At 5.4% CAGR, the Asia Pacific Iron Chromium Aluminum Alloy Wire Market is projected to be worth US$ 255.03 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific iron chromium aluminum alloy wire market was valued at US$ 186.10 million in 2022 and is expected to reach US$ 255.03 million by 2028, registering a CAGR of 5.4% from 2022 to 2028. Growing use of iron chromium aluminum alloy wires in industrial furnaces and various advantages of iron chromium aluminum alloy wires are the critical factors attributed to the Asia Pacific iron chromium aluminum alloy wire market expansion.        

Many application sectors such as industrial furnaces, electronics, metallurgy, and machinery increasingly demand iron chromium aluminum alloy wires. In India, electronics, construction, automotive, and metal & mining are among the rapidly growing industries. The vast resources of various metallic and nonmetallic minerals in India serve as a foundation for the expansion and advancement of the country's mining industry. India is largely self-sufficient in metallic minerals, including bauxite, chromites, iron ore, and lignite, and mineral fuels such as coal and lignite. The metals & mining industry in India has the potential to significantly impact country’s gross domestic product (GDP) and foreign exchange earnings. This gives the country with a competitive edge by obtaining essential raw materials at reasonable rates. Rise in infrastructure development and growth of the power and cement industries are aiding growth in the country’s metals & mining sector. The government of India has also adopted various initiatives in the recent past for the growth of the metals & mining sector. In November 2022, the government of India removed export duties on steel and stainless steel to strengthen the country's steel sector and establish its position in the market. Therefore, the increasing industrialization in developing country such as India is expected to boost the Asia Pacific iron chromium aluminum alloy wire market growth during the forecast period.

On the contrary, volatility in prices of raw materials hampers the Asia Pacific Iron Chromium Aluminum Alloy Wire Market.  

Based on application, the Asia Pacific iron chromium aluminum alloy wire market is segmented into electronic appliances, aerospace, industrial furnaces, metallurgical and machinery, and others. The industrial furnaces segment held 34.3% share of Asia Pacific Iron Chromium Aluminum Alloy Wire Market in 2022, amassing US$ 63.83 million. It is projected to garner US$ 87.78 million by 2028 to expand at 5.5% CAGR during 2022–2028.

Based on country, the Asia Pacific iron chromium aluminum alloy wire market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 55.6% share of Asia Pacific Iron Chromium Aluminum Alloy Wire Market in 2022. It was assessed at US$ 103.48 million in 2022 and is likely to hit US$ 145.19 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.      

Key players dominating the Asia Pacific iron chromium aluminum alloy wire market are Changzhou DLX Alloy Co Ltd; Donghai Electric Appliance Co Ltd; Jiangsu Nickel alloy Co Ltd; JLC Electromet Pvt Ltd; Kanthal AB; Smith Therm Pvt Ltd; and Suzhou Nickel Alloy Co Ltd, among others.

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