The global aluminum solder wire market is expected to display higher growth rate in the upcoming years. Rapid surge in the market is credited to the rising demand from electronic industry and increasing product penetration in the global market. Additionally, aluminum solder wire is highly cost efficient in comparison with traditional solder wires. Globally, aluminum solder wire market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for industry participants to invest in research and development of aluminum solder wires.
Rising demand from automotive sector for production of lightweight automobile vehicles is expected to drive the growth of the market over the forecast period. Aluminum solder wire exhibits excellent properties such as lightweight, high mechanical strength and corrosion resistance. Growing preference towards aluminum soldering from construction and electrical industries is further propelling market growth over the forecast timeframe. In addition, aluminum wires are increasingly adopted for various home electrical appliances, switches, circuit breakers and motors. Aluminum solder wire also offer key benefits such as corrosion resistance and retention of temperature at lower temperature.
Increasing adoption of aluminum solder wire in electrical products due to their lightweight and ability to withstand high temperature. Use of aluminum solder wire in high power transmission devices owing to its capability to limit an electric discharge is expected to favor market demand as well. During excessive heating in electrical appliances, aluminum solder wire does not allow separation of the electrical fixtures and connections, thereby driving the market demand in the past few years. Aluminum solder wire offer easier and reliable soldering of aluminum and aluminum alloys with enhanced resistance to electrolytic corrosion in comparison with Tin-Zinc solder.
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The aluminum solder wire market is broadly categorized into major segments based on the application type such as enameled aluminum wire, aluminum metallizing wire, copper clad aluminum wire, and polyester enameled aluminum wire. Enameled aluminum wire segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of enameled aluminum wire segment is attributed to the increasing product penetration and availability of several distribution channels.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in manufacturing sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.
Asia-Pacific region is estimated to hold a major share in the aluminum solder wire industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rapid industrialization, increasing manufacturing activities, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the aluminum solder wire market are Norsk Hydro ASA, Novametal Group S.A., Axon' Cable S.A.S., Rea Magnet Wire Company, Inc., Superior Flux & Mfg., Co., and Vimlesh Industries Pvt., Ltd.
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