July 25, 2024
Single Core Copper Wire Market

Single Core Copper Wire Market Driven By Rising Electricity Consumption

Single core copper wire consists of a single solid conductor of copper or alloy enclosed by PVC insulation. It finds widespread applications in electrical installations for power supply, lighting circuits, motors, heating devices among others owing to copper’s high electrical conductivity. Growing electricity consumption accompanied with the expansion of transmission and distribution networks has augmented the demand for single core copper wires. The global single core copper wire market has witnessed substantial growth in recent years on account of rapid industrialization and urbanization in developing nations.

Single core copper wires offer several advantages like durability, flexibility and resistance to corrosion. They efficiently conduct electricity and generate minimal heat loss during transmission. Being lightweight yet robust, these wires can be easily installed and repaired if required. Moreover, their insulation protects against short circuits and ensures safety. The extensive use of single core copper wires in construction of residential and commercial buildings has been a key factor contributing to the growth of the market.

The global Single Core Copper Wire Market is estimated to be valued at US$ 10806.13 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends witnessed in the single core copper wire market has been the shift towards energy efficient products. Government policies and regulations in different countries are encouraging the deployment of wires which reduce heat and power losses during transmission. Manufacturers are extensively researching and developing single core copper wires coated with advanced insulation materials like cross-linked polyethylene (XLPE) which enhance conductivity and power handling capability. Another notable trend is the growing preference of consumers towards flexible aluminum conductor steel reinforced (ACSR) cables over standard wires owing to their lighter weight and lowercosts. Integrated vendors providing total cable solutions from manufacturing to installation have gained an edge in this competitive market landscape.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the single core copper wire market has presence of large key players. However, the market offers opportunities for new players with technological advancements.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes like aluminum wire and fiber. Buyers can negotiate on pricing and quality standards.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of raw material suppliers globally. However, suppliers have less bargaining power due to presence of large number of suppliers.
Threat of new substitutes: The threat of substitutes is high due to presence of aluminum wire and fiber optic cables used for similar applications. However, copper remains preferred for power transmission.
Competitive rivalry: The competitive rivalry is high due to presence of large established players globally offering varied product portfolios.

Key Takeaways

The global Single Core Copper Wire Market is expected to witness high growth. Regional analysis related content comprises Regional analysis related content
The Asia Pacific region dominates the single core copper wire market and is expected to grow at the fastest rate during the forecast period. Factors such as rapid industrialization and urbanization in developing countries such as China and India are driving the growth of the regional market.

Key players

Key players operating in the single core copper wire market are TOKEN, Gulf Cable and Electrical Industries, Giza Power industry factory, Nexans, Ekta Udyog, HANGZHOU ZION COMMUNICATION CO., LTD, Hangzhou Anxin Wire & Cable Co., Ltd., Qinhuangdao Qinniu Cable Industry Co, Ltd., Tianjin Jinshan Wire and Cable, Hongxin Biotechnology Co., Ltd., Shenzhen Xinghehong Hardware Electromechanical Co., Ltd., Xi’an Jinyan Wire and Cable, and Zhengzhou Net Electric All-plastic Cable Co., Ltd.

The key players focus on product innovation and expand their geographical footprint globally to strengthen their market presence. For instance, in January 2022, Nexans launched ultra-fast charging cables that can charge electric vehicles in under 15 minutes.

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