New York, NY, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Aluminum Wire Market By Product (Enameled, Paper Insulated, Fiber Glass Insulated, Nomex Insulated, Mica Insulated, and Cotton Insulated) and By Application (Automobile, Circuit Breakers, Switches & Meters, Home Electrical Appliances, Motors, and Transformers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global aluminum wire market accounted for USD 50,000 million in 2018 and is expected to reach around USD 59,554 million by 2026, growing at a CAGR of around 2% between 2019 and 2026.
The rising demand for aluminum wires is considerably growing in electrical and automotive industries, which is driving the global aluminum wire market. Aluminum wires are widely used in transformers, electrical fittings, automotive, and electrical applications. The extensive use of aluminum wires is due to its favorable properties, such as high strength, lightweight, superior corrosion resistance, and usefulness in extrusion, which is also fuelling the aluminum wire market globally. The aluminum wire market growth is also due to the increasing support from governments to domestic aluminum wires producers, as this support benefits the vendors to witness steady market growth, aids in establishing greater profit margins, and helps them in expanding their global presence.
Browse through 87 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Aluminum Wire Market: By Product Type, Applications, Industry Size, Share, Trends, Growth, Analysis and Forecast, 2018–2026”.
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The global aluminum wire market is fragmented on the basis of product and application. By product type, the market includes enameled, fiberglass insulated, paper insulated, mica insulated, cotton insulated, and nomex insulated. Paper insulated aluminum wires are expected to dominate the global market over the forecast timeframe. Cotton insulated aluminum wires are an economical alternative for today’s requirements and are widely used in welding machines and regulator construction purposes. Mica insulated aluminum wires have high-temperature resistance, are acid-proof, alkali-resisting, grease-proof, durable, and mold-proof along with having excellent electrical insulation. Thus, these are mainly used for fire control by various industries, such as chemical and mining, apart from having several other electrical uses.
On the basis of application, the aluminum wire market includes automobile, circuit breakers, switches and meters, home electrical appliances, motors, and transformers. Aluminum wires have been widely used in battery and power applications in premium cars for some time now. As aluminum wires help in reducing the overall vehicle weight, which is extremely beneficial in mid- and lower-power applications. Furthermore, aluminum wire is less expensive than copper wire, which, in turn, is driving their demand for transformer applications. The aluminum wound transformers are lighter in weight than their copper alternatives and expansion of aluminum wires is nearly one-third to that of copper wires under high temperatures. These favorable factors are anticipated to propel the transformers segment.
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The North American aluminum wire market is led by the U.S, Canada, and Mexico and is anticipated to grow rapidly over the forecast time period. Aluminum wires demand in the U.S. is expected to witness substantial growth in the future, owing to the increasing construction expenditure on single-family homes and commercial construction activities. These wires are also installed in residential buildings that are designed for lower voltage service feeders.
The European aluminum wire market is mainly driven by Germany, UK, France, Italy, and the Netherlands. Aluminum wires are utilized in constructing green buildings for different applications like building roofing systems, facades, curtain walling, and window frames. These structures deliver superior insulation and allow significant light and fresh air into buildings, which is anticipated to propel the aluminum wire market in the region. Germany has an established automobile sector, which will offer new growth opportunities to the region’s aluminum wire market in the upcoming years. These wires have high strength are lightweight that helps to reduce the overall vehicle weight, thereby escalating the product demand in the automobile sector.
Browse the full “Aluminum Wire Market By Product (Enameled, Paper Insulated, Fiber Glass Insulated, Nomex Insulated, Mica Insulated, and Cotton Insulated) and By Application (Automobile, Circuit Breakers, Switches & Meters, Home Electrical Appliances, Motors, and Transformers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026” Report at https://www.zionmarketresearch.com/report/aluminum-wire-market
The aluminum wire market in the Asia Pacific region is dominated by China, India, and Japan over the forecast period. This can be attributed to the flourishing construction industry, particularly in India and China. Aluminum wires are expected to be in huge demand, as wiring is an integral part of constructing commercial and household buildings.
Latin America is anticipated to witness steady growth in the global aluminum wire market over the forecast years, owing to the growing importance of smart metering infrastructure and huge capital investments in smart meter deployment projects across the region.
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The Middle Eastern and African aluminum wire market is growing owing to the rising regional aluminum production, especially in the Gulf countries. Bahrain has recently become a prominent player in the region’s aluminum wire market, owing to a significant rise in its aluminum wire production and exports, flourishing construction sector, which creates a huge demand for electrical applications made from aluminum products like conductors, wires, cables, and rods.
Some key participants operating in the global aluminum wire market are General Cable, Southwire, Nexans, REA, Sam Dong, HongFan Holdings, Norsk Hydro, RUSAL, Vedanta Resources, and Vimetco.
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This report segments the global aluminum wire market into:
Global Aluminum Wire Market: Product Analysis
- Enameled
- Paper Insulated
- Fiber Glass Insulated
- Nomex Insulated
- Mica Insulated
- Cotton Insulated
Global Aluminum Wire Market: Application Analysis
- Automobile
- Circuit Breakers
- Switches and Meters
- Home Electrical Appliances
- Motors
- Transformers
Global Aluminum Wire Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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