Copper clad steel wire is widely used in electrical and electronic industries. They are known for their strength, flexibility, and excellent electrical conductivity. Copper cladding on steel wire provides superior corrosion resistance and efficiency. With demand for electronics accelerating, there is a growing need for copper clad steel wires in transformers, motors, and energy efficient appliances.
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:
Improved performance for a changing technology landscape has been driving innovation and higher copper coverage ratios in recent years. Leading manufacturers are focused on developing enhanced product portables with 90% copper coating without comprising on flexibility and strength. This allows products to withstand higher temperatures, frequencies and current loads. Growing miniaturization is also opening up opportunities for extra-fine gauges below AWG30. Stringent efficiency regulations particularly in the appliances sector are generating strong demand for such optimized copper clad steel wires. Their superior conductivity and lifespan make them invaluable for achieving energy star compliance cost effectively.
Segment Analysis:
In the U.S. copper clad steel wire market, the construction segment dominates and is expected to maintain its dominance over the forecast period. Within construction, the wires are extensively used in grounding, lighting protection, fencing, communications, and electrical works. The demand from this segment is driven by recovering construction activities after the pandemic slowdown and rising infrastructure development projects in the country.
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
Regional analysis:
The Western region holds the major share of the U.S. copper clad steel market currently owing to high ongoing and planned infrastructure projects in states like California. Southeast region is expected to see the fastest growth due to increasing industrial and commercial construction activities in states like Florida.
Key players:
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.
The key players operating in the market are focusing on expanding their production capacities and regional presence to cater to the growing demand across various end-use industries. Strategic partnerships and collaborations are also expected to help companies strengthen their market share.
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