February 28, 2024
Single Core Copper Wire Market

The Growing Demand for Electricity Drives the Single Core Copper Wire Market

The single core copper wire is widely used in power transmission and distribution applications due to its high electrical conductivity and cost-effectiveness. It finds applications in transformer winding, motors, electrical appliances, and household wiring. The growing world population has increased the demand for electricity. This has led to increased investments in grid infrastructure and power generation capacities globally.

The global single core copper wire market was estimated to be valued at US$ 10,806.13 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing investments in renewable energy capacities are a major market trend. Renewable energy generation requires extensive use of single core copper wires for transmission from generation point to the grid. The push for cleaner energy sources to reduce carbon emissions has accelerated investments in solar and wind energy globally. Developing economies in Asia Pacific and Latin America are witnessing higher renewable energy capacity additions. This is expected to generate significant demand for single core copper wires over the coming years.

Porter’s Analysis

Threat of new entrants: The single core copper wire market requires large capital investments for setting up manufacturing facilities, limiting the threat of new entrants.

Bargaining power of buyers: Individual buyers have low bargaining power in the market due to the availability of substitutes. However, large buyers such as utilities can negotiate better prices.

Bargaining power of suppliers: The market has several raw material suppliers, reducing supplier bargaining power.

Threat of new substitutes: Alternatives like aluminum wire pose limited threat currently due to copper’s superior conductivity.

Competitive rivalry: The market is highly fragmented with the presence of numerous global and regional players.

Key Takeaways

The Global Single Core Copper Wire Market Size is expected to witness high growth.

Regional analysis: Asia Pacific accounts for more than 50% of the global single core copper wire market share due to the ongoing infrastructure development projects across major economies. China dominates the Asia Pacific market owing to its huge power sector and rapid industrialization.

Key players: Key players operating in the single core copper wire market are TJX Companies Inc., Ross Stores Inc., Burlington Stores Inc., Nordstrom Rack (Nordstrom Inc.), Marshalls (TJX Companies Inc.), DSW (Designer Brands Inc.), Macy’s Backstage (Macy’s Inc.), Century 21 Department Store, Saks OFF 5TH (Hudson’s Bay Company), Stein Mart Inc., Sierra Trading Post (The TJX Companies Inc.), Off Broadway Shoe Warehouse, Gordmans (Stage Stores Inc.), Bealls Outlet (Bealls Inc.).

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it