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Aluminum Cable Market Forecast 2024-2033: Growth, Demand, Key Drivers
Aluminum Cable Market Forecast
As per the report, the aluminum cable market size has grown strongly in recent years. It will grow from $56.34 billion in 2023 to $60.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The aluminum cable market size is expected to see strong growth in the next few years. It will grow to $75.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
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Rising Electric Vehicle Adoption Ignites Surge In Aluminum Cable Market Growth
The growing demand for electric vehicles is expected to propel the growth of the aluminum cable market going forward. Electric vehicles refer to vehicles that are powered by one or more electric motors using electrical energy stored in batteries or obtained from an external power source. Aluminum cables offer excellent electrical conductivity, enabling efficient power transmission in electric vehicles, and are also used in electric vehicle chargers. For instance, in May 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, sales of electric cars doubled in 2021 to set a new record of 6.6 million, and the number of electric cars on the world's roads by the end of 2021 was about 16.5 million. Therefore, the growing demand for electric vehicles is driving the growth of the aluminum cable market.
Innovative Solutions In The Aluminum Cable Market
Major companies operating in the aluminum cable market are developing innovative products to sustain their position in the market. For instance, in May 2023, Nexans S.A., a France-based cable and fiber optic company, launched a new range of low-carbon aluminum distribution grid cables. This innovative approach significantly reduces greenhouse gas emissions associated with low- and medium-voltage electricity cables, achieving a remarkable 35-50% decrease depending on the specific product. The company now utilizes 100% low-carbon aluminum, aligning with the decarbonization standards set by the Aluminum Forward 2030 coalition. Additionally, up to 50% recycled plastic is incorporated into the insulation and sheathing of the cables.
The aluminum cable market covered in this report is segmented -
1) By Type: Interlocking Metal Sheathed Cable, Flame Retardant Fire-Resistant Cable, Other Types
2) By Grade: Electrical, Alloy, Mechanical
3) By Application: Automobile, Transformers, Motors, Circuit Breakers, Electrical Appliances, Other Applications
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Major companies operating in the aluminum cable market report are Hitachi Cable Ltd, Asea Brown Boveri Ltd, Sumitomo Electric Industries Ltd., Jiangsu Hengtong Cable, Henan Jinlong Cable, Prysmian SpA, Nexans SA, Furukawa Electric, Leoni AG, Shanghai Nanshan Aluminum, Kaiser Aluminum Corporation, Encore Wire Corporation, Polycab Wires Pvt Ltd., NKT Cables AS, Havells India Limited, Sterlite Technologies Limited, Finolex Cables Limited, KEI Industries Limited, Eland Cables Limited, Southern Cable Group, Emmflex, RR Kabel Limited, Sam Dong Inc., Southwire Company LLC, Radcliff Wire Inc., General Cable Technologies Corporation, Guangdong Guangnan Wires & Cables, Canusa Cable Ltd, Vidyut Cables Pvt Ltd
Contents of the report:
1. Executive Summary
2. Aluminum Cable Market Report Structure
3. Aluminum Cable Market Trends And Strategies
4. Aluminum Cable Market - Macro Economic Scenario
5. Aluminum Cable Market Size And Growth
…..
27. Aluminum Cable Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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