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India Aluminum Wire Rod Market Expected to reach $4.8 Billion by 2033

 
India Aluminum Wire Rod Market Expected to reach $4.8 Billion by 2033
2022
India Aluminum Wire Rod Market

Report Code : A289233

quote The India aluminum wire rod market is experiencing growth driven by increasing demand from the power and construction sectors, particularly for high-voltage transmission lines and infrastructure projects. However, the market faces restraints due to high production costs and trade challenges, such as U.S. tariff hikes impacting exports. Opportunities lie in expanding applications across automotive, aerospace, and renewable energy sectors, supported by government initiatives promoting sustainable development. quote

Eswara Prasad

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According to a new report published by Allied Market Research titled, India Aluminum Wire Rod Market Type, End-Use Industry: Opportunity Analysis and Industry Forecast, 2024–2033.” The India aluminum wire rod market was valued at $3.4 billion in 2023 and is estimated to reach $4.8 billion by 2033, exhibiting a CAGR of 3.7% from 2024 to 2033. 

Introduction

Aluminum wire rod is a semi-finished product made from aluminum. It is produced through a manufacturing process that involves melting aluminum and then casting it into a cylindrical shape, typically in the form of a long, thin rod or bar. Aluminum wire rods are utilized in various industries, including electrical and electronics (for making conductors), construction (for reinforcing concrete and structural components), mechanical engineering (for manufacturing parts and fasteners), welding (as filler material), and many other applications where properties of aluminum, such as its lightweight nature, good electrical conductivity, and corrosion resistance, are advantageous.

Market Dynamics

Increased Foreign Direct Investment (FDI) in the Indian automotive sector leads to the adoption of modern manufacturing techniques and materials, including aluminum wire rods. Also, consumer demand for lightweight, fuel-efficient, and environmentally friendly vehicles is driving automakers to adopt aluminum components, further increasing the demand for aluminum wire rods. 

Rise in demand for aluminum wire rod in India’s power industry is being driven by a confluence of policy shifts, infrastructural expansion, and economic factors aimed at modernizing the country’s electrical grid and expanding access to electricity. One of the key drivers is the Government of India’s robust push for nationwide electrification, as evidenced by the “Saubhagya” scheme, which successfully connected over 28 million households by 2021. With the goal of achieving 24x7 power for all and developing a robust transmission and distribution (T&D) network, the power sector requires substantial quantities of conductors and cables, where aluminum wire rods play a crucial role. India’s total electricity generation reached around 1,719 TWh in 2023, with a peak demand of over 230 GW. As the country targets a peak power demand of 366 GW by 2031–32 (according to the Central Electricity Authority), the need for efficient, lightweight, and cost-effective conductive materials like aluminum wire rods is growing rapidly.

Aluminum wire rods are increasingly favored over copper due to cost advantages and ease of handling. With aluminum prices lower than copper, they offer a more economical option for use in power cables, transmission lines, and transformer windings. In addition, aluminum’s lower density converts into lighter conductors, reducing structural support requirements and installation costs. This is particularly important in high-voltage overhead transmission systems, where long-distance power transfer is essential to meet growing urban and rural demands. According to the Indian Electrical and Electronics Manufacturers’ Association (IEEMA), aluminum conductors account for over 90% of the total conductor usage in India’s T&D network.

In addition, India’s ambitious renewable energy targets, which necessitate significant grid upgrades, drives the market growth. With a goal of achieving 500 GW of non-fossil fuel capacity by 2030, renewable energy projects, especially in solar and wind, require substantial grid integration, transmission infrastructure, and inter-regional connectivity. The Green Energy Corridor initiative, aimed at facilitating renewable energy evacuation, further fuels demand for aluminum wire rods for new transmission projects. According to the Power Grid Corporation of India, over 50,000 circuit kilometers of transmission lines are being planned or implemented to support renewable capacity, most of which will utilize aluminum-based conductors due to their efficiency and lower lifecycle costs. Furthermore, the “Make in India” initiative and rise in trend of domestic manufacturing under Atmanirbhar Bharat have led to the establishment of several new aluminum rod production units, enhancing local availability and reducing dependency on imports.

However, fluctuations in aluminum prices are expected to act as a major restraint for market growth. Aluminum prices are subject to volatility due to global supply and demand dynamics, geopolitical factors, and market speculation. These price fluctuations can affect the cost structure for manufacturers and make pricing unpredictable for customers. The primary factor influencing aluminum prices is the balance between supply and demand. When aluminum production exceeds demand, prices tend to fall, while shortages can lead to price increases. Also, economic conditions, such as recessions or economic downturns, can significantly impact the demand for aluminum. During economic crises, reduced demand for products such as automobiles and construction materials can lead to a drop in aluminum prices. For aluminum wire rod manufacturers, the cost of producing wire rods is directly influenced by the cost of the raw aluminum material. When aluminum prices rise, it can increase the production costs, affecting the overall cost structure for manufacturers. Besides, demand for aluminum wire rods is expected to be influenced by the price of aluminum. When aluminum prices are high, some industries are expected to seek alternative materials, leading to shifts in demand. Consequently, the above-mentioned factors are projected to restrain the market growth. Nevertheless, technological advancements are anticipated to offer many opportunities for market growth in the coming years.

Segments Overview

The India aluminum wire rod market is segmented on the basis of type and end-use industry. On the basis of type, the market is categorized into 1350, 2011, 8176, 4043, 6061, 6062, and others. On the basis of end-use industry, the market is categorized into aerospace, automotive, building and construction, power, and others.

Competitive Analysis

Key players in the aluminum wire rod industry include Arfin India Limited, Cabcon India Limited, JSK INDUSTRIES PVT LTD, Hindalco Industries Ltd., Sakar Industries, BAB Industries, Nalco India Limited, Palriwal Industries Pvt. Ltd., APAR Industries Ltd, and Vedanta Limited.

Key Findings of the Study:

  • Based on type, the others segment dominated the market in 2023.
  • By end-use industry, the power segment was the highest revenue contributor to the market, growing with a CAGR of 3.8%.
 

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quote India Aluminum Wire Rod Market by Type (1350, 2011, 8176, 4043, 6061, 6062, and Others), by End-Use Industry (Aerospace, Automotive, Building and Construction, Power, and Others): Opportunity Analysis and Industry Forecast 2024–2033. quote

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