PUBLISHER: Grand View Research | PRODUCT CODE: 1588414
PUBLISHER: Grand View Research | PRODUCT CODE: 1588414
The global aluminum wire market size is anticipated to reach USD 48.28 billion by 2030 and is expected to expand at a CAGR of 6.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising cost of copper has resulted in an increased adoption of aluminum for developing wires and cables. Growing requirement of upgrading infrastructure for electricity distribution, increasing investments in construction and telecom industries along with growing production of EVs are anticipated to augment the demand for aluminum wires over the forecast period. Different aluminum alloy series are used for producing aluminum depending upon the characteristics required.
The rise in the price of aluminum has directly impacted the prices of the aluminum wire. China's export tax on primary aluminum, high energy costs in Europe, and ongoing shipping disruptions drive the price surge. Physical delivery premiums are increasing, reflecting strong demand and higher supplier costs. Although exchange prices and rising LME inventories suggest a well-supplied market, aluminum prices have risen slightly as inventory levels decline, with metal from Russia, facing Western sanctions, entering the market. China's export tax has led to a surplus of primary aluminum domestically, with much of its export volume comprising semi-finished products rather than raw metal.