Copper Clad Steel Wire Market is Estimated To Witness High Growth Owing To Trends in Infrastructural Development

 

Copper Clad Steel Wire Market

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 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 composed of a steel core with a thin copper layer enveloping the exterior. This offers improved electrical conductivity compared to plain steel. Copper cladding enhances the flexibility, strength and corrosion resistance of steel wire making it suitable for electrical applications in motors, transformers and generators.

Market key trends:

Green energy adoption is one of the major trends shaping the copper clad steel wire market. With global initiatives towards renewable energy production through solar panels and wind turbines, the demand for copper clad steel wires is increasing. These wires are an integral component in inverters and converters that enable power generation from renewable sources. They conduct electricity efficiently while offering higher tensile strength and flexibility required to withstand varying weather conditions. The push for sustainable energy solutions worldwide will continue driving consumption of copper clad steel wires over the forecast period.

Segment Analysis

The global copper clad steel wire market is segmented by material and application. Based on material, the market is divided into copper-plated tin, copper-plated aluminum, and copper-plated steel. Among these, copper-plated steel dominates the market as it offers higher tensile strength and durability along with good electrical conductivity as compared to other materials. By application, the market is bifurcated into power generation, telecommunication, construction, and others. The power generation segment dominates due to rising demand for copper clad steel wires in overhead power transmission lines.

Key Takeaways

The global copper clad steel wire market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand for better conductors in power transmission and distribution networks.

Regional analysis- Asia Pacific dominates the global copper clad steel wire market and is expected to continue its dominance over the forecast period. This is attributed to rapid industrialization and urbanization in countries such as China and India resulting in rising demand for power.

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, and Zhangjiagang jinxin metal wire Co., LTD. Key players are focusing on capacity expansion and new product launches to strengthen their market position.

The global copper clad steel wire market size was valued at US$ 0.99 Mn in 2023 and is projected to reach US$ 2.1 Mn by 2030 expanding at a CAGR of 10% over the forecast period.

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https://www.dailyprbulletin.com/copper-clad-steel-wire-market-size-share-growth-outlook-2023/


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