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
The global aluminum cable market was valued at $22.8 billion in 2022, and is projected to reach $38.1 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.
An aluminum cable is an electrical cable that utilizes aluminum conductors to carry electrical currents. Aluminum cables are commonly used in various applications, including power transmission, distribution, and electrical wiring in buildings and industrial settings. Aluminum cables are chosen for specific applications based on their properties and characteristics.
Aluminum cable possess favorable properties such as high tensile strength and high voltage wiring, which make it a preferred solution for manufacturers involved in manufacturing electronics components. Use of aluminum cables results in higher weight saving and improves the fuel economy than the traditional materials such as steel and copper. The U.S. Department of Energy (DOE) announced an investment of $19.7 million for the Vehicle Technologies Office to support R&D of advanced vehicle technologies, including batteries and lightweight & low-cost aluminum cable for the development of energy-efficient automobiles. Aluminum cables be employed in the battery management systems of EVs and HEVs, where they help in monitoring and controlling the battery's performance. Furthermore, aluminum cables are used in EV charging infrastructure to transmit high currents from the charging station to the vehicle's battery system. The lighter weight of aluminum cables makes them easier to handle and install in charging stations. These factors are expected to drive the market growth in the growing electronics industry during the forecast period.
Various major and emerging countries are imposing limits on free trade, which is expected to hamper the expansion of the aluminum cables market duringthe forecast period. Post-Brexit, trade restrictions between the UKand 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 instance, according to the official journal of the EU, tariffs on a specific thin grade of aluminum converter foil, which went into effect in December 2021, vary from 8.6% to 18.2% and are in addition to the existing anti-dumping taxes of 6% to 28.5%. Owing to the expected increase in production costs and tariffs, a decline in global free trade is projected to hamper the expansion of the market.
In both residential and non-residential environments, aluminumcables be used for wiring and connectivity. Human safety is ensured by the fact that aluminum cables are simple to install, preserve the dependability of electrical circuits, and tolerate high temperatures during fires. A rise in demand for aluminum cables has resulted in an increase in public awareness of the importance of building safety. These cables are used in the power distribution of nearly every commercial and residential structure. The aluminum cables market in the building & construction industry is offered lucrative opportunities as construction activities increase.
The aluminum cable market is segmented basis of type, application, and region. On the basis of type, the market is categorized Interlocking metal sheathed cable, flame retardant fire-resistant cable, others. On the basis of application, it is divided into transformers, motors, circuit breakers, electrical appliances, others, automobiles. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aluminum cable market analysis from 2022 to 2032 to identify the prevailing aluminum cable market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the aluminum cable market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global aluminum cable market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ApplicationTransformers
Motors
Circuit breakers
Electrical appliances
Automobile
Others
By TypeInterlocking Metal Sheathed Cable
Flame Retardant Fire-resistant Cable
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
SAM Dong, Inc.
Havells India Ltd
Kflex Cables & Conductors
Priority Wire & Cable, Inc.
Vedanta Resources Limited
Vimco Plast India
Southwire Company, LLC
Southern Cable Group Berhad
Novametal SA
Kaiser Aluminum Corporation
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