July 19, 2024
U.S. Copper Clad Steel Wire Market

U.S. Copper Clad Steel Wire Market is Expected to Driven by Growing Construction Industry

Copper clad steel wire is produced by coating a galvanized carbon steel core with a copper layer which is corrosion resistant. It offers enhanced conductivity and strength for a variety of applications. Its excellent conductivity aids transfer of electricity over long distances while its mechanical properties make it suitable for winding into coils. This durable and cost-effective conductor is widely utilized in grounding systems, transformers, motors, appliances and construction activities. It saves cost by combining the conductivity of copper with strength and economy of steel.

The global U.S. Copper Clad Steel Wire Market is estimated to be valued at US$ 2812.51 Mn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Copper clad steel wire has seen increasing demand from the construction industry over the past few years driven by rapid urbanization and infrastructure development activities across the country. Its corrosion resistance and mechanical strength enable applications in construction of high rise buildings, bridges and energy distribution. Additionally, growing renewable energy sector has also contributed to the market growth with requirements in wiring and grounding for solar farms and wind mills. Ongoing technological advancements aim to further enhance conductivity and galvanized coating properties of copper clad steel wire.

Porter’s Analysis:

  • Threat of new entrants: Low barriers of entry as copper clad steel wire manufacturing does not require high capital investment. However, established players have integrated supply chains and brand loyalty.
  • Bargaining power of buyers: Moderate as buyers have some alternatives but are dependent on consistent supply and product quality from a few major suppliers.
  • Bargaining power of suppliers: Low as raw materials like copper and steel are commoditized and available from numerous suppliers globally.
  • Threat of new substitutes: Low as copper clad steel wire has advantages over alternatives for applications requiring electrical conductivity as well as strength and flexibility.
  • Competitive rivalry: High due to low switching costs and undifferentiated products among major players. Industry players compete on pricing, product quality, and customer service.

Key Takeaways:

The Global U.S. Copper Clad Steel Wire Market Demand is expected to witness high growth over the forecast period. The global U.S. Copper Clad Steel Wire Market is estimated to be valued at US$ 2812.51 Mn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030.

Asia Pacific currently dominates the market led by China due to high consumption and production volumes. The region’s manufacturing industry is a major end-user of copper clad steel wires. North America is another prominent market for copper clad steel wires owing to the recovery of manufacturing activities post the pandemic. The automotive and electronics industries in the US and Canada drive the copper clad steel wire demand. Meanwhile, Europe is expected to grow at a steady pace supported by the strong presence of automotive OEMs in Germany, Italy, and other countries.

Key players: Key players operating in the U.S. copper clad steel wire market include Copperhead Industries, LLC, American Wire Group, Inc., Nehring Electrical Works Company, Kris-Tech Wire, MWS Wire Industries Inc., AFL, LEONI Wire Inc., Fisk Alloy Inc., and Elecref Industries Inc. Players compete based on technical expertise, product quality, and expansion into new application areas.

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