Aluminum Wire Pricing Report

Aluminum Wire Prices December 2023

In the last quarter of 2023, aluminum wire prices in the South Korean market displayed stability at first but significant efforts of power and distribution industry was insufficient to stimulate market demand. The major factors defective this stability will be central banks issue, the coming debt ceiling in the USA, haughtiness in domestic consumption data, scarcity of policy stimulus and a negative global economic outlook. With some demand from the downstream sectors dropped off but inventory of aluminum wire still increasing at local market, then local inventory levels grew.

Bauxite storage went up due to increased imports from Guinea, primarily influenced by mining intensity and the sustainable measures conducted between the West-African LNG Group and the Group. The last month of the year has been marked by unchanged aluminum wire levels. Such a price level was the result of reduced demand due to winter months and holidays. Trade route obstructions, unfavorable weather situations, along with a decrease in the bauxite mining resulted in a slowdown of the manufacturing sector’s activity, which aimed at South Korea’s inflation. Aluminum wire (8011- 10 mm) price, South Korea reached the level of 3420 USD/MT in Q4 2023.

Aluminum Wire Price Trend, Market Analysis, and News

IMARC’s newly published report, titled Aluminum Wire Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data, offers an in-depth analysis of aluminum wire pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing aluminum wire price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Aluminum Wire Market Analysis

The global aluminum wire market size reached US$ 55 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 73.3 Billion, at a projected CAGR of 3.20% during 2023-2032.

• The demand for aluminum wires industry is primarily driven by the production activity in different industries worldwide. For instance, aluminum wire is mostly used in construction, automotive, and electrical industries because of its flexibility and conductivity. The example of the US proves this point. Moreover, the U.S. Geological Survey (USGS), reported a 5% increase in industrial consumption of aluminum in 2021 which may be attributed to acceleration in industrial operations after the pandemic. These developments are caused by the power transmission, wiring systems and industrial production that use aluminum wiring for its lightweight nature and extremely good conductivity. Industries will persist scaling and, as a result, boost the demand for the aluminum wire which in turn is propelling market growth.
• The rising number of infrastructural projects, especially in the developing countries, has increased the use of aluminum wires greatly. The usage of state funds for infrastructure developments of the entire transmission system, including transportation networks, utilities and renewable energy projects require considerable amounts of aluminum wire for electric wiring and transmission. Let us say, India's infrastructure development schemes which include the Smart City Mission and Bharatmala project receives a demand for aluminum wires in the construction and electrical sector. As per Ministry of Statistics and Programme Implementation (MOSPI) in India, the infrastructure sector cruised to a growth rate of 13.4 percent in the fiscal year 2021-2022, clearly demonstrating the huge quantity of producers of aluminum wire required in the construction process. With the infrastructure development going globalism, demand for aluminum wire is also anticipating this rise which in turn will give direction to market expansion.
• The shifting emphasis towards sustainability and power efficiency has accelerated the adoption of aluminum cable over the traditional copper cable. The special features of aluminum such as its light weight, anti-corrosion, and recycling just make it a perfect alternative for the industries that concern the environment. As per the International Aluminum Institute (IAI) reports, in 2020, the global aluminum recycling rate comprised 64%, which is an indicator of the industry's willingness to make its operations sustainable, - Matthew Brooks Governments around the globe have come out with tighter environmental rules and motivating the usage of environment-friendly materials, which is ultimately proving to be an extra stimulus for aluminum wire. Facing rising pressure from industries to combat sustainability, and improve the industry’s carbon footprint, the aluminum wire demand is set to increase. Here, this trend ties up with a broader situation worldwide around sustainability practices.

Aluminum Wire News

The report covers the latest developments, updates, and trends impacting the global aluminum wire market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in aluminum wire production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.

Latest developments in the aluminum wire industry:

• In October 2021, the Furukawa Electric Group collaborated with Toyota Boshoku Corporation started with installation of aluminum electrical wire into wire harnesses for the new Toyota Land Cruiser 300 seats of car body. Alpha Terminal Series, well famed for its marvelous corrosion resistance, being the technique used. Due to 75% incorporation of aluminum wire in 115 of the 152 circuits, the seats got cut off from 44% of weight, which can be considered a huge factor in the context of green vector of the automotive industry.
• In May 2020, Heraeus Electronics launched the industry's latest wire for power applications, known as CucorAl Plus. The new wire is obtained using a copper-core aluminum manufacturing technique that increases electrical and mechanical properties such as hardness and yield strength, in addition to enhancing processability. CucorAl Plus meets the requirements of the electronic packaging industry where superior features and performance are required.

Product Description

An aluminum wire is a kind of electric conductor which is made up of aluminum, a very lighter and highly conductor metal. For aluminum wire production in manufacturing, extrusion or drawing is employed, in which aluminum rods or billets are forced through dies of different diameters to form wires with desired diameters. Afterwards, they can be drawn out, insulated, and finally formed into wires that are used in the electrical systems.

Aluminum wire finds extensive applications in different areas of industry such as constructions, vehicles production, aerospace and electronics. For construction, it is a predominant material utilized for electrical wiring in residential, commercial, and industrial buildings owing to the fact that it has great properties of being affordable, lightweight and corrosion resistant. In the automotive field, aluminum wire is used in wiring harnesses and electrical devices to decrease the vehicles mass and the fuel consumption. Aluminum wire has a wide range of functionality both over and underground. It is used in overhead transmission lines, power transformers and electrical appliances due to its high conductivity and economical nature.

Regional Coverage

The report provides a detailed analysis of the aluminum wire market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends.

Global Aluminum Wire Price

The report offers a holistic view of the global aluminum wire pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.

Europe Aluminum Wire Price

In the fourth quarter of 2023, the European market for aluminum wire went up slightly, due to a number of factors affected how its cost changes. A reason for this was poor performance due to economic instability leading to low levels of production. Consequently, the players in the industry were cautious in their actions as there was little supply, which led to a small rise in prices. However, the market adjusted to the prevailing conditions and continuing to perform well by meeting demand needs.

This analysis can be extended to include detailed aluminum wire price information for a comprehensive list of countries.

North America Aluminum Wire Price

Aluminum wire market in North America showed trends that were a mix of different things and was generally stable. The stable nature of this quality was because of continual market demand from building and construction industry, motor vehicle manufacturing industry as well as electronics sector making it dependable foundation for such orderliness. Also, steps taken proactively by manufactures to address logistical challenges in production process guarantees continuity thereby ensuring market remains steady amidst challenges. Furthermore, efforts have been made by manufacturers of aluminum wire to cushion against disruptions within their supply lines hence enabling regular production throughout the period covered by the research.

Specific data on aluminum wire prices within the United States and Canada can also be provided.

Middle East and Africa Aluminum Wire Price

The analysis of aluminum wire prices in the Middle East and Africa provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

In addition to region-wise data, information on aluminum wire prices for countries can also be provided.

Asia Pacific Aluminum Wire Price

In the Asia Pacific region, the prices benefited from the depreciation of the US dollar, despite concerns about a banking crisis. The downturn in demand for lightning conductors from downstream sectors could not have an impact on the supply of aluminum wire, as in fact, local inventories increased due to the surplus. This stability was achieved through the market's capacity to undergo both domestic consumption data stagnation and limited policy capacity and still retain supply stability.

This analysis can be further extended to include detailed aluminum wire prices for a comprehensive list of countries within the region.

Latin America Aluminum Wire Price

The analysis of aluminum wire prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of aluminum wire pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting aluminum wire price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the aluminum wire industry.