Aluminum Wire Market Size

Aluminum Wire Market Size

Aluminum Wire Market size was over USD 50 billion in 2017 and industry expects consumption at over 10 million tons by 2024.

Increasing demand towards diverse, innovative product grades for electrical and automotive applications may stimulate aluminum wire market size. These are composed of aluminum which exhibit corrosion protection properties and find a wide array of usage in the products which includes transformers, building wires, electrical appliances and automotive. Wires including enamelled, fibre glass, nomex and paper insulated are used in various industrial segments owing to their exceptional characteristics.
 

Global primary aluminium production was over 5 million tons in 2017. It is an electronegative metal and possess strong affinity for oxygen. It is majorly applied in food & packaging and medical industries owing to its non-toxic nature which preservers food for longer period and averts the growth of microorganisms. Moreover, its electrical conductivity, corrosion resistance, reflectivity and reusability are the properties owing to which these are widely used in electrical transmission lines which in turn stimulates the aluminum wire market demand.
 

Global automotive market sales were over 95 million units in 2017. These are particularly used in automobiles to reduce the vehicle weight to upsurge fuel economy. The manufacturers are now substituting steel frame with aluminum which reduces the body weight without compromising on strength and carrying capacity of the vehicle. These products when used in automotive systems it reduces the weight of wiring system by 48% which saves weight and trim cost, which in turn boosts industry growth. Increasing demand for light vehicles in automotive sector which reduces vehicles weight by 20% are some of the key factors driving aluminium wires market.
 

Global consumer electronics market was valued at over USD 1 trillion in 2017. These wires are used in home appliances such as switches, frying pans and rice cookers as aluminium oxides forms an insulating layer which in turn provides metal-to-metal contact and enhances safety to customers, thereby driving product demand. Growing R&D efforts by producers to attain effective production and higher product development may boost market growth.
 

Copper wires act as a substitute and are less costly compared to aluminum wires owing to their properties which includes high ductility, strength of fractures and high electrical conductivity which makes them desirable in various applications, which may hamper market growth and affect price trend.