The increasing demands for electrical and automotive applications towards diverse, innovative product grades are found consistently stimulating the aluminium wire market size across the world. Composed of aluminium, these wires exhibit corrosion protection properties and find a wide range of usage in the products including transformers, building wires, heat sinks in industrial segment, and electrical appliances.
Worldwide primary aluminium production was over 5 million tonnes in 2017, while the sales were over 95 million units. By 2024, aluminium wire market revenue is slated to exceed US$ 65 billion.
In this context of increasing aluminium market size globally over the past few years, India neither flinched away from marking a phenomenal growth in aluminium wire import in 2018. According to a third-party data, India’s estimated import volume in 2018 had raise by about more than 400 % from 2017 and more than 300 % from 2016 levels.
Also, India’s estimated aluminium wire import volume drop in 2017 from the previous year and then climbed high in 2018. The previous year had seen a growth in consequence of the rise in import volume, as far as India’s aluminium wire import cost is concerned. The estimated import cost was at US$208 million in the said year, up 511% from US$34 million in 2017 and 407% from US$41 million in 2016. India’s 48% of aluminium consumption is in the electrical sector and hence, wires form a large section of the total aluminium product import by the country.
India is estimated to import a maximum amount of aluminium wire from Malaysia, totalling approx US$140 million, followed by Bahrain and Oman, totalling approx at US$14 million and approx US$12 million respectively in 2019.