Aluminum Wire Market To Reach USD 69.06 Billion By 2027 | CAGR of 3.3% | Reports And Data – GlobeNewswire

New York, June 04, 2020 (GLOBE NEWSWIRE) -- Market Size USD 53.06 Billion in 2019, Market Growth - CAGR of 3.3%, Market Trends High demand from developing nations.

New York, June 04, 2020-The globalAluminum Wire marketis forecasted to reach USD 69.06 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand from the home electrical appliances, as well as the growth of the commercial, residential, and industrial sectors. However, copper wires act as a substitute in replacing the aluminum wires, owing to properties including high elasticity and high electrical conductivity, making them desirable for a variety of applications, thereby hampering the demand of the market.

Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of commercial and residential sectors over a broad aspect, thus, augmenting the demand for the market product. Moreover, the limitation of aluminum wire, which comprises the oxidation of aluminum, creating a surface coating which leads to excess heating resulting in fire hazard conditions, represents a significant challenge in the market.

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Supportive government policies are likely to drive the growth of the market in the forecast period. The Indian domestic aluminum industry has petitioned the Government to have a re-look at the Free Trade Agreement (FTA) with China. The new norm will partially stop scrap aluminium import and impose a complete ban by 2020. Moreover, other nations such as China, Japan, and the United States are also supported by their respective Government, which help them to withhold their position in the market and raise the potential to increase expenditure in the aluminum wire sector. According to studies, The Asia Pacific region forecasted to grow with the highest growth rate owing to the increase in the use of Aluminum Wire.

The COVID-19 impact:

As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut the need for aluminum wire in the market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With an unfortunate global situation, the export-dependent economies of many regions look vulnerable. Global aluminum wire markets are reshaped by the effects of this pandemic, as some suppliers are either shutting down or reducing their output due to a lack of demand in the downstream market. In certain regions, markets are focusing on becoming more localized, by looking at the severity of the outbreak, and the consequent actions by the individual national authorities. Under these circumstances, market conditions in Asia Pacific regions have been very fluid, declining weekly, making it challenging to stabilize itself.

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Further key findings from the report suggest

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For the purpose of this report, Reports and Data have segmented into the global Aluminum Wire market on the basis of grade, product, application, and region:

Grade Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)

Product Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)

Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)

Regional Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)

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Aluminum Wire Market To Reach USD 69.06 Billion By 2027 | CAGR of 3.3% | Reports And Data - GlobeNewswire