Copper Stranded Wire Market - Forecast(2024 - 2030)
Copper Stranded Wire Market Overview
Copper Stranded Wire market size is forecasted to grow at a CAGR of 1.2% during 2022-2027. Copper stranded wire is widely employed in end-use industries such as electronics and telecommunication, construction and building, transportation, and more. It is used as a flexible joining in electronic devices, electric transmission, distribution appliances, thyristor, electrical wiring, and signal cables, as these wires are easy to bend and twist, which makes them ideal for restricted locations. The copper stranded market is primarily driven by an increase in construction activities. The growing electronics and telecommunication industry is also propelling the copper stranded wire industry growth. Furthermore, the growth of the transport sector has also increased its demand, thereby, accelerating the copper stranded market industry during the forecast period.
COVID-19 Impact
The COVID-19 pandemic in 2020 hampered the expansion of the copper stranded wire market, as a result of stringent government restrictions companies all over the world suffered a decline in production. The government's severe restrictions also had an impact on construction activities, resulting in a decline in demand for copper stranded wires. For instance, according to the World Bank, the 2019 global construction activities were US$23.14 trillion and in 2020 it was US$21.94 trillion, a decline of 5.5%, as a result of this copper stranded industry suffered losses. However, COVID-19 did not affect the market in 2021 since the government took proactive measures to allow production across various industries. COVID-19 pandemic’s influence is anticipated to be over by mid-2022, this will restore the copper stranded wire market growth to its pre-2020 state.
Report Coverage
The report: "Copper Stranded Wire Market–Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Copper Stranded Wire Market.
By Geometry: Bunched, Concentric, Compressed, Annular, Compact, and Others
By Type: Solid Copper Stranded Wire, Medium Hard Copper Stranded Wire, and Soft Copper Stranded Wire
By End-Use Industry: Building and Construction (Residential, Commercial, Infrastructure, and Industrial), Electronics and Telecommunication (Television, Laptop, Smart Phones, PVC Wiring, Communication Wiring, and Others), Energy, Transportation (Automotive, Aerospace, Marine, Locomotive, and Others), Industrial (Metal, Mining, Oil & Gas, and Others), and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East (Saudi Arabia, UAE, Israel, and Rest of Middle East), and Africa (South Africa, Nigeria, and Rest of Africa))
Key Takeaways
- Asia-Pacific region dominates the copper stranded wire market. Under the "Housing For All by 2022" scheme by the government of India about 20 million homes will be constructed by 2022 for an estimated US$31 billion in India. The market is growing faster as a result of such government- upported construction activities in the region.
- Copper stranded wire demand is increasing in electronic devices such as electric stoves and thyristors because these wires are flexible and easy to bend.
- The growing need for energy and the creation of products with more versatile and functional applications is fueling the copper stranded market growth.
- Furthermore, the increasing use of copper stranded wires in signal cables is further accelerating the copper stranded wire market growth.
Figure: Asia-Pacific Copper Stranded Wire MarketRevenue, 2021-2027 (US$ Billion)
For More Details on This Report - Request for Sample
Copper Stranded Wire Market Segment Analysis – By Geometry
The Bunchedsegment held the largest share in the copper stranded wire market in 2021 and is growing at a CAGR of 1.1% during 2022-2027. There are no specific geometry arrangements in bunched-stranded wire setups. The strands are bunched together in the same direction, and the wires are tightly twisted together to ensure that they are evenly packed. This geometry gives the advantage of durability and flexibility which makes bunched geometry popular in comparison with other geometries. Similarly, when small copper gauge wires are bunched together, they provide a lot of resistance. Because of high malleability, they are great for bending around tight corners and areas required for speakers, headphone cables, appliances, automobiles, and others. Due to these advantages of bunched geometry, the copper stranded wire market will continue to prosper during the forecast period.
Copper Stranded Wire Market Segment Analysis – By Type
The hard-drawn copper stranded wire segment held the largest share in the copper stranded wire market in 2021 and is growing at a CAGR of 1.5% during 2022-2027. Copper wire that has been decreased in diameter by drawing it through a series of dies is referred to as hard-drawn copper wire. In overheat electrical transmission and distribution, hard-drawn copper stranded wires are used for grounding electrical networks where high conductivity is required. It is more commonly utilized than other types of stranded wires because it has a higher tensile strength. Moreover, because of its resistance to high temperatures, it is used in high-temperature operations. Thus, due to these benefits of hard-drawn copper stranded wire, the copper stranded market will see growth.
Copper Stranded Wire Market Segment Analysis – By End-Use Industry
The building and construction segment held the largest share in the copper stranded wire market in 2021 and is growing at a CAGR of 2.3% during 2022-2027. The copper stranded wires are employed in the construction activities for electric supply through ground electrical wiring. Copper stranded wires can take a great deal of flexing and vibration without becoming fatigued and breaking, this results in lower replacement. The increasing infrastructure construction activities are fueling the copper stranded market growth. For instance, the ongoing infrastructure construction projects such as “Great Man-Made River Project Libya”, “Beijing Airport China”, “High-Speed Railway Project, United States”, “London Crossrail Project”, and more. Thus, the growing building and construction activities across the globe are aiding the copper stranded market growth.
Copper Stranded Wire Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the Copper Stranded Wire Market in 2021 up to36%, owing to the increase of the construction activities in the region. In comparison with other types of wires copper stranded wires are easier to route the electrical wiring which makes its application in construction activities more beneficial. The increasing construction activities in the region are fueling the copper stranded market growth. For instance, according to Invest India, it is anticipated that India’s building and construction industry will be the third-largest in the world and is expected to reach US$14 trillion by 2025. The building and construction activities in Singapore are increasing, which is propelling the copper stranded wire market growth. For instance, according to the Department of Statistics Singapore, in the year 2018, the building and construction of Singapore were valued at US$30.53 billion and in 2019 it was valued at US$33.5 billion, an increase of 9.7%. Thus the growing building and construction industry in the Asia-Pacific region is fueling the copper stranded wire market growth.
Copper Stranded Wire Market Drivers
Rapid Development of the Transport Sector
Copper stranded wires are ideal for applications requiring a lot of bending, snaking, movement, and reshaping, this is the reason it is widely employed in vehicles. In aircraft, copper stranded wires are widely employed to minimize the fatigue breakdown. The growing demand for battery-powered electronic vehicles is accelerating the copper stranded market growth. For instance, according to International Energy Agency (IEA), in 2019 the global production of battery-powered electric vehicles was 14,48,985 and in 2020 its production increased to 20,89,366, an increase of 44.20%. Similarly, the growing aviation industry is also projected to fuel the copper stranded wire market growth. For instance, according to Invest India, it is projected that by 2025 the aviation industry of India will reach US$4.3 billion growing at a CAGR of about 14.5%. Moreover, the passenger car production growth is propelling the copper stranded wire market growth. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the 2019 production of passenger cars in Egypt was 18,500 and in 2020 its production was 23,754, an increase of 28.4%. As a result of the growth of the transport sector, the demand for copper stranded wire is also accelerating, which is driving the market growth.
Growth of Telecommunication Sector
Copper stranded wire is more flexible and easier to install than a large single-strand wire of a similar cross-section. Furthermore, copper stranded wires are used in signal cables to extend the life of the wire. These aspects are advantageous for their use in telecommunications. In the telecommunication sector, copper stranded wires are used in power cables, hybrid cables, and hook-up wires and strands. The growth of the copper stranded wire market is aided by the introduction of new technologies in the telecommunications sector. For instance, Cisco projects that by 2023, over 70% of the world will be connected with the internet and this will lead to more demand for transmitters, which will accelerate the copper stranded wire market growth. Moreover, according to Invest India, it is anticipated that India’s telecommunication sector will be valued at US$1 trillion by 2025. Thus, as a result of growing telecommunication sector is driving the copper stranded wire market growth.
Copper Stranded Wire Market Challenges
Susceptance Towards Magnetic Fields Interference
The copper stranded wires are susceptible to magnetic fields interference which makes their use a risky one and the devices may work improperly. Applications such as communication require higher connection stability and due to this disadvantage, improper connectivity can occur. The Optical fiber is used as a substitute for the copper stranded wire. Due to this factor, the manufacturers of communication devices are referring to go for optical fiber, which is not affected by the interference of magnetic fields, as differed from the copper stranded wire. Thus, susceptance toward magnetic fields hindrance and availability of substitutes are posing as a major roadblock for the copper stranded market growth.
Copper Stranded Wire Market Landscape
Technology launches, acquisitions, and increased R&D activities are key strategies adopted by players in the copper stranded wire market. Major players of the copper stranded wire market are:
- General Cables
- Nexans
- Alan Wire Company
- Prysmian Group
- Sumitomo Electric Industries, Ltd.
- Southwire
- Sarkuysan
- Alfanar
- SKB Group
- Superior Essex
Acquisitions/Technology Launches
- In September 2021, Nexans announced an agreement with Xignux to acquire Centelsa from it, this will strengthen the position of Nexans in the copper stranded wire market.
Relevant Reports
Report Code: AM 94044
Report Code: ESR 0245
For more Chemicals and Materials Market reports, please click here