Aluminium Alloy Wire Market

The market for aluminium alloy wire is projected to see growth in consumption and value over the period from 2022 to 2030, with a forecasted increase in volume to 983K tons and market value to $6.4B by the end of 2030. China remains the largest consumer and producer of aluminium alloy wire, with notable growth rates in Turkey and Vietnam. Global imports and exports of aluminium alloy wire are also on the rise, with increasing average prices. Key exporting countries include the Netherlands, Canada, and China, while top importing countries include the United States, Germany, and Italy. Overall, the market shows steady growth potential in the coming years.

Market Forecast

Driven by rising demand for aluminium alloy wire worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.2% for the period from 2022 to 2030, which is projected to bring the market volume to 983K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market value to $6.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Aluminium Alloy Wire

For the third consecutive year, the global market recorded growth in consumption of aluminium alloy wire, which increased by 2.9% to 966K tons in 2022. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, global consumption attained the maximum volume at 1M tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The global aluminium alloy wire market size stood at $5.1B in 2022, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs in 2022 and is expected to retain growth in the near future.

Consumption By Country

China (270K tons) remains the largest aluminium alloy wire consuming country worldwide, comprising approx. 28% of total volume. Moreover, aluminium alloy wire consumption in China exceeded the figures recorded by the second-largest consumer, the United States (119K tons), twofold. The third position in this ranking was held by India (110K tons), with an 11% share.

In China, aluminium alloy wire consumption remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (-1.1% per year) and India (-0.8% per year).

In value terms, the largest aluminium alloy wire markets worldwide were China ($1.2B), Turkey ($1.1B) and the United States ($575M), together comprising 57% of the global market.

Among the main consuming countries, Turkey, with a CAGR of +25.4%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced mixed trends in the market figures.

The countries with the highest levels of aluminium alloy wire per capita consumption in 2022 were Germany (414 kg per 1000 persons), the UK (414 kg per 1000 persons) and the United States (354 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +11.5%), while consumption for the other global leaders experienced a decline in the per capita consumption figures.

Production

World Production of Aluminium Alloy Wire

In 2022, production of aluminium alloy wire increased by 2.8% to 1.1M tons, rising for the third consecutive year after two years of decline. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 4.3%. Global production peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, aluminium alloy wire production shrank to $4.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when the production volume increased by 18%. As a result, production attained the peak level of $5.2B, and then dropped in the following year.

Production By Country

The country with the largest volume of aluminium alloy wire production was China (291K tons), comprising approx. 28% of total volume. Moreover, aluminium alloy wire production in China exceeded the figures recorded by the second-largest producer, India (115K tons), threefold. The United States (84K tons) ranked third in terms of total production with an 8% share.

In China, aluminium alloy wire production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (-0.4% per year) and the United States (-2.0% per year).

Imports

World Imports of Aluminium Alloy Wire

After two years of growth, supplies from abroad of aluminium alloy wire decreased by -0.2% to 280K tons in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 15%. Over the period under review, global imports hit record highs at 289K tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, aluminium alloy wire imports soared to $1.3B in 2022. In general, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 40% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in years to come.

Imports By Country

In 2022, the United States (48K tons), distantly followed by Germany (26K tons), Italy (15K tons), Vietnam (13K tons) and France (13K tons) represented the largest importers of aluminium alloy wire, together constituting 41% of total imports. Finland (9.6K tons), Algeria (8.4K tons), China (8K tons), Turkey (7.7K tons), Malaysia (7K tons), South Korea (6.9K tons), Brazil (6.2K tons) and Japan (6.2K tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Finland (with a CAGR of +22.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest aluminium alloy wire importing markets worldwide were the United States ($217M), Germany ($122M) and France ($97M), together comprising 32% of global imports. Italy, Vietnam, China, Turkey, South Korea, Malaysia, Finland, Algeria, Japan and Brazil lagged somewhat behind, together comprising a further 30%.

Vietnam, with a CAGR of +22.5%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average aluminium alloy wire import price stood at $4,805 per ton in 2022, picking up by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.3%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 22% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($7,521 per ton), while Finland ($3,401 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+4.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Aluminium Alloy Wire

In 2022, shipments abroad of aluminium alloy wire increased by 0.1% to 365K tons, rising for the third year in a row after three years of decline. The total export volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 28%. As a result, the exports reached the peak of 379K tons. From 2015 to 2022, the growth of the global exports remained at a lower figure.

In value terms, aluminium alloy wire exports expanded remarkably to $1.5B in 2022. In general, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 53% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports By Country

In 2022, the Netherlands (65K tons), Canada (45K tons), Bahrain (33K tons), Malaysia (30K tons), China (29K tons), Spain (23K tons), France (20K tons), Austria (18K tons) and the United States (13K tons) represented the main exporter of aluminium alloy wire in the world, generating 76% of total export. The following exporters - Japan (8.6K tons), India (8.4K tons), Hungary (8.3K tons) and Italy (7.9K tons) - each finished at a 9.1% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Austria (with a CAGR of +39.1%), while the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($255M), Canada ($189M) and China ($146M) appeared to be the countries with the highest levels of exports in 2022, with a combined 39% share of global exports. Bahrain, Spain, France, Malaysia, the United States, Italy, Japan, Hungary, India and Austria lagged somewhat behind, together comprising a further 43%.

Austria, with a CAGR of +23.9%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average aluminium alloy wire export price stood at $4,180 per ton in 2022, growing by 12% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 23% against the previous year. The global export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($6,973 per ton), while Austria ($786 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+3.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform