Aluminum Cable Global Market Report 2024

The aluminum cable market size has grown strongly in recent years. It will grow from $56.34 billion in 2023 to $60.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. Historical growth can be attributed to several factors including cost-efficiency, corrosion resistance, excellent electrical conductivity, lightweight properties, and the expansion of power infrastructure.

The aluminum cable market size is expected to see strong growth in the next few years. It will grow to $75.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. Forecasted growth is due to renewable energy expansion, smart grid development, urban electrification, energy efficiency regulations, and sustainable construction practices. Major trends include manufacturing advancements, infrastructure investments, energy efficiency, growing construction sector demand, and market expansion in developing regions.

The surge in demand for electric vehicles is anticipated to drive the expansion of the aluminum cable market in the foreseeable future. Electric vehicles, powered by one or more electric motors utilizing stored electrical energy or sourced externally, significantly benefit from the use of aluminum cables. These cables exhibit superior electrical conductivity, ensuring efficient power transmission within electric vehicles and their charging systems. A notable illustration of this trend emerged in May 2022, as reported by the International Energy Agency, which noted a remarkable surge in electric car sales, doubling to reach a new milestone of 6.6 million units in 2021. By the close of 2021, the global electric car fleet totaled approximately 16.5 million vehicles. This substantial growth in electric vehicle adoption is a primary driver fueling the expansion of the aluminum cable market, owing to the pivotal role aluminum cables play in facilitating efficient power transmission within electric vehicles and charging infrastructure.

The escalating expansion of the mining industry is anticipated to drive the growth of the aluminum cable market in the foreseeable future. Within the mining sector, aluminum cables play a crucial role by facilitating efficient power delivery for land-based and offshore drilling equipment, as well as various processing applications. This growing demand for aluminum cables in the mining industry is exemplified by recent reports from ET EnergyWorld, an Indian news platform, which highlighted a significant upsurge of 13.1% in India's mineral production, signifying a new high for the mining sector in January 2024. As the mining industry continues to flourish, the concurrent demand for aluminum cables within this sector is poised to bolster the growth of the aluminum cable market.

Leading players in the aluminum cable market are strategically advancing by introducing groundbreaking products to fortify their market presence. A case in point is Nexans S.A., a prominent cable and fiber optic company based in France, which unveiled a novel line of low-carbon aluminum distribution grid cables in May 2023. This innovative approach demonstrates a substantial reduction in greenhouse gas emissions associated with low- and medium-voltage electricity cables, achieving an impressive 35–50% decrease depending on the specific product. Nexans has embraced the use of 100% low-carbon aluminum, aligning with the decarbonization standards established by the Aluminum Forward 2030 coalition. Moreover, the incorporation of up to 50% recycled plastic in the insulation and sheathing of the cables underscores the company's commitment to sustainability and environmental responsibility.

Prominent players in the aluminum cable market are strategically directing their efforts towards the development of innovative products, including low-voltage power cables, to fortify their market standing. Low-voltage power cables, designed for carrying electrical signals with voltages typically below 50 volts, are at the forefront of this innovation. An illustrative example is NKT AS, a Denmark-based provider of cable solutions and accessories, which in December 2022 introduced a 1 kV Power Cable featuring low-carbon aluminum and polyolefins. The cable's insulation and sheathing are crafted from renewable feedstocks, delivering comparable performance to virgin materials while significantly reducing environmental impact. This proactive approach underscores the company's commitment to advancing sustainability in the aluminum cable market.

In April 2023, Nexans SA, a leading France-based manufacturer specializing in cables and optical fiber, successfully acquired Reka Cables Ltd. in a transaction of undisclosed value. This strategic acquisition positions Nexans as a dominant player in the electrification sector, facilitating an expansion of its product portfolio to include top-tier cables that prioritize quality and safety. The synergies created by this merger are anticipated to enhance Nexans' capabilities, particularly in the Nordic region, solidifying its position as a key player in the industry. Notably, Reka Cables Ltd., based in Finland, is recognized for its production of premium cables, including aluminum power cables, power cables, and medium and high voltage cables.

Major companies operating in the aluminum cable market report are Hitachi Cable Ltd., Asea Brown Boveri Ltd., Sumitomo Electric Industries Ltd., Jiangsu Hengtong Cable, Henan Jinlong Cable, Prysmian SpA, Nexans SA, Furukawa Electric, Leoni AG, Shanghai Nanshan Aluminum, Kaiser Aluminum Corporation, Encore Wire Corporation, Polycab Wires Pvt Ltd., NKT Cables AS, Havells India Limited, Sterlite Technologies Limited, Finolex Cables Limited, KEI Industries Limited, Eland Cables Limited, Southern Cable Group, Emmflex, RR Kabel Limited, Sam Dong Inc., Southwire Company LLC, Radcliff Wire Inc., General Cable Technologies Corporation, Guangdong Guangnan Wires & Cables, Canusa Cable Ltd., Vidyut Cables Pvt Ltd.

North America was the largest region in the aluminum cable market in 2023. The regions covered in the aluminum cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aluminum cable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of aluminum cables include interlocking metal-sheathed cable, flame-retardant fire-resistant cable, and others. Interlocking metal-sheathed cable, often known as armored cable or MC cable, is an electrical cable with a protective metal sheath surrounding the conductors. These cables are categorized based on grade, with classifications such as electrical, alloy, and mechanical. They find applications in various settings, including automobiles, transformers, motors, circuit breakers, electrical appliances, and other industrial and commercial applications.

The aluminum cable market research report is one of a series of new reports that provides aluminum cable market statistics, including aluminum cable industry global market size, regional shares, competitors with an aluminum cable market share, detailed aluminum cable market segments, market trends and opportunities, and any further data you may need to thrive in the aluminum cable industry. This aluminum cable market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aluminum cable market consists of sales of aluminum power cables, aluminum building wires, aluminum control cables and aluminum welding cables. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.