Pune, India., April 10, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Iron Chromium Aluminum Alloy Wire Market Growth Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application”, the Iron Chromium Aluminum Alloy Wire Market was valued at US$ 380.47 million in 2022 and is projected to reach US$ 509.61 million by 2028; it is expected to grow at a CAGR of 5.0% from 2022 to 2028. The projected growth of the market during the forecast period is attributed to the increasing demand for iron chromium aluminum alloy wire in industrial furnaces.
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Global Iron Chromium Aluminum Alloy Wire Market Growth Drivers:
- Increasing demand from various end-use industries such as aerospace, automotive, and electronics.
- Growing preference for lightweight and corrosion-resistant materials.
- Advancements in technology leading to the development of new and improved alloys.
- Increasing investments in research and development activities to enhance the properties and performance of Iron Chromium Aluminum Alloy Wire.
- The rise in construction activities and infrastructure development in developing countries.
- The growing trend of using renewable energy sources and the subsequent need for energy-efficient materials.
- The increasing demand for Iron Chromium Aluminum Alloy Wire in the Asia Pacific region due to rapid industrialization and urbanization.
- The growing trend of outsourcing manufacturing activities to emerging economies due to cost-effectiveness.
- Increasing government initiatives and regulations promoting the use of sustainable materials.
Global Iron Chromium Aluminum Alloy Wire Market Recent Developments:
- Increasing demand for Iron Chromium Aluminum Alloy Wire in the aerospace industry due to its high strength, durability, and resistance to high temperatures and corrosion.
- Development of new and advanced Iron Chromium Aluminum Alloy Wire by manufacturers to cater to the increasing demand from various end-use industries.
- Adoption of advanced manufacturing techniques such as laser cladding, powder metallurgy, and electron beam melting to improve the properties and performance of Iron Chromium Aluminum Alloy Wire.
- Increasing investments in research and development activities to enhance the properties and performance of Iron Chromium Aluminum Alloy Wire.
- Rising awareness about the benefits of using Iron Chromium Aluminum Alloy Wire in the automotive industry, such as improved fuel efficiency, reduced emissions, and lightweight materials.
- Growing preference for Iron Chromium Aluminum Alloy Wire in the electronics industry due to its high electrical conductivity and resistance to oxidation.
- Launch of new products and solutions by leading players in the market to expand their product portfolio and cater to the increasing demand from various end-use industries.
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In 2022, Asia Pacific held the largest share of the global iron chromium aluminum alloy wire market. The Asia Pacific iron chromium aluminum alloy wire market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Increasing demand for iron chromium aluminum alloy wires from industrial furnaces, metallurgy, machinery, automotive, and other application sectors fuels the market growth in the region. In addition, growing industrial activities, increasing infrastructural spending, and strong economic growth are positively influencing the iron chromium aluminum alloy wire market growth in the region.
Growing Demand for Iron Chromium Aluminum Alloy Wire in Industrial Furnaces:
Industrial furnaces are highly used in many industries, including chemicals, ceramic, glass, and oil & gas. Industrial furnaces are made from different high-temperature (refractory) materials to hold the process material and hold in the heat without breaking down. Iron chromium aluminum alloy wires are used for industrial furnaces with the highest continuous operating temperature. These wires are highly used in industrial furnaces due to their advantages such as high resistance, low-temperature coefficient of electric resistance, and high operating temperature. The global glass industry is growing with the increasing demand for glass from construction and automotive industries. High-temperature furnaces and dry ovens are an integral part of ceramic manufacturing. The advanced ceramic manufacturing process includes sintering, reaction bonding and de-binding applications, hot isostatic pressing, rapid heating, and high-temperature firing. The growth of industries such as glass, ceramic, and chemicals propel the demand for industrial furnaces. Hence, the growing use of iron chromium aluminum alloy wires in industrial furnaces is driving the iron chromium aluminum alloy wires market.
Global Iron Chromium Aluminum Alloy Wire Market: Segmental Overview
Based on application, the iron chromium aluminum alloy wire market is categorized into electronic appliances, aerospace, industrial furnaces, metallurgical and machinery, and others. The industrial furnaces segment held the largest market share of the global iron chromium aluminum alloy wire market in 2022. Iron chromium aluminum alloy wires are used in industrial furnaces with the highest continuous operating temperatures in ceramics, glass, chemical, and other industries. Due to the characteristics of high resistance, low-temperature coefficient of electric resistance, high operating temperature, good corrosion resistance under high temperature, and low price, iron chromium aluminum alloy wires are highly used in industrial furnaces.
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Impact of COVID-19 Pandemic on Global Iron Chromium Aluminum Alloy Wire Market:
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in the chemicals & materials industry and hampered the growth of the iron chromium aluminum alloy wire market. The adverse effects of the pandemic on manufacturing industries negatively impacted the demand for iron chromium aluminum alloy wire from these industries.
However, various economies started reviving their operations in 2021. With this, the demand for iron chromium aluminum alloy wire started increasing. The increasing use of iron chromium aluminum alloy wire in electronics and other manufacturing industries is expected to offer more growth opportunities for the global iron chromium aluminum alloy wire market during the forecast period.
Global Iron Chromium Aluminum Alloy Wire Market: Competition Landscape
Smith Therm Pvt. Ltd.; JLC Electromet Pvt. Ltd.; Changzhou DLX Alloy Co., Ltd.; Kanthal AB; Suzhou Nickel Alloy Co., Ltd; Stanford Advanced Materials; Hyndman Industrial Products; Donghai Electric Appliance Co., Ltd.; Jiangsu Nickel alloy Co., Ltd; and TEMCO INDUSTRIAL are among the major players operating in the global iron chromium aluminum alloy wire market. Players operating in the global iron chromium aluminum alloy wire market are constantly focusing on strategies such as investments in research and development and new product launches.
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