February 21, 2024
Copper Clad Steel Wire Market

The rising demand for electric vehicles is anticipated to open up new avanues for the Copper Clad Steel Wire Market

The Copper Clad Steel Wire Market is estimated to be valued at US$ 0.99 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Copper clad steel wire is produced by bonding a thin layer of copper onto the surface of steel wire through hot-dipping or electroplating processes. It combines the conductivity of copper and strength of steel. Copper clad steel wire is used in grounding systems, power cables, transmission lines and other applications that require high conductivity as well as mechanical strength. It finds widespread adoption in construction, automotive and electronics industries due to its superior properties and cost-effectiveness.

Market Dynamics:

Copper clad steel wire market is driven by the growing infrastructure development activities across both developing and developed nations which is increasing the demand for power transmission and distribution. Construction of new commercial and residential buildings along with renovation of existing infrastructure requires extensive power distribution network using copper clad steel wires for grounding and power cables applications. Second major driver is increasing sales of electric vehicles which uses large number of copper clad steel wires in batteries packs, motors and charging systems. This is positively impacting the market growth over the forecast period.

Segment Analysis

The global copper clad steel wire market is dominated by the electrical segment. Copper clad steel wire has applications such as grounding, power cables and magnet wires, where its properties of high conductivity and strength are utilized. Within the electrical segment, grounding sub-segment holds the major share as copper clad steel wire is one of the best conductors of electricity and safely dissipates unwanted current to the ground, protecting equipment and machinery from faults.

PEST Analysis

Political: Stringent regulations regarding usage of copper and electric wires will drive demand for copper clad steel wire as it efficiently meets regulations being a hybrid material.

Economic: Growth in construction and infrastructure development activities along with expanding power grid across developing nations will boost market growth.

Social: Increasing consumption of electronic goods and need for reliable transmission of electricity supported market expansion.

Technological: Advanced production technologies help manufacturers reduce cost and improve material properties further enhancing applications of copper clad steel wire.

Key Takeaways

The global copper clad steel wire market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing investments in power transmission infrastructure across developing economies. The market size for copper clad steel wire is expected to reach US$ 1.87 Bn by 2030 from US$ 0.99 Mn in 2023.

Regional analysis: Asia Pacific accounts for the largest share of the global copper clad steel wire market led by China, India and Southeast Asian countries. This is attributed to increasing construction and infrastructure development activities in the region. Furthermore, growing industrialization and expanding manufacturing sector supplement market growth.

Key players operating in the copper clad steel wire market are Fisk Alloy, Inc., Southwire Company, AFL Global, MWS Wire Industries, Copperhead Industries, Shanghai Metal Corporation (SMC), Zhejiang Baichuan Conductor Technology Co., Ltd, Zhangjiagang jinxin metal wire Co., LTD. Key players are focusing on enhancing material properties through innovations and expanding production capacities to cater to growing demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it