The global Copper Clad Steel Wire Market is estimated to be valued at US$ 0.99 Million 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 comprises a steel core enveloped by a surrounding layer of copper. It combines the strength and conductivity of both copper and steel. It finds extensive application as an inexpensive conductor for medium voltage power transmission and electrical equipment wiring. It offers advantages like high ampacity, flexibility, resistance to corrosion and conductivity over bare steel wires. Rapid industrialization and infrastructural growth are propelling the demand for power transmission equipment and machinery, thus driving the copper clad steel wire market.
Market key trends:
Automation and digitization are creating significant demand for industrial equipment and machinery. Copper clad steel wires being an essential conducting material are increasingly incorporated in motor windings, relays, solenoids and electronic components used in automation systems. Further, ongoing smart grid infrastructural developments across regions focus on upgrading transmission networks with more efficient conductors like copper clad steel wires to enable power monitoring and management. These factors are projected to fuel the growth of copper clad steel wire market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in copper clad steel wire market as it needs huge investments and stringent regulation. However, low brand loyalty helps new players to enter easily.
Bargaining power of buyers: The bargaining power of buyers is high in copper clad steel wire market due to availability of substitutes. Buyers can easily switch to other products like aluminum-clad steel wire.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are number of suppliers for raw materials like copper and steel sheet, minimizing the threat from suppliers.
Threat of new substitutes: The threat of substitutes is high in copper clad steel wire market as products like aluminum-clad steel wire, stainless steel wire are used for similar applications.
Competitive rivalry: The competitive rivalry is high among existing players due to no significant differentiation.
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 demand from electricity and telecommunication industries.
Regional analysis: Asia Pacific dominates the global copper clad steel wire market owing to rapid industrialization and establishment of power and telecommunication infrastructure in China and India. Rapid technological advancements have also propelled the copper clad steel wire market growth in Asia Pacific.
Key players analysis: Key players operating in the copper clad steel wire market include 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. These companies are focusing on new product launches and mergers & acquisitions to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it