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Aluminum Wire Market to Register Exponential Growth from electrical and automotive applications by 2024

Author : Rahul Varpe | Published Date : 2019-04-08 

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.

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.

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Aluminum Wire Market may exceed USD 65 billion by 2024; according to a new research report. 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.

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.

Aluminum Wire market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Tons and revenue in USD from 2013 to 2024, for the following segments:

Aluminum Wire Market, By Product

  • Enamelled round & rectangular/flat aluminium wire
  • Paper insulated round & rectangular/flat aluminium wire
  • Fiber Glass insulated round & rectangular/flat aluminium wire
  • Nomex insulated round & rectangular/flat aluminium wire
  • Mica Insulated round & rectangular/flat aluminium wire
  • Cotton Insulated round & rectangular/flat aluminium wire

Aluminum Wire Market, By Application

  • Automobile
  • Circuit Breakers, Switches & Meters
  • Home electrical appliances
  • Motors, rotating machines
  • Transformers
  • Shipping
  • Others

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Nomex insulated aluminum wire market may register significant gains at over 3% at the end of foreseeable timeframe. The product is applied in dry transformer and military cables as they can withstand temperature at above 2000C and are compatible with all kind of transformer liquid and lubricant oil coolant which in turn will foster product demand.

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.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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