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Aluminum Wire Market 2019-2024 By Regional Industry Growth & Forecast

Author : Rahul Varpe | Published Date : 2019-06-05 

Global Market Insights add New Aluminum Wire Market report provides in-depth information about market overview, top vendors, Key market highlights, product types, market drivers, challenges, trends, industry landscape, size and forecast, five forces analysis, Key leading countries/Region.

Over the last few decades, companies partaking in aluminum wire market share have observed the industry to have amassed hefty gains on account of the increasing use of aluminum wiring for electrical utilities. Not to mention, aluminum wires are also deployed extensively in commercial facilities such as shopping malls, wastewater treatment plant, stadiums, and commercial buildings. Nowadays, even in the construction industry, aluminum wiring is being preferred primarily for large conductors, service entrance conductors, and power distribution conductors.

Considering the energy efficiency, low cost, and lightweight benefits, construction companies and electric equipment manufacturers have been prominently giving preference for aluminum wiring. Taking into account the surging use of aluminum for producing wires for commercial and industrial applications, prominent aluminum wire industry companies have been looking forward to acquiring metal manufacturing firms to expand their product portfolios.

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Speaking along the same lines, in the middle of 2018, Kaiser Aluminum Corporation acquired a leading multi-material additive manufacturing company, Imperial Machine & Tool Co. which provides its machining technologies for automotive, aerospace, defense, and other industrial applications. Imperial is indeed known for its multi-material expertise in aluminum, tungsten, chromium, and many other materials.

The acquisition will seemingly strengthen the metallurgical expertise of Kaiser Aluminum Corporation to produce highly engineered solutions. The strategic approach of companies to execute long-term business policies for achieving growth opportunities is slated to fuel aluminum wire industry share over the years ahead.

In the last few years, the automotive and aerospace companies have also been shifting their focus toward the surging use of electronic contents for downgrading the size of the components and improving the use of digital technologies in the fleets. Considering the lightweight and ease of use characteristics, the contributors in the automobile and aerospace sectors have been using aluminum wires in electronic panels which are installed in engine control units (ECU), infotainment systems, and other control units.

The growing advancement in ECUs for curbing their size and weight for better digital functionality and flexibility of electronic components is poised to propel the aluminum wire market share from automotive applications, which is expected to surpass USD 2 billion by 2024.

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As of now, growing investments in the construction and infrastructural developments across the globe have been stimulating the requirement of aluminum wirings significantly. Contractors have been giving preference for aluminum wires over copper pertaining to its cost-effectiveness. In fact, in the last few years, the degradation of copper production and rising prices have encouraged end-users to adopt aluminum as a viable alternative for copper. In North America, owing to the surging use of aluminum wire mainly across U.S. and Canada for electricity transmission and distribution projects, the regional aluminum wire market is predicted to register an annual growth rate of more than 3.5% over 2018-2024.

Recently, the federal government of U.S. imposed special tariffs on the imports of aluminum wires from China that supply aluminum wire at lower rates than the actual market price across U.S. The U.S. government claims that owing to unfair subsidies and the presence of foreign aluminum providers such as China, there has been a negative influence on U.S. aluminum wire market. The subsequent action taken by the government to investigate the subsidized dumping of aluminum wires in U.S. from China has thus generated lucrative opportunities for the local end-use industries to capture more business space. In fact, some of the U.S. based companies have been investing in the facility expansions of aluminum plants for fulfilling the future requirement of aluminum wires.

It is rather imperative that the growing investments in construction activities along with the involvement of automakers in the development of EVs for energy efficiency are poised to enhance the demand for aluminum wires. The continuous efforts by companies in the aluminum wire market to strengthen the quality of aluminum wires for countering the use of copper wires will also have a positive influence on the industry trends. For the record, by the end of 2024, aluminum wire market will generate a revenue of more than 65 billion.

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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