Global Aluminium Cable Market to Witness CAGR of 5.5% from 2023 to 2031 and reach US$ 37.82 Billion by 2031
Key drivers in the aluminium cable market include cost-efficiency, as aluminium is more affordable than copper; lightweight nature, facilitating easier installation; and its suitability for long-distance power transmission. Additionally, growing demand in construction and infrastructure projects and the emphasis on energy efficiency contribute to the market's growth.
Before COVID-19, the aluminium cable market was on an upward trajectory, buoyed by robust construction and infrastructure activities. The pandemic momentarily disrupted this momentum due to supply chain disruptions and economic challenges. However, post-COVID-19, the market recovered as construction projects resumed, underscoring the resilience and essential role of aluminium cables in various applications, especially in power transmission.
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Global Aluminium Cable Market Growth Drivers:
• Lightweight and Cost-Effective Alternative: Aluminum cables are preferred for their lightweight nature, making them easier to handle and install compared to traditional copper cables. They are approximately 40% lighter than copper cables. Additionally, aluminium is more cost-effective; with prices significantly lower than copper. This cost advantage is critical for various applications, especially in large-scale construction projects. For instance, aluminium conductors in overhead power transmission lines offer substantial savings in materials and installation costs, contributing to market growth.
• Growing Energy Infrastructure: The expansion of energy infrastructure globally is a major driver of the global aluminium cable market. With increasing electrification and the growth of renewable energy sources, there is a rising demand for reliable and efficient electrical transmission and distribution systems. Aluminum cables are well-suited for this purpose due to their excellent conductivity and ability to carry high current loads over long distances. In fact, according to the International Energy Agency (IEA), global electricity demand is projected to increase significantly, further propelling the need for aluminium cables in power transmission.
• Sustainability and Energy Efficiency: Environmental considerations and energy efficiency is driving the adoption of aluminium cable market. Aluminum is recyclable and offers energy-efficient properties. According to a study by the Aluminum Association, recycling aluminium saves up to 95% of the energy required for primary aluminium production. This sustainability aspect aligns with the increasing focus on eco-friendly construction practices and adherence to environmental regulations. As a result, industries are favoring aluminium cables not only for their technical advantages but also for their positive environmental impact.
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Global Aluminium Cable Market Recent Developments:
• The aluminium cable market is constantly evolving, with new technologies and treatments being developed all the time. New aluminium alloys are being developed that are stronger and more durable than traditional alloys. This is expanding the range of applications for aluminium cables. Moreover, new manufacturing processes are being developed that reduce the cost of producing aluminium cables. This is making aluminium cables more accessible to a wider range of businesses and individuals. Furthermore, new cable designs are being developed that improve the performance and reliability of aluminium cables. For example, some manufacturers are developing new cable designs that reduce the risk of corrosion and electrical resistance.
• The Middle East and Africa region exhibits highest growth rate in the aluminium cable market. The region’s growth is driven by infrastructure development initiatives and the increasing energy demand. The region's investment in renewable energy projects and the need for reliable electrical transmission and distribution systems boosted the use of aluminium cables in the utility sector. Additionally, construction and industrial activities were on the rise, further propelling the growth of the aluminium cable market in MEA.
Global Aluminium Cable Market: Competitive Landscape and Key Developments
o Havells India Ltd.
o Kaiser Aluminum
o Kflex Cables & Conductors
o Novametal SA
o Priority Wire & Cable, Inc.
o Sam Dong
o Southern Cable Group Berhad
o Southwire Company, LLC
o Vedanta Resources Limited
o Vimco Plast India
o Other Industry Participants
In February 2023, Vedanta Aluminium introduced a 12mm Aluminum Wire Rod designed specifically for the electrical industry.
In March 2022, Southwire Company successfully finalized its acquisition of Novinium Holdings, Inc., headquartered in Kent, Washington. Novinium Holdings, Inc. specializes in offering cable rejuvenation solutions primarily targeted at electric utilities.
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Global Aluminium Cable Market:
o Interlocking Metal Sheathed Cable
o Flame Retardant Fire-resistant Cable
o Circuit breakers
o Electrical appliances
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
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