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.
Market Overview:
Copper-clad steel wire is a composite material consisting of a steel core coated or clad with a layer of copper. It combines the conductivity of copper and strength of steel. It offers high tensile strength, electrical conductivity, corrosion & weather resistant properties. These unique properties makes it ideal for various industrial applications requiring conductivity along with mechanical strength such as grounding and bonding applications, transformer windings, motor coils and other electrical equipment.
Market key trends:
Rising demand for renewable energy projects across the globe is a major factor driving growth of copper clad steel wire market. Many countries are significantly investing in solar and wind energy projects to reduce dependence on fossil fuels. Copper-clad steel finds major application in wind turbine generators requiring materials that can withstand high mechanical loads as well as have good electrical conductivity. Moreover, growing investments towards upgrading aging power infrastructure in developed economies of Europe and North America is also supporting market growth. Swift urbanization and industrialization in emerging economies of Asia Pacific is creating continued demand for reliable power supply, thus boosting replacement demand for copper-clad steel wire in transformers and other electrical equipment.
Porter’s Analysis
Threat of new entrants: Low barriers to entry into the U.S. copper clad steel wire market. Established key players dominate the market.
Bargaining power of buyers: Large buyers such as construction companies have significant bargaining power due to bulk buying abilities.
Bargaining power of suppliers: Few global suppliers exist for copper and steel, giving them significant power over pricing.
Threat of new substitutes: Aluminum conductor cables pose a threat, but copper clad steel wire still maintains an edge in terms of conductivity and strength.
Competitive rivalry: High as key players compete based on pricing, product differentiation, and supply network.
Key Takeaways
The U.S. Copper Clad Steel Wire Market Demand is expected to witness high growth, exhibiting CAGR of 2.48% over the forecast period, due to increasing infrastructure development and industrialization. Rapid urbanization in the U.S. is driving the construction of roads, buildings, and power distribution infrastructure, thereby fuelling market growth.
Regional analysis indicates that the Western region dominates the U.S. market currently due to heavy investments in transmission line projects. States such as California, Arizona and Texas are outpacing other regions in terms of copper clad steel wire consumption. Meanwhile, the Midwestern region is also expanding steadily attributed to growth in manufacturing activity.
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. Players are focusing on innovative product development and strategic joint ventures to strengthen their positions and adapt to changing market trends.
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