A surge in demand for aluminum wires from a variety of end-use industries and the increased popularity of ethernet will drive the global aluminum wire market.
PORTLAND, Ore., Jan. 19, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Aluminum wire Market Type (All aluminum alloy conductor (AAAC), Aluminum alloy wire, Aluminum Conductor Steel Reinforced (ACSR)), by Insulation Type (XLPE insulation, PVC Insulation, EPR insulation, Others), by End Use Industry (Electronics and Electrical, Aerospace, Automotive, Building and Construction, Packaging, Others) And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031″ According to the report, the global aluminum wire industry generated $50.7 billion in 2021, and is estimated to reach $69.7 billion by 2031, witnessing a CAGR of 3.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities-
A surge in demand for aluminum wires from a variety of end-use industries is driving market expansion. In addition, the increased popularity of ethernet will drive the market. However, a decrease in free trade and an increase in the usage of copper wires in the automobile industry will restrain the market for aluminum wire. However, the increasing demand for aluminum wire from the building and construction industry will create profitable opportunities for the market in the coming years.
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Fluctuating prices of raw materials and a mismatch in demand and supply for the raw materials are impacting the growth of the aluminum wire industry negatively.
However, the increasing demand for medium voltage and improvements in transmission and distribution networks will support the market recovery post-pandemic.
All aluminum alloy conductor (AAAC) is projected as the fastest growing segment–
By Type, the Aluminum alloy wire segment accounted for the largest share in 2021, due to the increasing demand from the automotive and transportation industries The global automotive and transportation industries are expanding rapidly due to the rising population and income levels in developing countries. This is causing an increase in the demand for aluminum alloy wire, which is widely utilized in these industries for a variety of applications, including wiring harnesses, cables, connectors, and switches. The all aluminum alloy conductor (AAAC) is the fastest-growing segment with CAGR 3.6%, this is due to increased energy demand and substantial investments in building construction. In addition, the increase in expenditures for smart improvements to power transmission and distribution systems and the creation of smart grids raise the demand for AAAC.
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XLPE insulation is projected as the fastest-growing segment-
By insulation type, the PVC insulation segment accounted for the largest share in 2021, because PVC insulated is a cable with Polyvinyl Chloride insulation. PVC insulation extrudes over the conductor to render it resistant to moisture and chemicals. This form of insulation has a high dielectric strength, which means that it can sustain high voltage without failing. PVC Insulated Cable is utilized in several industrial and commercial applications where safety and dependability are crucial. The XLPE insulation segment is the fastest growing segment with CAGR 3.6%, this is due to high thermal short circuit rating, excellent electrical property maintained over the entire temperature range, resistance to thermal deformation at high temperatures, excellent water resistance and low permeability to water, excellent chemical resistance, high durability, and long operational life are some of the properties that are driving the expansion of the XLPE insulation material segment.
Building and construction is projected as the fastest-growing segment-
By end-use industry, The electronics and electrical segment accounted for the largest share in 2021, because, electrical equipment includes any apparatus, cable, appliance, conductor, fitting, insulator, material, meter, or wire used for controlling, generating, supplying, transforming, or transmitting electricity at a voltage greater than extra-low voltage or powered by electricity at a voltage greater than extra-low voltage. The rapid pace of technological advancements in the electronic industry generates a constant need for better and faster electrical and electronic equipment. The building and construction segment is the fastest growing segment with CAGR 3.8%, Aluminum wires can be utilized in residential and non-residential environments for wiring and connecting. These wires are simple to install, maintain the integrity of electrical circuits and can resist high temperatures during a fire, ensuring the safety of humans. A rise in demand for aluminum wires has resulted in an increase in building safety awareness among the general public. These lines are utilized in the power distribution of nearly every commercial and residential structure. The market for aluminum wires in the building & construction industry is being driven by an increase in construction activity.
Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific garnered the highest share in 2021, Rapid industrialization and rising power consumption in the region have raised the demand for ACSR cables, and these factors are anticipated to continue to drive revenue development in the region throughout the projected period. In addition, China is the top consumer and producer of ASCR and aluminum in the world, and this is projected to be a major contributor to the region’s market expansion.
Leading Market Players-
The report analyzes these key players in the global aluminum wire market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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