Aluminium wire rod consumption: Key trends and global growth drivers
Global aluminium wire rod consumption has risen steadily across the world. Aluminium's unique properties make it a key material in the electrical and electronics industries, enabling a wide range of applications. The global wire and cable market, valued at US$ 191.6 billion in 2022, is anticipated to expand at a compound annual growth rate (CAGR) of 6.3 per cent between 2023 and 2032.
The global aluminium wire rod market was valued at $22.6 billion in 2023 based on consumption and regional trade flow. It is anticipated to grow at a CAGR of 3.7 per cent from 2024 to 2030. The increasing demand from the power, automotive, and aerospace sectors is a substantial factor driving this market.
Aluminium wire rod usage is driven mainly by the growth of worldwide electrical transmission and distribution networks. Over the last seven decades, aluminium cables and conductors have successfully replaced copper as the principal medium for carrying electricity. Bare conductors now account for about 70-75 per cent of the total aluminium used in cables and conductor applications, while insulated cables account for the rest.
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