Aluminum Wire Market Size Is Expected To Reach USD 34.91 Billion By 2030

 San Francisco, 20 June 2023: The Report Aluminum Wire Market Size, Share & Trend Analysis Report By Grade (Electrical, Mechanical), By Application (Building & Construction, Power & Energy), By Region, And Segment Forecasts, 2023 - 2030

The global aluminum wire market size is expected to reach USD 34.91 billion by 2030, registering a CAGR of 6.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to be driven by the growing requirement of upgrading infrastructure for the electricity distribution and increasing investments in construction, automotive, telecom, power, and energy industries.

Rising preference for an upgraded infrastructure with safe electrical distribution system is propelling consumption of aluminum wire in power lines, which is expected to play a key role in boosting product demand during the coming years. Moreover, growing emphasis towards lightweight materials in manufacturing electric vehicles (EVs) and other automotive parts is anticipated to further drive the market growth throughout the forecast period.

The soaring industry growth was however, obstructed in 2020 owing to the COVID-19 outbreak. This impact can be reflected in negative sales revenue of the key players as many companies had to shut down their manufacturing plants temporarily. The supply constraints of raw materials owing to the cut down of aluminum production by China, along with the ongoing Russia-Ukraine war have led to the fluctuations in the global prices, and are anticipated to restrain the demand for aluminum products to a certain extent during the forecast period.

The companies are adopting strategic initiatives such as mergers & acquisition to expand their presence and capacity. The key players are focusing on R&D to strengthen innovations, technologies, and brand recognition in order to meet the new demand rising amid the current situation. For instance, in May 2021, Tirupati Graphite PLC invented a graphene-aluminum (Al-Gr) composite with materialized superior thermal conductivity and more than 95.0% of copper's electrical conductivity. The company is in process of working with FTSE 100 engineering group to further develop and commercialize the Al-Gr composite and explore its commercial opportunities.

Access Research Report of Aluminum Wire Market @ https://www.grandviewresearch.com/industry-analysis/aluminum-wire-market

Aluminum Wire Market Report Highlights

• Based on grade, electrical held the largest revenue share of more than 80.0% in 2022 of the global market. This is attributable to growing demand for the product in power distribution related applications and electronics
• Based on application, power & energy is expected to grow at the fastest rate of 7.1% in terms of revenue, during the forecast period. The growth is attributed to rising need for upgrading electricity distribution systems used for the transmission of electric current in residential and non-residential buildings
• Based on region, Asia Pacific dominated the market with more than 75.0% share of the global revenue in 2022. Growing investments in telecom sector of the developing economies of the region is expected to augment the market growth during the forecast period
• In recent years the pries of aluminum have been volatile owing to the uncertainties such as the COVID-19 outbreak, the East European geopolitical conflict, rising inflation, economic uncertainties, across the world, and possible recession fears. The manufacturing costs of the industry are negatively impacted by the raw material costs

List of the key players in Aluminum Wire Market Include

• Kaiser Aluminum
• Prysmian S.p.A
• Southwire Company, LLC
• Cerro wire LLC
• Encore Wire Corporation
• NEXANS
• Sumitomo Electric Industries, Ltd.
• Henan Chalco Aluminum
• DUCAB
• Southern Cable Group Berhad

Access Press Release of Aluminum Wire Market @ https://www.grandviewresearch.com/press-release/global-aluminum-wire-market