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Aluminum Wire Market Growth Analysis and Trends Forecast to 2024
Aluminum Wire Market
Europe led by UK, France, Spain, and Germany aluminium wire market demand may register significant gains at over 3% by 2024. Growing demand for green building concept which utilizes this product for curtain walling, roofing system and in window frames which provides insulation, may enhance the regional product demand.
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Increasing consumer spending on automotive vehicles and other electrical appliances owing to growing awareness regarding the demand for lightweight products may witness significant growth in aluminum wire market. Growing demand towards the energy sector which uses these products in transformer is likely to further support industry growth.
Aluminum wire is largely used for electrical wiring and in grid transmission and distribution networks. These have higher conductivity than copper and is being used for wiring in residences, appliances, aircrafts and commercial buildings as they do not spark which is important for electrical applications in industries where sparking have catastrophic consequences, thereby stimulating product demand.
Increasing demand for diverse and advanced grade of wire for electrical and automotive applications is likely to drive aluminum wire market over the forecast period. Furthermore, the usage of advanced technologies to reduce emission levels, increase fuel efficiency and improving driving dynamics of the vehicle coupled with increasing investment in electric power infrastructure are the major factors driving the industry growth.
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Enameled round aluminium wire market demand may surpass USD 36.5 billion by 2024. This product is used in electrical conductor and coil windings where coils are in motion like in generators, refrigerating systems and other electrical devices.
Transformer applications from aluminum wire market demand may register significant gains at over 3.5% by the end of foreseeable timeframe. Superior properties including high heat resistance, lightweight designs and resistance to transformer oil, which in turn will foster market demand.
Fiber glass insulated aluminium wire market was valued at over USD 2.5 billion in 2017. The products are widely used in reactors, transformers and motors for winding purposes. They are applied in woven tape which provides effective insulation and offers superior properties which includes high thermal stability, resistance to abrasion and dielectric strength, thus supporting product demand.
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North America aluminum wire market demand driven by the U.S. was valued at over USD 3.5 billion in 2017. Increasing demand in infrastructure which uses these products for electricity transmission and is safe for residential electrical wiring and its oxide film properties exhibit high tensile strength may foster the industry growth.
Global aluminum wire market share is fragmented with key industrial participants including Southwire Company, Axon Cable, Vimlesh Industries and Nexans. The companies may enhance its product portfolio and strengthen its global presence in the form of joint ventures and mergers & acquisition.
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