The global aluminum wire battery market is anticipated to witness significant growth. Rising penetration of aluminum wire in lightweight vehicles is expected to benefit the aluminum wire market over the coming years. The commercial and industrial application of aluminum wires commenced in the mid-1960s, since then products have witnessed rise in adoption rate and a positive trend in the market. Aluminum is a most cost-effective and lighter option for cables in comparison with copper and is also softer and can have less damage during installation. In the past few years, copper wire and cables are increasingly replaced by aluminum wire and cables. For overhead transmission cables, aluminum is more suitable compared to copper due to its lighter weight. It also offers a cost supremacy in underground power transmission cables.
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- The aluminum wire battery market is continuously working on the development of new alloys for applications in buildings & construction, transportation, packaging, and others. Automobile producers are under continuous pressure, owing to greenhouse gas emissions regulations for environmental protection. These regulations are expected to tighten over the coming years. For this, automakers are working on the improvement of fuel efficiency and the reduction of vehicle weight through the use of aluminum and magnesium.
- Increasing the application of aluminum fasteners in recent years has led to increased demand for aluminum alloy wires. Many organizations are working on the development of such alloy wires. For Instance, Furukawa Electric has developed a new alloy which consists of aluminum along with iron, copper, and magnesium. It has properties such as flexibility, conductivity, weldability, bending ability, and mechanical strength, which are essential for wire harness in automotive.
- Based on the grade, the market is segmented into the electrical, alloy, and mechanical. The huge demand from automobile battery cables and overhead power lines is expected to boost the growth of electrical grade in this segment. Electrical wires also have demand from commercial, residential, and industrial sectors
- The growing requirement of electricity and strong power distribution network in emerging economies are likely to benefit the aluminum wire market. As per the International Energy Agency, China is expected to dominate nearly double the amount of electricity by 2040 compared to current consumption.
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COVID-19 Impact analysis
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the aluminum-air battery market in 2021. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans, and quarantines; restaurants closed; all indoor events restricted; over forty countries declared a state of emergency; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
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