Metal Electrical Conduit Market Size, Share and Trends 2024 to 2034

Metal Electrical Conduit Market Size and Forecast 2024 to 2034

The global metal electrical conduit market size is worth around USD 3.43 billion in 2024 and is expected to hit around USD 6.13 billion by 2034, growing at a CAGR of 5.96% from 2024 to 2034.  The rising construction activities are the key factor driving the growth of the metal electrical conduit market. Also, Strict regulations regarding electrical safety coupled with the rising investments in smart city projects can fuel market growth further.

Metal Electrical Conduit Market Key Takeaways

• Asia Pacific dominated the metal electrical conduit market in 2023.
• North America is anticipated to grow at the fastest CAGR in the forecast period.
• By configuration, the intermediate metal (IMC) segment contributed the highest market share in 2023.
• By configuration, the rigid metal (RMC) segment will show significant growth during the forecast period.
• By application, the rail infrastructure segment captured the biggest market share in 2023.
• By application, the energy sector segment is anticipated to grow at a notable CAGR during the forecast period.

Role of Artificial Intelligence (AI) in the Metal Electrical Conduit Market

Artificial intelligence uses the insights gained for precise marketing, forecasting, and decision-making. AI reduces manual efforts by optimizing processes and enhancing productivity. Which in turn decreases the cost and time required to complete a project. Furthermore, AI enables personalized interactions with customers, improving the delivery of these services with loyalty. Hence, markets working in the metal electrical conduit market should harness the power of AI for greater efficiency of the whole process.

Market Overview

The metal electrical conduit market encompasses the production, distribution, and use of metallic conduits created to safeguard electrical wiring in many applications. Metallic conduits are generally made of materials such as Aluminum, Copper, and steel that provide durability and compliance with regulatory standards. They are important elements of electrical infrastructure across commercial, residential, and industrial sectors. The market also involves the associated accessories needed for installation and maintenance.

World Electricity Consumption (2022)

Metal Electrical Conduit Market Growth Factors

• Technological advancements in the production process are expected to fuel metal electrical conduit market growth shortly.
• Rapid industrialization and development in infrastructure across many regions can propel market growth further.
• The emergence of smart city projects will likely impact market growth positively shortly.

Market Scope

Market Dynamics

Driver

Rising demand for electrical infrastructure

The surging population across the globe is fuelling the demand for advanced electrical infrastructure like metal electrical conduits. These metallic conducts are important for the efficient and safe distribution of electricity in industrial and building facilities. In addition, the increasing demand for electricity raises the need for metal electrical conduits to support the modernization and expansion of the electrical grid.

• In October 2024, Caparo Middle East, a global manufacturer and distributor of industrial and electrical products, inaugurated its first investment in Saudi Arabia in a fully integrated state-of-the-art production plant in Dammam, Al Khobar region of Saudi Arabia.
• In November 2024, Global steelmaker ArcelorMittal and China Oriental Group announced a joint venture to manufacture electric steel in China, which aims to strengthen their position in the emerging Asian market. The two companies will each hold a 50% stake, and the deal is expected to be formalized in the first half of 2025 after receiving approval from the Chinese authorities.

Restraint

Fluctuations in raw material prices

Raw materials, like plastics - e.g., polyvinyl chloride (PVC), polyethylene, and metals - e.g., steel, and aluminum are the main components used in the production of electrical conduits. Frequent changes in the prices of these materials can cause unwanted manufacturing costs for conduit manufacturers. However, a Surge in the prices of raw materials can substantially increase product expenses, impacting pricing strategies and profit margins and potentially constraining the metal electrical conduit market growth.

Opportunity

The increasing integration of renewable energy sources

The metal electrical conduit market is witnessing significant growth due to the rising integration of renewable energy sources like wind and solar power. The world is shifting more towards eco-friendly energy solutions. Hence, the requirements for reliable and efficient electrical systems are at an all-time high, leading to market growth. Furthermore, the global transition to electric vehicles also supports this demand. The combination of renewable energy grids and electric vehicles can substantially improve energy storage and distribution, which makes the whole electrical infrastructure more tolerant.

• In February 2024, Maruti Suzuki and Suzuki collaborated to launch electric air copters, revolutionizing transportation. The electric copters called SkyDrive electric air copters will have a carrying capacity of three people, including the pilot, and will be larger than drones but smaller than conventional helicopters.

Configuration Insights

The intermediate metal (IMC) segment dominated the metal electrical conduit market in 2023. The dominance of the segment can be attributed to its suitability and strength for commercial and industrial applications. The demand for intermediate products is rising because they are more cost-effective than the RMC, giving better performance and lighter weight. Additionally, increasing demand for coated and corrosion resistance conducts and propels market diversification. Market players are focusing more on customization, innovation, and sustainability to fulfill specific customer demands while sticking to safety regulations.

• In February 2023, Vedanta Aluminium, India's largest producer of aluminum, introduced a 12 mm Aluminium Wire Rod for the electrical industry at the International Aluminium Conference (IAC) 2023. It has a production capacity of 560 kilotonnes and is equipped with cutting-edge technologies such as Southwire (U.S.) and Continuus-Properzi (Italy).

The rigid metal (RMC) segment is anticipated to grow at the fastest rate in the metal electrical conduit market over the forecast period. The growth of the segment can be linked to the resistance provided by them from the corrosion and other environmental factors. This is particularly important in commercial, industrial, and residential settings where promising electrical protection is essential. However, the use of rigid metal conduits is mandated by safety regulations in areas such as manufacturing and construction to ensure a safe pathway.

Application Insights

The rail infrastructure segment dominated the metal electrical conduit market in 2023. The dominance of the segment can be driven by the increasing utilization of metal electrical conduits in rail infrastructure to protect the various equipment in the rail facilities from fire hazards. Furthermore, rail infrastructure requires high electrification owing to the smooth transit of all rail activities, such as freight terminals shunting yards, and other supportive equipment.

The energy sector segment is expected to show the fastest growth in the metal electrical conduit market during the forecast period. This growth is credited to the growing demand for safe and reliable electrical systems in various energy projects. Also, the growth of smart grid infrastructure, along with the integration of innovative energy monitoring systems, negates the need for standard-quality conduits to support tedious electrical networks.

• In March 2024, GAIL Ltd, a state-run natural gas company, is gearing up to commission the introduction of its green hydrogen project in central India, according to three company insiders. The project, located at the Vijaipur complex in Madhya Pradesh state, will feature a 10-megawatt proton exchange membrane electrolyzer imported from Canada.

Regional Insights

Asia Pacific dominated the metal electrical conduit market in 2023. The growth of the region can be linked to the burgeoning infrastructural development and rapid industrialization in emerging economies such as China and India. Furthermore, increasing demand for smart grids, renewable energy projects, and energy-efficient construction projects boost the demand for durable conduits.

North America is anticipated to grow at the fastest rate in the metal electrical conduit market over the projected period. The dominance of the region can be attributed to the development of infrastructure, especially in the residential, commercial, and industrial sectors. Also, the region is witnessing rapid growth and urbanization owning to strategic initiatives by market players. Moreover, increasing awareness about regulatory standards and rising investments in smart city projects.

• In May 2023, ABB opened a USD 4 million distribution center in Pennsylvania to meet the electrical needs of the U.S. Northeast. The facility, with a USD 15 million electrical product inventory, aims to strengthen ABB's regional presence and enhance customer service.

Metal Electrical Conduit Market Companies

• U.S. Steel Corporation
• ArcelorMittal
• Nucor Corporation
• Alcoa Corporation
• Rio Tinto
• Reliance Steel & Aluminum Co.
• BASF SE
• Dow Chemical Company
• SABIC (Saudi Basic Industries Corporation)
• Formosa Plastics Corporation
• INEOS Group
• LyondellBasell Industries
• ExxonMobil Chemical
• Mitsui Chemicals
• Shin-Etsu Chemical Co., Ltd.
• Celanese Corporation
• Evonik Industries AG
• Kraton Corporation
• Covestro AG
• Arkema Group

Latest Announcement by Market Leaders

• In October 2024, BASF and AM Green B.V. announced and signed a memorandum of understanding (MoU) to jointly evaluate and develop business opportunities for low-carbon chemicals produced exclusively with renewable energy in India. Under the MoU, BASF and AM Green are willing to conduct feasibility studies on low-carbon chemicals production in India, including a joint evaluation of potential technologies.
• In December 2024, ExxonMobil announced Liam M. Mallon, president of ExxonMobil Upstream Company and vice president of Exxon Mobil Corporation, will retire effective February 1, 2025. The Board of Directors has appointed Dan L. Ammann, president of ExxonMobil Upstream Company.

Recent Developments

• In March 2024, CANTEX INC. announced C.C. Pierce Company as their new sales representative for PVC electrical pipe, fittings, and boxes for the northern region of the state of NY. Pierce Company represents its line of PVC electrical products due to their admirable levels of service, amazing longevity, and established relationships.
• In February 2024, ABB announced that it has entered into a partnership to acquire SEAM Group, a major provider of energized asset management and advisory services to clients across industrial and commercial building markets.
• In October 2024, Caparo Middle East inaugurated a fully integrated manufacturing plant in Dammam, Saudi Arabia, in collaboration with Engineer Sinan Ali Ahmed Bukamseen. This 30,000-sq-ft facility, built with an investment of SAR 25 million, aims to produce half a million electrical conduits monthly to meet regional demand and support Saudi Arabia's goal of self-sufficiency in industrial products.

Segments Covered in the Report 

By Configuration

• Rigid Metal Conduit 
• Electrical Metallic Tubing
• Intermediate Metal Conduit 
• Flexible Metal Conduit 

By Application

• Commercial Buildings
• Industrial Buildings 
• Residential Buildings 
• Data Centers 
• Energy
• Rail Infrastructure

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa