Increasing demand for diverse and advanced grade of wire for electrical and automotive applications is likely to drive aluminum wire market over the forecast period.

Sellbyville, DE -- (SBWire) -- 05/08/2019 --Global Market Insights recently introduced new report on global Aluminum Wire market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2024. It also provides complete overview of Aluminum Wire industry considering all the major industry trends, market dynamics and competitive scenario.

Increasing demand for diverse and advanced grade of wire for electrical and automotive applications is likely to drive aluminum wire market over the forecast period. The usage of advanced technologies to reduce emission levels, increase fuel efficiency and improving driving dynamics of the vehicle coupled with increasing investment in electric power infrastructure are the major factors driving the industry growth.

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Increasing consumer spending on automotive vehicles and other electrical appliances owing to growing awareness regarding the demand for lightweight products may witness significant growth in aluminum wire market. Growing demand towards the energy sector which uses these products in transformer is likely to further support industry growth. The market may exceed USD 65 billion by 2024; according to a new research report.

Transformer applications from aluminum wire market demand may register significant gains at over 3.5% by the end of foreseeable timeframe. Superior properties including high heat resistance, lightweight designs and resistance to transformer oil, which in turn will foster market demand.

Fiber glass insulated aluminum wire market was valued at over USD 2.5 billion in 2017. The products are widely used in reactors, transformers and motors for winding purposes. They are applied in woven tape which provides effective insulation and offers superior properties which includes high thermal stability, resistance to abrasion and dielectric strength, thus supporting product demand.

Nomex insulated aluminum wire market may register significant gains at over 3% at the end of foreseeable timeframe. The product is applied in dry transformer and military cables as they can withstand temperature at above 2000C and are compatible with all kind of transformer liquid and lubricant oil coolant which in turn will foster product demand.

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North America aluminum wire market demand driven by the U.S. was valued at over USD 3.5 billion in 2017. Increasing demand in infrastructure which uses these products for electricity transmission and is safe for residential electrical wiring and its oxide film properties exhibit high tensile strength may foster the industry growth.

Europe led by UK, France, Spain, and Germany aluminum wire market demand may register significant gains at over 3% by 2024. Growing demand for green building concept which utilizes this product for curtain walling, roofing system and in window frames which provides insulation, may enhance the regional product demand.

Asia Pacific led by Japan, India and China aluminum wire market may surpass USD 30 billion by the end of foreseeable timeframe. Increasing demand for construction projects in for schools, hospitals, government accommodation, defense infrastructure and social infrastructure will necessitate the product demand. They are used in construction as they are lighter than copper which makes it easier to unload, transport and cross-cut, which may boost industry growth.

The Aluminum Wire market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Aluminum Wire market based on product, technology, end user and region.

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Global aluminum wire market share is fragmented with key industrial participants including:

- Southwire Company
- Axon Cable
- Vimlesh Industries
- Nexans

The companies may enhance its product portfolio and strengthen its global presence in the form of joint ventures and mergers & acquisition.

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