Global Aluminum Wire Rods Market: Overview
Several metals have become an essential part of daily life due to rapid industrialization and development of the society. Aluminum is an integral metal that is used every day due to its durability, lightweight, and high recyclability. It is a sustainable material, which is used to manufacture smart phones, foils, zippers, and fuel-efficient automobiles. The metal is also used to produce wiring that connects power grids to various end-users such as industries, residential apartments, and commercial buildings. Moreover, aluminum recycling has led to a positive impact on the environment due to the sustainable production of the metal. Around 75% of the total aluminum produced till date is still in usage. Presently, aluminum is utilized in several forms due to its versatility; one such use is aluminum wire rods.
Global Aluminum Wire Rods Market: Drivers & Restraints
Aluminum wire rods can be manufactured by different processes such as rolling, extrusion, and coiling or can be directly drawn from molten metal. These processes elongate the metal into circular shaped pieces, which can be machined into different forms for different types of applications. Aluminum wire rods are also produced with the help of continuous casting technique, which converts aluminum ingots to wire rods. Aluminum wire rods are primarily defined as aluminum rods having less than 3/8 inch diameter. The aluminum wire rods act as the highest quality material for cables and also have desirable electrical and mechanical properties required for various applications. It is necessary to ensure full conformity with high-quality control norms to minimize external threats and vulnerabilities while producing aluminum wire rods.
Global Aluminum Wire Rods Market: Key Segments
Based on grade type, the aluminum wire rods market can be categorized into electrical, mechanical, and alloy. The electrical grade segment is expected to dominate the global aluminum wire rods market during the forecast period. Aluminum wire rods are mainly used to manufacture cables and conductors that are employed for electricity distribution and transmission purposes. The mechanical grade of aluminum wire rods are primarily used for mechanical applications.
In terms of application, the aluminum wire rods market can be classified into cables and conductors, mechanical, and deoxidization. The cables and conductors segment is projected to account for a dominant share of the global aluminum wire rods market and is expected to maintain its leading position during the forecast period. Deoxidization includes the usage of aluminum wire rods for the steel deoxidization process.
In terms of region, the global aluminum wire rods market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global aluminum wire rods market during the forecast period. Dominance can be attributed to the high demand for the aluminum wire rods in the region, especially in China and India. Moreover, the market in Asia Pacific is anticipated to expand at a considerable pace during the forecast period, due to rapid industrialization and electrification rate in the region, especially in developing countries such as India and China. Europe is anticipated to account for the second largest share of the global aluminum wire rods market during the forecast period.
Global Aluminum Wire Rods Market: Key Players
Key players operating in the global aluminum wire rods market include Vedanta Resources, Hindalco Industries Limited, NALCO India, Vimetco NV, Nowoczesne Produkty Aluminiowe Skawina, Beneke, Kaiser Aluminum, Norsk Hydro ASA, HIND ALUMINIUM INDUSTRIES LTD, and Associated Group of Companies.