Aluminum Wire Market expects 10 million tons consumption by 2024
Date: 2018-11-22   Author: Rahul Varpe  Category: #market

Aluminum Wire Market expects 10 million tons consumption by 2024

Global Market Insights, Inc. adds a new Aluminum Wire Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Aluminum Wire Market size is set to surpass USD 65 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing consumer demand towards lightweight automobile vehicles may drive aluminum wire market demand. Superior properties which include light weight, high strength and corrosion resistance may cater to construction and electrical industries, thus propelling industry growth over the forecast timeframe.  

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Aluminum wire are utilized in various home electrical appliances, switches, circuit breakers and motors owing to its light weight, corrosion resistance and retention of temperature even at low temperatures properties. The products are used in electrical products as they are lighter than other material, it also reduces corona an electric discharge which is associated with high power transmission and its excessive heating do not separate the electrical fixtures and connections, thus increasing the industry demand."

Nomex insulated rectangular & round aluminum wire market demand may surpass consumption at over 1.7 million tons by 2024. The product is compatible with all kinds of varnish, sticky compatible mixture, transformer fluids and lubricants owing to its tera resistance, moisture resistance and abrasion resistance properties. These products can withstand temperature over 200-degree Celsius owing to its strong mechanical properties and are used in transformers to cope up with high load expansion which in turn enhances the product demand.

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Aluminum wire market size from transformer applications may register gains at over 3.5% by 2024. Aluminium wound transformer are lighter in weight than copper ones and expands nearly one-third under changing temperature. These wires have a larger cross-sectional area which is 66% and is responsible to produce acceptable hot-spot gradients regardless of winding material, which in turn enhances market demand.

Aluminum wire market size from shipping applications was estimated at USD 785 million in 2017. They are utilized for marine surroundings, fixed and floating offshore amenities. They are used for communication, indicating, regulating, electronic and similar circuits where multiple conductors are needed, thereby stimulating product demand.

Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/aluminum-wire-market

U.S. aluminum wire market demand may witness gains at over 3.5% over the forecast period. Increasing construction spending on single family homes and commercial construction projects may boost the product demand. These products are installed in residential application for lower voltage service feeders from the utility to the building, thereby stimulating the regional demand.

Norsk Hydro, Novametal Group, Axon Cable, REA Wires and Vimlesh Industries are key industrial players in aluminium wire market. Strong R&D spending and new product launches may enhance the product portfolio, thereby stimulating the industry growth.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights, Inc.
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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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