Aluminum Wire Market By Industry Growth, Applications & Regional Analysis 2019-2024
Category: #reports  By Rahul Varpe  Date: 2019-02-11
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Aluminum Wire Market By Industry Growth, Applications & Regional Analysis 2019-2024

Global Market Insights, Inc. Add New Aluminum Wire Market Report to its research database. The report presents a deep study of the market growth factors and drivers.  Aluminum Wire Market size is set to surpass USD 65 billion by 2024. Growing consumer demand towards lightweight automobile vehicles may drive aluminum wire market demand. Superior properties which include light weight, high strength and corrosion resistance may cater to construction and electrical industries, thus propelling industry growth over the forecast timeframe.

Aluminum wire are utilized in various home electrical appliances, switches, circuit breakers and motors owing to its light weight, corrosion resistance and retention of temperature even at low temperatures properties. The products are used in electrical products as they are lighter than other material, it also reduces corona an electric discharge which is associated with high power transmission and its excessive heating do not separate the electrical fixtures and connections, thus increasing the industry demand."
 
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Nomex insulated rectangular & round aluminum wire market demand may surpass consumption at over 1.7 million tons by 2024. The product is compatible with all kinds of varnish, sticky compatible mixture, transformer fluids and lubricants owing to its tera resistance, moisture resistance and abrasion resistance properties. These products can withstand temperature over 200-degree Celsius owing to its strong mechanical properties and are used in transformers to cope up with high load expansion which in turn enhances the product demand.

Mica insulated aluminum wire market size may exceed USD 4.5 billion at the end of projected timespan. These wires are one of the most suitable insulating material owing to its corona and thermal resistance properties. This wire is mainly applied in high voltage rotating machine owing to its superior resistance and therefore it is widely used in inverter driven motors, thereby driving the product demand.

Aluminum Wire Market, By Application

  • Automobile
  • Circuit Breakers, Switches & Meters
  • Home electrical appliances
  • Motors, rotating machines
  • Transformers
  • Shipping
  • Others

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Over the last few decades, companies partaking in aluminum wire market share have observed the industry to have amassed hefty gains on account of the increasing use of aluminum wiring for electrical utilities. Not to mention, aluminum wires are also deployed extensively in commercial facilities such as shopping malls, wastewater treatment plant, stadiums, and commercial buildings. Nowadays, even in the construction industry, aluminum wiring is being preferred primarily for large conductors, service entrance conductors, and power distribution conductors.

Considering the energy efficiency, low cost, and lightweight benefits, construction companies and electric equipment manufacturers have been prominently giving preference for aluminum wiring. Taking into account the surging use of aluminum for producing wires for commercial and industrial applications, prominent aluminum wire industry companies have been looking forward to acquiring metal manufacturing firms to expand their product portfolios.

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Germany aluminium wire market demand was valued at over USD 935 million in 2017. Increasing automobile sector with the usage of these wires which comprises of superior properties like lightweight and high strength which tends to reduce vehicle weight, thereby increasing product demand.

Norsk Hydro, Novametal Group, Axon Cable, REA Wires and Vimlesh Industries are key industrial players in aluminium wire market. Strong R&D spending and new product launches may enhance the product portfolio, thereby stimulating the industry growth.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Email: rahul.v@news.marketsizeforecasters.com   

Rahul Varpe

Rahul Varpe currently writes for News.Marketsizeforecasters.com. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services an...

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