According to Global Market Insights, Inc., “Aluminum Wire Market size was over USD 50 billion in 2017 and industry expects consumption at over 10 million tons by 2024.” 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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In the last few years, the automotive and aerospace companies have also been shifting their focus toward the surging use of electronic contents for downgrading the size of the components and improving the use of digital technologies in the fleets. Considering the lightweight and ease of use characteristics, the contributors in the automobile and aerospace sectors have been using aluminum wires in electronic panels which are installed in engine control units (ECU), infotainment systems, and other control units. The growing advancement in ECUs for curbing their size and weight for better digital functionality and flexibility of electronic components is poised to propel the aluminum wire market share from automotive applications, which is expected to surpass USD 2 billion by 2024.
Recently, the federal government of U.S. imposed special tariffs on the imports of aluminum wires from China that supply aluminum wire at lower rates than the actual market price across U.S. The U.S. government claims that owing to unfair subsidies and the presence of foreign aluminum providers such as China, there has been a negative influence on U.S. aluminum wire market. The subsequent action taken by the government to investigate the subsidized dumping of aluminum wires in U.S. from China has thus generated lucrative opportunities for the local end-use industries to capture more business space. In fact, some of the U.S. based companies have been investing in the facility expansions of aluminum plants for fulfilling the future requirement of aluminum wires.
It is rather imperative that the growing investments in construction activities along with the involvement of automakers in the development of EVs for energy efficiency are poised to enhance the demand for aluminum wires. The continuous efforts by companies in the aluminum wire market to strengthen the quality of aluminum wires for countering the use of copper wires will also have a positive influence on the industry trends. For the record, by the end of 2024, aluminum wire market will generate a revenue of more than 65 billion.