The U.S. copper clad steel wire market is estimated to be valued at US$ 2,613.22 Mn in 2022 and is expected to exhibit a CAGR of 2.48% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Copper clad steel wire refers to steel wires coated with copper to gain the conductivity of copper along with strength of steel. It finds wide application in buildings, infrastructure projects for reinforcement and grounding. The major end-use industries include construction and electrical sectors. Copper clad steel wires are also used in grounding systems, cable trays and as equipment grounding conductors due to the ability to withstand corrosion.
Copper clad steel wire experiences significant demand from the construction industry owing to rapid urbanization and infrastructure development projects in the US. The growing construction of residential and commercial buildings is augmenting the market growth. Furthermore, increasing investments in telecommunication, power transmission and renewable energy sectors are also fueling the demand for copper clad steel wire in the electrical industry for applications such as grounding and bonding. The excellent conductivity and strength make copper clad steel wire an ideal choice for equipment grounding in medium and high voltage installations.
Strength: Copper clad steel wire has high tensile strength and durability which makes it suitable for various construction and industrial applications. It has good electrical and thermal conductivity properties. Being cost effective as compared to pure copper also strengthens its market position.
Weakness: Volatility in raw material prices impacts the overall cost of copper clad steel wire. Dependence on economic growth and investment in key end-use industries also exposes the market to risks.
Opportunity: Growing investments in power transmission and distribution grids across regions increase the demand for overhead power lines and underground cables. Infrastructure development in developing economies boosts the offshore and onshore construction activities.
Threats: Fluctuations in copper and steel prices pose threats. Substitution threat from aluminum conductors also looms large due to their comparable conductivity and lesser weight.
The U.S. Copper Clad Steel Wire Market Size is expected to witness high growth, exhibiting CAGR of 2.48% over the forecast period, due to increasing investments in power transmission and economic recovery post pandemic.
The western region dominates the U.S. copper clad steel wire market owing to heavy investments in grid modernization and connectivity projects. Texas, California and Arizona are major markets on account of well-established utility and construction industries.
Key players operating in the U.S. copper clad steel wire market are 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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it