LONDON, Jan. 4, 2016 /PRNewswire/ -- Technavios market research analyst predicts the global aluminum wire rods market to grow at a CAGR of around 2% during the forecast period. The increased investments in infrastructure are driving the growth of this market. Developing economies such as India are heavily investing in infrastructure activities to improve industrialization. Initiatives like "Make in India" are anticipated to increase the demand for aluminum wire rods during the forecast period.
The increased usage of particular conductors is also expected to drive the market growth during the forecast period. Special conductors such as Al-59, ACAR, and AACSR deliver superior performance in terms of strength to weight ratio without compromising on current carrying capacity. These conductors are anticipated to address the transmission issues within the power grid sector.
Segmentation by grade and analysis of the aluminum wire rods market
Electrical grade aluminum wire rod is the most popular segment and accounted for 58% of the market share during 2014. This segment is expected to reach a market volume of around 2 million metric tons by the end of 2019. Electrical grade aluminum wire rod is majorly used for the production of conductors and cables that are used for transmission and distribution applications.
Segmentation by application and analysis of the aluminum wire rods market
Conductors and cables
The conductors and cables sector is the largest consumer of aluminum wire rods and had a market share of around 78% during 2014. The usage of aluminum wire rods in this sector is expected to grow at a rate of 2% during the forecast period. EC grade aluminum rods are widely used for conductor production for transmission and distribution purposes followed by alloy grades.
Geographical segmentation and analysis of the aluminum wire rods market
APAC is the largest market of aluminum wire rods and accounted for 60% of the market shares during 2014. China is the key demand driver and the biggest market in this region. The demand in South Asia, especially in India, is expected to grow rapidly due to the high consumption and investments occurring in this region.
Competitive landscape and key vendors
The global aluminum wire rods market is highly competitive. The market is witnessing an increase in consolidations. The market is also expected to see an increase in the influx of private vendors.
The leading vendors in the market are
Other prominent vendors in the market include Alro, Hydro, Hindalco, NALCO, OAPIL, TALCO, Inotal, Southern Cable, ACL Cables, and Noranda Aluminum.
Key questions answered in the report include
What will the market size and the growth rate be in 2019
What are the key factors driving the global aluminum wire rods market
What are the key market trends impacting the growth of the aluminum wire rods market
What are the challenges to market growth
Who are the key vendors in this market space
What are the market opportunities and threats faced by the vendors in the global aluminum wire rods market
Trending factors influencing the market shares of the Americas, APAC, Europe, and MEA
What are the key outcomes of the five forces analysis of the aluminum wire rods market
Technavio also offers customization on reports based on specific client requirement.
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