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.
