By 2024, the global aluminum wire market is expected to exceed $65 billion

According to a new research report released by Global Market Insights, Inc.
, the global aluminum wire market size exceeded $50 billion in 2017, and it is expected that by 2024, this figure will exceed $65 billion, and aluminum conductor consumption is expected to exceed 10 million tons
.

Industry trends

The growing consumer demand for lightweight vehicles and the need for superior properties including light weight, high strength, and corrosion resistance to meet the growing demand for the building and electrical industries are driving the growth of the industry during the forecast period
.

Specifically, global primary aluminum production exceeded 5 million tons
in 2017.
It is an electronegative metal with a strong affinity for oxygen and is mainly used in food packaging and pharmaceutical industries, because it is non-toxic, it can preserve food for a long time and avoid the growth
of microorganisms.
In addition, its characteristics such as conductivity, corrosion resistance, reflectivity, and reusability make it widely used in transmission lines, which in turn stimulates the aluminum wire market demand
.

In 2017, the global automotive market sold more than 95 million units
.
Aluminum wire products can be applied to automobiles to reduce vehicle weight and thus improve fuel economy by reducing body weight without affecting the strength and carrying capacity
of the vehicle.
These products, when used in automotive systems, can reduce the weight of wiring systems by 48%, thereby reducing weight and costs, thereby driving industry growth
.
The increasing demand for light vehicles in the automotive industry, which has reduced vehicle weight by 20%, is a key factor
driving the aluminum wire market.

In addition, the global consumer electronics market was worth more than $1 trillion
in 2017.
These wires are used in household appliances such as switches, frying pans, and rice cookers as alumina forms an insulating layer, which provides metal-to-metal contact and enhances safety for customers, driving product demand
.
Increasing R&D efforts by producers to achieve efficient production and higher product development are also likely to contribute to the market growth
.

Product type

From the perspective of product type, in 2017, the market demand for enameled round and rectangular aluminum wire reached 25 billion US dollars
.
This product is mainly used in transformers
due to its light weight and heat resistance to transformer oil.
These products are mainly used as electrical conductors for coil movement, which include industrial equipment such as refrigeration systems and generators, driving industry growth
due to growing industrial demand.

By 2024, the market demand for Nomex insulated rectangular and round aluminum wire may exceed 1.
7 million tons of consumption
.
The product is compatible with all kinds of varnishes, viscous compatible blends, transformer oils and lubricants because of its heat, moisture and abrasion resistance
.
Due to their strong mechanical properties, these products can withstand temperatures above 200 degrees Celsius and are used in transformers to cope with high load expansion, thereby increasing product demand
.

At the same time, the mica insulated aluminum wire market size may exceed $4.
5 billion
by 2024.
Due to their corona and heat resistance, these wires are one of the
most suitable insulating materials.
Due to its superior resistance, this wire is mainly used in high-voltage rotating motors, so it is widely used in inverters to drive motors, thereby driving the product demand
.

By 2024, the aluminum wire market size for transformer applications is likely to exceed 3.
5%.

Aluminum wire-wound transformers weigh less
than copper transformers.
These wires have a large cross-sectional area of 66% and produce an acceptable hot spot gradient regardless of the winding material, which in turn increases market demand
.

Regional markets

From a regional perspective, U.
S.
aluminum wire market demand is likely to grow by more than 3.
5%
during the forecast period.
Increased construction spending on single-family residential and commercial building projects is likely to increase product demand
.
These products are installed in residential applications for low-voltage service feeders from utilities to buildings, stimulating regional demand
.

By 2024, the size of China's aluminum wire market is estimated to exceed $15.
5 billion.

Automotive production in the region is increasingly favoring the lightweight nature of this material and typically employing specifications to reduce the weight of components and maintain high reliability, thereby providing a boost to the growth of the industry
.

In 2017, the demand for German aluminum wire market exceeded 935 million US dollars
.
With the growing demand in industrial fields such as automotive in Germany, these wires have excellent characteristics such as light weight and high strength, which tends to reduce the weight of vehicles and thus increase product demand
.

Norsk Hydro, Novametal Group, Axon Cable, REA Weres and Vimlesh Industries are the major industrial players
in the aluminum wire market.
Strong R&D spending and new product launches are likely to strengthen the product portfolio, thereby stimulating industry growth
.