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
The copper clad steel wire is made by fusing copper to steel during wire drawing process. It combines the properties of both steel and copper to provide high tensile strength and conductivity. It finds wide applications in power cables, motors, welding cables, transformers and other electrical equipment due to its corrosion resistance, conductivity and strength.
Market Dynamics
The growth of the copper clad steel wire market is driven by increasing demand for electrical equipment across industries as well as rising investments in power transmission and distribution infrastructure projects globally. For instance, according to the Institute for Energy Economics and Financial Analysis, global investment in transmission and distribution infrastructure was around US$ 260 billion in 2020 and is expected to reach US$ 360 billion by 2030.
Moreover, growing construction spending for projects such as smart cities, airports and infrastructure bridges is also anticipated to boost the demand for copper clad steel wire during the forecast period. However, price volatility in raw materials such as copper and steel could hamper the market growth.
SWOT Analysis
Strength: Copper Clad Steel Wire has high strength and durability which makes it suitable for applications requiring high tensile strength in harsh environment. It possess high corrosion resistance due to copper cladding which increases its life. It has advantages of both copper and steel which makes it a cost effective solution.
Weakness: The manufacturing process of Copper Clad Steel Wire is complex which increases its production cost. Due to presence of both copper and steel, it cannot be recycled like normal copper or steel wires.
Opportunity: With growing infrastructure investments and construction activities globally, the demand for reinforcement in concrete is projected to rise significantly offering opportunities for copper clad steel wire market. Also increasing investments in power transmission and distribution projects will drive its adoption.
Threats: Fluctuations in prices of raw materials like copper and steel are a major threat. Growing popularity of fiber reinforced polymer rebars is a threat as they have superior properties than conventional rebars.
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 infrastructure development projects across major economies. Region-specific policies and initiatives promoting construction of roads, bridges, buildings, and other structures will continue driving the market.
Regional analysis:
Asia Pacific dominates the global Copper Clad Steel Wire market with over 35% share in 2023 owing to large-scale infrastructure development activities in China and India. The Chinese government's continued focus on strengthening road, rail and building infrastructure is augmenting the regional market. North America and Europe are other major markets driven by construction and renovation activities.
Key players:
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. The market remains fragmented in nature with top four players accounting for less than 40% share. Key players are focusing on capacity expansions to leverage growth opportunities in developing economies.
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https://www.rapidwebwire.com/copper-clad-steel-wire-market-size-share-growth-outlook-2023/
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