Global Aluminum Wire Market is estimated to reach USD 69.06 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand from the home electrical appliances, as well as the growth of the commercial, residential, and industrial sectors. However, copper wires act as a substitute in replacing the Global Aluminum Wires, owing to properties including high elasticity and high electrical conductivity, making them desirable for a variety of applications, thereby hampering the demand of the market.
Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of commercial and residential sectors over a broad aspect, thus, augmenting the demand for the market product. Moreover, the limitation of Global Aluminum Wire, which comprises the oxidation of aluminum, creating a surface coating which leads to excess heating resulting in fire hazard conditions, represents a significant challenge in the market.
Supportive government policies are likely to drive the growth of the market in the forecast period. The Indian domestic aluminum industry has petitioned the Government to have a re-look at the Free Trade Agreement (FTA) with China. The new norm will partially stop scrap aluminium import and impose a complete ban by 2020. Moreover, other nations such as China, Japan, and the United States are also supported by their respective Government, which help them to withhold their position in the market and raise the potential to increase expenditure in the Global Aluminum Wire sector. According to studies, The Asia Pacific region forecasted to grow with the highest growth rate owing to the increase in the use of Global Aluminum Wire.
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Some of the leading market players in the global Global Aluminum Wire market including :
General Cable Technologies Corporation, Priority Wire Cable Inc., Southwire Company, Trefinasa, Norsk Hydro ASA, Novametal Group, Termomecanica, Nexans, Axon Cable, Vedanta Limited, among others.
Further key findings from the report suggest
Based on grade, Alloy grade is expected to grow with a CAGR of 3.4% over the forecast period, due to an offering of better conductivity, and bending ability, thereby making it appropriate to use for a variety of applications.
Fiberglass insulated product has higher thermal stability and abrasion resistance making it suitable to be used for windings of generators, thus driving the demand for the Global Aluminum Wire market. The fiberglass insulated product expected to grow with a CAGR of 4.8% for the forecasted period.
The home electrical appliance is the major contributor for the Global Aluminum Wire market and is forecasted to grow at a rate of 2.9% in the forecast period. The home electrical appliance sector of the Asia Pacific region is the major shareholder of the Global Aluminum Wire market, holding around 23.0% of the market in comparison to the divisions of other areas for the year 2019.
The Asia Pacific dominated the market for Global Aluminum Wire. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region held approximately 43.0% of the Global Aluminum Wire market, followed by North America, which held around 31.0% market by area in the year 2019.
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An emerging trend is making China a popular base for chemical production as several major companies are shifting or expanding their production bases to China. Global leaders have also been establishing RD bases in Asia owing to the advantages that come with the location such as availability of talent and proximity to the consumer chain. This report highlights the major contributing sectors in the industry and details the niche areas that exhibit potential to have an impact on the overall growth of the industry. The key players that account for a sizable portion of the market share have been profiled in this report. The research comprises of crucial information that has been drawn after analyzing the trends in the market. It includes market insights that aim to help the readers navigate their business ventures.
The study aims to evaluate different segments, their individual development trends, and their contribution towards the growth of the overall industry. Furthermore, the research offers extensive data about the key factors such as the drivers, challenges, restraints and opportunities and their impact on the growth rate. Most importantly, the market intelligence report delivers competitive intelligence data from market evaluation and help companies plan their growth strategies from the consumption volume as well as forecast statistics.
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Fiber Glass Insulated
Home Electrical Appliances
North America (U.S., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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