The rise in application of aluminum wire in various industries is expected to boost the demand for aluminum cable in the global aluminum cable market. Food and beverages, automotive, and customer electronics are some of the key industries, in which aluminum wires are used extensively. Non-toxic nature of aluminum will preserve food for longer duration and prevents the growth of micrograms. These factors increase its demand in the food & beverages industry. The demand for aluminum also increases the automotive industry as it reduces weight of the vehicle to increase the fuel economy. Moreover, manufacturers now prefer aluminum to steel mainly to reduce weight without compromising strength and carrying capacity of the vehicle.
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Increase in Demand in Automobile Sector Is A Key Factor for Market Growth
Sales of the global automotive market have risen in the recent years. Aluminum cables are particularly used in automobiles to reduce the vehicle weight to upsurge fuel economy. Manufacturers are now substituting steel frame with aluminum, which reduces the body weight without compromising on strength and carrying capacity of the vehicle. These products when used in automotive systems reduce the weight of wiring system, which saves weight and trim cost, which in turn boosts industry growth.
Industrialization and Urbanization Process in Developing Economies Boost Market.
The growing requirement of electricity and strong power distribution network in emerging economies such as China and India, are likely to benefit the aluminum wire market. The extensive demand from overhead power lines is expected to drive the growth of electrical grade in this segment. Aluminum cables also have increased demand from commercial, residential, and industrial sectors.
Rising Demand for Electric and Hybrid Vehicles in Asia-Pacific
With increase in concern about the global carbon emission, countries are now shifting to eco-friendly modes of transportation. This includes electric and hybrid vehicles. The demand for the same is on a rise in Asia-Pacific. Owing to such rise in demand, more and more aluminum cables are required for the manufacturing purpose. Hence the market is expected to grow in the coming years.
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COVID-19 Impact Analysis
- The COVID-19’s unfavorable global effects are already evident, and had a big impact on the aluminum cable market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the aluminum cable market to a great extent as the consumers’ consumption and demand patterns are changing amidst the pandemic.
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