Aluminum Cable Market to Reach $38.1 Billion, Globally, by 2032 at 5.3% CAGR: Allied Market Research
The aluminum cable market growth is being driven by the global expansion in power demand, which has generated a considerable need for cables for safe and reliable operations.
Wilmington, DE, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Aluminum Cable Market by Type (Interlocking Metal Sheathed Cable, Flame Retardant Fire-resistant Cable, Others), by Application (Transformers, Motors, Circuit breakers, Electrical appliances, Automobile, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global aluminum cable industry generated $22.8 billion in 2022, and is estimated to reach $38.1 billion by 2032, witnessing a CAGR of 5.3% from 2023 to 2032.
Aluminum cables are lectrical conductors made up of aluminum metal. These are flexible, have a high tensile strength and can be easily soldered. These are widely used as an an alternative to copper cables, as copper is more expensive and heavier than aluminium.
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Prime determinants of growth
The aluminum cable market growth is being driven by the global expansion in power demand, which has generated a considerable need for cables for safe and reliable operations. The mining industry's increasing demand for cables for effective power distribution to equipment in mining tunnels, huge shovels, and drills fosters market expansion. Moreover, increased investments in exploration operations and rise in crude oil consumption are expected to stimulate the mining industry, consequently fostering the expansion of the aluminum cable market.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Type, Application, and Region.
Increase in penetration of aluminum cable in electronics industry
Increase in demand for aluminum cable from various end-use industries
Rise in use of aluminum cable in residential and non-residential industry
Decrease in free trade
The interlocking metal sheathed cable segment to maintain its leadership status throughout the forecast period
Based on type, the interlocking metal sheathed cable type segment held the highest market share in 2022, accounting for nearly half of the global aluminum cable market revenue and is estimated to maintain its leadership status throughout the forecast period. The technological advancements in IMC-Based aluminum cable manufacturing processes have boosted the market during the forecast period. Moreover, IMC provides enhanced mechanical protection compared to non-metallic sheathed cables (NM or Romex) and is more flexible than rigid metal conduit (RMC) or intermediate metal conduit (IMC) due to which it is used in hazardous locations where protection against flammable or explosive atmospheres is required. These factors are offering lucrative opportunities during the forecast period. However, the flame retardant fire-resistant cable segment is projected to manifest the highest CAGR of 5.5% from 2023 to 2032.
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The automobile application segment to maintain its lead position during the forecast period
Based on application, the automobile segment accounted for the largest share in 2022, contributing to more than one-fourth of the global aluminum cable market revenue, and is estimated to maintain its leadership status throughout the forecast period. The use of aluminum cables in the automotive industry is primarily driven by the current developing trends in the automotive industry, namely weight reduction and energy conservation, which also involves the evolutions of automobiles into the demands for luxury, convenience, performance, and safety, leading to an increase in the content, size, weight, and cost of the automotive cable harness. Since weight reduction directly correlates with fuel economy, and a 10% weight reduction contribute to 3%-4% less fuel for average passenger vehicles and more than 5% of fuel economy improvements be obtained for heavy-duty vehicles such as trucks, some automakers have made efforts to replace heavy materials with lighter weighted ones in order to construct lighter-weighted vehicles These factors are anticipated to drive the market demand during the forecast period. However, the circuit breakers segment is projected to manifest the highest CAGR of 6.0% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global aluminum cable market revenue and is estimated to maintain its leadership status throughout the forecast period. This region is also projected to manifest the highest CAGR of 5.7% from 2023 to 2032. The Asia-Pacific aluminum cable market is anticipated to expand during the forecast period. Countries such as India, China, and Japan are anticipated to contribute considerably to the Asia-Pacific aluminum cable market. Robust investment in the construction and infrastructure industries is anticipated to increase the need for aluminum cables. For instance, The Chinese government announced in August 2022 that it will invest trillions of yuan in infrastructure. Thus, driving the regional market during the forecast period.
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Leading Market Players: -
VEDANTA RESOURCES LIMITED
KAISER ALUMINUM CORPORATION
SOUTHWIRE COMPANY, LLC
SOUTHERN CABLE GROUP BERHAD
VIMCO PLAST INDIA
SAM DONG, INC.
HAVELLS INDIA LTD
KFLEX CABLES AND CONDUCTORS
PRIORITY WIRE AND CABLE, INC.
The report provides a detailed analysis of these key players in the global aluminum cable market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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