by 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 steel wire coated with an ultra-thin layer of high-conductivity copper. It combines the strength and economy of steel with the high conductivity of copper. This makes it suitable for applications where both attributes are important.
Market key trends:
One of the key trends in the Copper Clad Steel Wire Market is its increasing use in transformers and motors. Copper Clad Steel Wire allows manufacturing of components that are both strong and highly conductive. This helps improve the performance and efficiency of transformers and motors while keeping costs lower compared to using pure copper. The growing demand for energy-efficient equipment is propelling the need for such conductors.
Market key trends:
The copper clad steel wire market has been witnessing high growth owing to its increasing demand from the automobile sector. Copper clad steel wire provides high strength at lower costs and finds wide applications in welding, clamping, conductive applications, etc. Copper clad steel wires help in improving conductivity while maintaining strength and cost-effectiveness. Its non-corrosive property makes it suitable for applications where corrosion resistance is critical.
SWOT Analysis
Strength: Copper clad steel wire offers high strength and conductivity at lower costs. It has a non-corrosive property and finds applications where corrosion resistance is important.
Weakness: Availability of substitutes such as pure copper wires poses a threat.
Opportunity: Growing automotive industry and rising welding and clamping applications create market opportunities.
Threats: Fluctuations in copper and steel prices can impact the production costs of copper clad steel wires.
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 the automotive industry. The market size for 2023 is US$ 0.99 Mn.
Regionally, 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 robust growth of the automotive sector in China, India, and Japan.
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, Zhangjiagang jinxin metal wire Co., LTD.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
