Aluminum Wire Market Is Estimated To Exhibit At USD 34.91 Billion By 2030Posted by Neha Bora on June 20th, 2023 San Francisco, 20 June 2023: The Report Aluminum Wire Market Size, Share & Trend Analysis Report By Grade (Electrical, Mechanical), By Application (Building & Construction, Power & Energy), By Region, And Segment Forecasts, 2023 - 2030 The global aluminum wire market size is expected to reach USD 34.91 billion by 2030, registering a CAGR of 6.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to be driven by the growing requirement of upgrading infrastructure for the electricity distribution and increasing investments in construction, automotive, telecom, power, and energy industries. Rising preference for an upgraded infrastructure with safe electrical distribution system is propelling consumption of aluminum wire in power lines, which is expected to play a key role in boosting product demand during the coming years. Moreover, growing emphasis towards lightweight materials in manufacturing electric vehicles (EVs) and other automotive parts is anticipated to further drive the market growth throughout the forecast period. The soaring industry growth was however, obstructed in 2020 owing to the COVID-19 outbreak. This impact can be reflected in negative sales revenue of the key players as many companies had to shut down their manufacturing plants temporarily. The supply constraints of raw materials owing to the cut down of aluminum production by China, along with the ongoing Russia-Ukraine war have led to the fluctuations in the global prices, and are anticipated to restrain the demand for aluminum products to a certain extent during the forecast period. The companies are adopting strategic initiatives such as mergers & acquisition to expand their presence and capacity. The key players are focusing on R&D to strengthen innovations, technologies, and brand recognition in order to meet the new demand rising amid the current situation. For instance, in May 2021, Tirupati Graphite PLC invented a graphene-aluminum (Al-Gr) composite with materialized superior thermal conductivity and more than 95.0% of copper's electrical conductivity. The company is in process of working with FTSE 100 engineering group to further develop and commercialize the Al-Gr composite and explore its commercial opportunities. Access Research Report of Aluminum Wire Market @ https://www.grandviewresearch.com/industry-analysis/aluminum-wire-market Aluminum Wire Market Report Highlights
List of the key players in Aluminum Wire Market Include
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