April 13, 2023 11:18 ET | Source: Research and Markets Research and Markets
Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Aluminum Wire Market by Type, Insulation Type, End-use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering. The aluminum wire market attained $50.7 billion in 2021 and is projected to reach $69.7 billion by 2031, growing at a CAGR of 3.3% from 2022 to 2031. Aerial Fiber Optic Cable
Aluminum wire is a sort of electrical wiring for residential construction or residences that employs aluminum electrical conductors. Aluminum has a superior conductivity-to-mass ratio than copper, hence it is used to wire power grids, such as overhead power transmission lines and local power distribution lines for aircraft power wiring.
Utility firms have employed aluminum wire for electrical transmission in power networks from the late 1800s until the early 1900s. Aluminum wire has a cost and weight advantage over copper wires, making it the preferred material for power transmission and distribution applications. The need for aluminum wires has increased over the past several years as aluminum fasteners have become more prevalent. Many organizations have been striving to develop these alloy wires. The manufacturers have been creating and innovating to enhance conductivity, flexibility, bending ability, as well as mechanical strength, which is something that improves the automobile.
The market for aluminum wire has had steady growth over the past few years and is expected to continue growing over the next few years. Aluminum wires are widely used in sectors like aerospace, consumer electronics, and automotive. Aluminum is in greater demand in the automotive sector as it helps lighten vehicles and improves their fuel efficiency. Additionally, governments support retailers by helping them increase their profit margins, observe steady market growth, and broaden their reach internationally. However, various major and emerging countries are imposing limits on free trade, which is expected to hamper the expansion of the aluminum wires market during the forecast period.
Post-Brexit, trade restrictions between the UK and other European nations are likely to increase, while the new trade agreement between the U. S., Canada, and Mexico, imposed by the U.S. government is likely to increase the price of metal components imported from Mexico.
According to the official journal of the European Union, the European Union imposed additional taxes on aluminum foil imported from China after the European Commission decided that Chinese producers benefited from disproportionate and unjustified subsidies.
For more information about this report visit https://www.researchandmarkets.com/r/q8wjb1
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