U.S. COPPER CLAD STEEL WIRE Market Is Estimated To Witness High Growth

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 from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Copper clad steel wire (CCS wire) is made up of a high tensile strength steel core which is plated with a thin layer of copper. CCS wire has strength and corrosion resistance of steel along with conductivity of copper. It finds wide application in grounding, bonding, general wiring applications and more specifically in transmission and distribution power networks as well as telecommunication networks. The superior strength, conductivity and corrosion resistance make CCS wire a preferred choice over bare copper or stranded wires.

Market Dynamics:

The growing demand for power from the industrial and commercial sectors along with the need for modernization of aging power infrastructure is driving the demand for CCS wire to support transmission and distribution networks. For instance, the U.S. government has allocated over $1 trillion under the Infrastructure Investment and Jobs Act to upgrade and modernize the nation’s power infrastructure. Further, the exponential growth in mobile data usage and 5G rollout is causing telecom companies to strengthen and expand their networks. This is boosting the adoption of high strength CCS wires for grounding and bonding applications in cellular towers and base stations. Additionally, growing construction activities in the U.S. are also fueling the usage of CCS wires in general wiring applications. However, fluctuation in copper prices poses a challenge for manufacturers and could hamper market growth over the forecast period.

Segment Analysis

The U.S. copper clad steel wire market is dominated by the magnet wire segment. Magnet wire finds applications in electrical equipment, including motors, transformers, generators, and switching devices among others. It accounts for over 50% of the total copper clad steel wire market share owing to increasing demand for wires in electric motors from various end-use industries such as automotive, industrial machinery, HVAC equipment, and home appliances.

PEST Analysis

Political: There are no significant political risks impacting the U.S. copper clad steel wire market.
Economic: The market is expected to grow with the recovery and expansion of end-use industries in the U.S. such as automotive, machinery, and HVAC over the forecast period.
Social: Increasing construction activities and demand for consumer appliances are augmenting the demand for copper clad steel wire from a social perspective.
Technological: Advancements in electric motor technology and wider applications in power tools are driving technological developments in magnet wire, thereby propelling the copper clad steel wire market.

Key Takeaways

The U.S. Copper Clad Steel Wire Market Growth is expected to witness high growth, exhibiting a CAGR of 2.48% over the forecast period, due to increasing usage of electric motors from industries such as automotive, machinery, and HVAC equipment. Regionally, the Midwest region dominates with over 30% of the total U.S. market share owing to a high concentration of automotive and appliance manufacturers.

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. Key players are focusing on launch of new products catering to upcoming applications of magnet wires such as in induction cooking equipment and electric vehicles.

 

Read More – https://www.newsanalyticspro.com/u-s-copper-clad-steel-wire-market-share-size-analysis-trends-and-demand-forecast/ 

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