Copper clad steel wire is used in various applications such as electric conductors, machinery & equipment manufacturing, construction industry due to its high conductivity of electricity and resistance to corrosion. It is an ideal material used for making conductor ropes, cables and transmission lines due to its good electrical conductivity and mechanical strength.
The global 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 47% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the copper clad steel wire market size is primarily driven by enhanced building infrastructure practices across both developed and developing nations. Various governments worldwide are increasingly investing in infrastructure development projects such as roads, bridges, utilities, etc. which involves usage of materials such as copper clad steel wire for making transmission lines, cables, conductors and other applications. This positive growth in infrastructure spending is favoring the adoption of copper clad steel wires. Further, the construction of electricity grids, renewable energy projects and suburban housing projects also contribute to the increasing demand for copper clad steel wires used in various electrical applications.
Segment Analysis
The global copper clad steel wire market is currently dominated by the transportation segment. This segment utilizes copper clad steel wire for vehicles due to its strength and conductivity properties. Copier clad steel wires are widely used in EV charging cables and grounding wires in electric vehicles and hybrids. The growing demand for electric vehicles is aiding the demand from the transportation segment for copper clad steel wire.
Key Takeaways
The global copper clad steel wire market is expected to witness high growth over the forecast period. The global 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 47% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market, accounting for over 35% of the global demand. The presence of key automotive hubs along with government support for electric vehicles across China, Japan, and South Korea has been driving the demand for copper clad steel wire in EV applications.
Key players:
Key players operating in the copper clad steel wire market are Ballard Power Systems, Toyota Motor Corporation, Hyundai Motor Company, New Flyer Industries, Van Hool, Wrightbus, Solaris Bus & Coach, CaetanoBus, Alexander Dennis Limited (ADL), MAN Energy Solutions. Ballard Power Systems and Toyota Motor Corporation are focusing on developing advanced EV charging cables using copper clad steel wire to strengthen their product portfolio. Ballard Power Systems recently unveiled a new generation of fuel cell products for buses and commercial trucks.
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