Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Aluminum Wire Market by Type, Insulation Type, End-use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The aluminum wire market attained $50.7 billion in 2021 and is projected to reach $69.7 billion by 2031, growing at a CAGR of 3.3% from 2022 to 2031.
Key Market Players
- TT Cables
- TRIMET Aluminium SE
- Novametal Group
- Totoku Electric Co. Ltd.
- Heraeus Electronics
- Sumitomo Electric
- MWS Wire Industries, Inc.
- Arfin India Limited
- Kobe Steel Ltd.
- SouthWire
Aluminum wire is a sort of electrical wiring for residential construction or residences that employs aluminum electrical conductors. Aluminum has a superior conductivity-to-mass ratio than copper, hence it is used to wire power grids, such as overhead power transmission lines and local power distribution lines for aircraft power wiring.
Utility firms have employed aluminum wire for electrical transmission in power networks from the late 1800s until the early 1900s. Aluminum wire has a cost and weight advantage over copper wires, making it the preferred material for power transmission and distribution applications.
The need for aluminum wires has increased over the past several years as aluminum fasteners have become more prevalent. Many organizations have been striving to develop these alloy wires. The manufacturers have been creating and innovating to enhance conductivity, flexibility, bending ability, as well as mechanical strength, which is something that improves the automobile.
The market for aluminum wire has had steady growth over the past few years and is expected to continue growing over the next few years. Aluminum wires are widely used in sectors like aerospace, consumer electronics, and automotive. Aluminum is in greater demand in the automotive sector as it helps lighten vehicles and improves their fuel efficiency.
Additionally, governments support retailers by helping them increase their profit margins, observe steady market growth, and broaden their reach internationally. However, various major and emerging countries are imposing limits on free trade, which is expected to hamper the expansion of the aluminum wires market during the forecast period.
Post-Brexit, trade restrictions between the UK and other European nations are likely to increase, while the new trade agreement between the U. S., Canada, and Mexico, imposed by the U.S. government is likely to increase the price of metal components imported from Mexico.
According to the official journal of the European Union, the European Union imposed additional taxes on aluminum foil imported from China after the European Commission decided that Chinese producers benefited from disproportionate and unjustified subsidies.
Market Dynamics
Drivers
- Increase In the adoption of ethernet
- Increasing demand for aluminum wire from various end-use industries
Restraints
- Decrease in free Trade
Opportunities
- Increasing demand for aluminum wires from the building and construction industry
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aluminum wire market analysis from 2021 to 2031 to identify the prevailing aluminum wire market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the aluminum wire market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global aluminum wire market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By 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
For more information about this report visit https://www.researchandmarkets.com/r/q8wjb1
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