists the Key Companies in the Global Aluminium Wire Market:
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