Aluminum Wire Market is valued at USD 50 Billion in 2018 and is expected to reach USD 57.44 Billion by 2025 with the CAGR of 2% over the forecast period.
Factors such as Rising Demand for Aluminum Wires in Electrical & Automotive Industries and Increasing Support from Governments to Domestic Aluminum Wires Producers are driving the Market Growth.
A form of electrical wiring for residential construction or houses that uses aluminum electrical conductors is nothing but the Aluminum wire. Aluminum provides a better conductivity to bulk ratio than copper hence it is used for wiring power grids which includes overhead power transmission lines and local power distribution lines for power wiring of airplanes. Aluminum wire is used by Utility companies for electrical transmission in power grids since around the late 1800s to the early 1900s. Aluminum wire has cost and weight advantages over copper wires and power transmission & distribution applications are still the preferred material today.
Aluminum is a moderately soft and weak metal compared to copper. When the temperature of the circuit rises the wire expands and flows into empty spaces within electrical connectors. When an electric current passes through this circuit it creates pressure and it heats the aluminum wire connector. But later, that aluminum cools and contracts when the electricity is switched off. There are many advantages to using aluminum wiring such as, it is much lighter and malleable than copper and therefore, makes it easier to work with and being a cheaper metal it can be cost-effective for installation.
The increase in the penetration of the aluminum wire for the lightweight vehicles is the major factor for the growth of the global market. The application in the commerce and industry had begun in the mid-1960s, after the products had been witnessing the increase in the rate of adoption and a positive trend for the global aluminum wire industry. In the past few years, the cables and copper wire has been increasingly seeing a replacement by the cables and aluminum wire.
For the overhead transmission cables as well aluminum has been a lot more suitable in comparison to the copper because of their lighter weight. It is also offering the cost advantage in the cables of power transmission cables. The aluminum has been a cost-effective as well as lighter option for the cables in the comparison of copper and has been softer and may be a little less damaging while the installations begin.
The Aluminum Wire Market is segmented into product type and end user. On the basis of product type the market is segmented into Pure Aluminum Wire, Alloy Aluminum Wire and Other. On the basis of end user the market is segmented into Industrial Aluminum Wire and Technology Aluminum Wire.
The regions covered in this Aluminum Wire Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Increase in the use of aluminum fasteners in the last few years has been leading to an increased demand of the alloy wires. A lot of the organizations have been working on the development of these alloy wires. The companies have been developing and innovating for adding conductivity, flexibility, bending ability as well as the mechanical strength which is something that betters the automotive. The global aluminum wire market has been seeing a good amount of growth in the last few years and has been expected to see a good amount of growth in the next few years.
Industries such as automotive, customer electronics, aerospace uses aluminum wires extensively. Demand for aluminum is increasing in the automotive industry as it reduces weight of the vehicle to increase fuel economy. Also as the support from governments to retailers to witness steady market growth with help in establishing greater profit margins and support them in expanding their global presence. However, presence of substitute products is limiting the growth of market.
Moreover, development of new alloys for applications in buildings & construction, transportation, packaging, and others is expected to provide opportunities in the Aluminum Market growth.
Geographically, North America region is dominating the Aluminum Wire Market. This is due to rising demand for advanced home solution and advanced electrical fittings owing to demand for aluminum wire has increased in the construction industry as they are widely used for electricity distribution and transmission in the region. For instance, According to IoT Research Series, the installed base of smart home systems increased by 49.7% to reach 135.4 million at the year-end of 2018 and According to America's Energy Future: Technology & Transformation, U.S. has 3000 power plants to virtually every building and facility in the nation.
Also Europe region is at second position in dominance. This is due to increasing demand for green building concept where aluminum wire is used in curtain walling, building facades, in window frames and roofing systems in the region.
In terms of region, the market has been classified in the areas of Europe, Asia Pacific, North America and South America along with Middle East & Africa. The growth in the consumption of power as well as electricity has been expected to help in the growth of the global aluminum wire market. The demand has been expected to come from the residential wiring has been expected to rise in the next few years. The Europe and North American regions have been the major consumers in this industry while the majority of the demand has been coming from the household electrical application.
The countries of Asia Pacific like Japan, India and China have been showing a good amount of growth in the next few years. The increase in consumption has been supported too by the growth of the population.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2018:||USD 50 Billion|
|Base year considered||2018|
|Forecast Period CAGR %:||
|Market Size Expected in 2025:||USD 57.44 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Kaiser Aluminum, Baotou Aluminum, Vimetco, UC RUSAL, Southwire, Alro, Hydro, Southern Cable, ACL Cables, Liljedahl Winding Wire|
|Segments Covered||By End User, By Product Type|
|Regional Analysis||North America, U.S., Canada, , Europe, Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe, Asia-Pacific, South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC, Latin America, Mexico, Colombia, Brazil, Argentina, Peru, Rest of South America, Middle East and Africa, Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA|
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