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.
Copper clad steel wire is made by welding a thin layer of electrolytic copper onto galvanized steel wire core. Copper coating provides corrosion resistance while steel core offers strength and flexibility. These wires find wide applications in electrical equipment due to their excellent conductivity and mechanical properties. They are used as conductor wires in power cables, magnet wires, grounding wires and other applications that require resistance to environmental factors.
Market key trends:
Rising investments in infrastructural development across the globe are expected to drive the copper clad steel wire market growth over the forecast period. Copper clad steel wires are extensively used in power transmission and distribution infrastructure. According to the World Bank, the global infrastructure spending is estimated to increase from US$ 3.7 trillion in 2016 to US$ 5 trillion by 2025. The focus on renewable power generation and strengthened transmission and distribution networks is anticipated to create significant demand for copper clad steel wires.
Threat of new entrants: The threat of new entrants in the copper clad steel wire market is low as it requires huge initial capital investments and R&D efforts to set up manufacturing plants. Bargaining power of buyers: The bargaining power of buyers is moderate as there are several established players in the market offering differentiated products. Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of raw materials from numerous regional and global suppliers. Threat of new substitutes: The threat of new substitutes is low as copper clad steel wire has advantages over all substitutes. Competitive rivalry: Intense.
Strengths: Superior electrical and mechanical properties, corrosion resistance. Weaknesses: High production cost, volatility in raw material prices. Opportunities: Growth in end-use industries, increasing construction activities. Threats: Fluctuations in copper prices, presence of substitutes.
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 infrastructure development and industrialization. Regionally, Asia Pacific dominates the global market and is expected to continue its dominance over the forecast period owing to large presence of end-use industries and rapid industrialization in countries such as China and India.
North America is expected to witness significant growth due to rising construction activities while Europe is projected to emerge as a lucrative region supported by growing automotive industry.
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.