A The increased need for light vehicle production is significantly boosting the demand for the aluminum wire market.
Market Size – $ 53.06 Billion in 2019, Market Growth – 3.3% CAGR, Market Trends – Strong demand from developing countries.
The global aluminum wire market is expected to reach $ 69.06 billion by 2027, according to a new report from Reports and Data. The market is experiencing a sharp increase in the demand for household appliances, as well as the growth of the commercial, residential and industrial sectors. However, copper wires replace aluminum wires, due to properties such as high elasticity and high electrical conductivity, making them desirable for a variety of applications, thus hampering market demand.
Rapid urbanization has changed the way of life of people and, in turn, has increased the prevalence of commercial and residential sectors on a wide aspect, thus increasing the demand for the market product. In addition, the limitation of aluminum wire, which includes the oxidation of aluminum, creating a surface coating which leads to overheating resulting in fire risk conditions, represents a significant challenge in the market.
Supporting government policies are likely to boost the market growth during the forecast period. India’s aluminum industry has called on the government to review the free trade agreement (FTA) with China. The new standard will partially stop the import of scrap aluminum and impose a complete ban by 2020. In addition, other countries like China, Japan and the United States are also supported by their respective governments, which helps them maintain their market position and increase the potential for increased spending in the aluminum wire sector. According to studies, the Asia-Pacific region is expected to grow with the highest growth rate due to the increase in the use of aluminum wire.
The impact of COVID-19:
As the COVID-19 crisis intensifies, manufacturers are rapidly changing their purchasing practices and priorities to meet the demanded demand of a pandemic, which has reduced the need for aluminum wire in the market. Over the course of a few months, there will be a series of shocks both positive and negative, as manufacturers and their suppliers respond to the changing needs of suppliers. With an unhappy global situation, the export-dependent economies of many regions appear vulnerable. Global aluminum wire markets are being reshaped by the effects of this pandemic as some suppliers shut down or scale back production due to lack of demand in the downstream market. In some regions, markets are focusing on greater localization, looking at the severity of the outbreak and subsequent actions by different national authorities. Under these circumstances, market conditions in the Asia-Pacific regions have been very fluid, declining every week, making it difficult to stabilize.
The main participants are General Cable Technologies Corporation, Priority Wire & Cable Inc., Southwire Company, Trefinasa, Norsk Hydro ASA, Novametal Group, Termomecanica, Nexans, Axon Cable, Vedanta Limited, among others.
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Other key findings from the report suggest
- Based on the content, the alloy content is expected to grow with a CAGR of 3.4% during the forecast period, due to better conductivity and bending capacity, making it suitable for a variety of applications.
- The fiberglass insulated product has higher thermal stability and abrasion resistance, making it suitable to be used for generator windings, thus boosting demand for the aluminum wire market. The fiberglass insulated product is expected to grow at a CAGR of 4.8% for the forecast period.
- Home appliance is the major contributor of the aluminum wire market and is expected to grow at a rate of 2.9% during the forecast period. The appliance sector in the Asia-Pacific region is the largest shareholder in the aluminum wire market, holding around 23.0% of the market compared to divisions in other zones for the year 2019.
- Asia-Pacific dominated the aluminum wire market. The region’s constant focus on cost-effective and innovative procedures adopted in the region is driving the market. The Asia-Pacific region held approximately 43.0% of the aluminum wire market, followed by North America, which held approximately 31.0% of the market by region in 2019.
For the purpose of this report, reports and data have been segmented on the global Aluminum Wire market on the basis of quality, product, application, and region:
Grade Outlook (Volume, Kilo Tons; 2017-2027, Revenue, Billions USD; 2017-2027)
Product Outlook (Volume, Kilotons; 2017-2027, Revenue, $ Billion; 2017-2027)
- Isolated paper
- Fiberglass insulation
- Nomex insulation
- Mica isolated
- Cotton Insulated
Application Outlook (Volume, Kilotons; 2017-2027, Revenue, $ Billion; 2017-2027)
- Circuit breakers
- Switches and counters
- Rotating machine
Regional outlook (volume, kilotonnes; 2017-2027, revenue, billion dollars; 2017-2027)
- North America
- Asia Pacific
- Latin America
To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/aluminium-wire-market
Highlights from the table of contents:
Chapter 1. Market synopsis
1.1. Market definition
1.2. Scope and premise of the research
1.4. Market estimation technique
Chapter 2. Executive summary
2.1. Summary overview, 2019-2027
Chapter 3. Indicative measures
Chapter 4. Aluminum Wire Market Segmentation and Impact Analysis
4.1. Analysis of market materials segmentation
4.2. Industrial outlook
4.2.1. Analysis of market indicators
4.2.2. Market driver analysis
4.2.3. Analysis of market constraints
4.3. Technological insights
4.4. Regulatory framework
4.5. ETOP analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive metric space analysis
4.8. Price trend analysis
4.9. Customer mapping
Chapter 5. Competitive landscape
5.1. Market revenue share by manufacturers
5.2. Analysis of the distribution of manufacturing costs
5.3. Mergers and Acquisitions
5.4. Positioning in the market
5.5. Comparative analysis of the strategy
5.6. Supplier landscape
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