The Copper Wire and Cable Market was valued at approximately USD 200.5 Billion in 2023 and is expected to grow at a robust CAGR of around 6% during the forecast period (2024-2032).
The global copper wire and cable market is likely to showcase a growth of around 6% during the forecast period. Globally, 25,300 metric tons of refinery copper produced in 2020 which is further increased to around 26,000 in 2021, according to the United States Geological Survey (USGS). A large amount of copper and copper alloy is used due to its electrical conductivity. For instance, according to Copper Development Association Inc., more than 60% of all copper and copper alloys consumed are used because of electrical conductivity. Wires and cables are among the largest application area of coppers, it is extensively used in building wires, communication cables, co-axial cables, power cables, and specialty and industrial cables. Its high electrical conductivity, ductility, and tensile strength make it an ideal metal in the wire and cable industry. Therefore, the development of new buildings and rapid expansion of communication line activities are taking place, the industry is witnessing increasing demand for copper wires and cables.
According to UnivDatos research report “Global Copper
Wire and Cable Market”, the market is expected to showcase a growth of around 6% during the forecast period. Increasing demand for new buildings, large and
growing end-use industries, and limited substitutes or high preference in
residential and commercial settings are some of the
key attributable factors to the growth of the market.
Based on type, the
market is categorized into wire and cable. Among these two, cable accounted for
a prominent share in the market owing to its usage in various forms like
communication cables, co-axial cables, power cables, and specialty and
industrial cables. Further, cables commonly consist of more than one conductor,
therefore in areas where more reliability and safety are required. For instance,
power cables are used for the transmission and distribution of electricity from
power generators to sub-stations and thereon for power supply to end-user
segments, such as residential, commercial, and industrial units.
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Based on voltage, the
market is categorized into low, medium, and high voltage. Among these, the low
voltage segment accounted for a significant share in the market and is
expected to showcase significant growth
during the forecast period. This can be attributed to the increased usage of
low voltage wires and cables in building wires, appliance wires, LAN cables,
and distribution networks. Also, the high voltage category is likely to propel substantially during the forecast
period owing to the increasing number of large-size power plants and
infrastructure projects.
Asia-Pacific is expected to demonstrate robust growth
during the forecast period
Asia-Pacific
accounted for a significant share in the market and is expected to showcase robust growth over
the forecast period owing to large and robust growth in end-use industries in
countries like India, China, and ASEAN countries. Further, strategic decisions
taken by the regional government to improve the economy are fueling the markets
for wire and cables. For instance, in India, under the Housing for All scheme, 60
million houses are to be built, which include 40 million in rural areas and 20
million in urban areas by 2022. This is expected to bring USD 1.3 trillion in
investment in the housing sector by 2025. Further, the Chinese government
tripled investment in solar power projects in the first quarter of 2022,
putting the nation on track to install record amounts of new clean energy
capacity. According to the National Energy Administration, investment in solar
was USD 4.3 billion (RMB 29 billion) in q1 of 2022, about 204% higher than
compared to the same period of the prior year. Such factors eventually increase the market for wires and
cables for the distribution and transmission of energy, thus boosting the
market for copper wire and cable.
According to UnivDatos’, the key players with a considerable market share in the global copper wire and
cable market include Southwire Company LLC., CommScope Inc., Elcowire Group AB, Hitachi
Metals Ltd., Luvata, Nexans S.A., Ningbo Jintian Copper (Group) Co.
Ltd., LS Cable & System Ltd., Tatung Co., and Prysmian S.p.A. These companies are taking several
strategic decisions to meet the growing demand and increase their market share.
“Global Copper Wire
and Cable Market”
provides
comprehensive qualitative and quantitative insights on the industry potential,
key factors impacting sales and purchase
decisions, hotspots, and opportunities available for the market players. Moreover, the
report also encompasses the key strategic imperatives for success for
competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This
will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
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Market
Segmentation:
By Type (Wire and Cable)
By Voltage (Low, Medium, and High)
By Application (Building Wires, Communication Cables, Co-Axial Cables, Power
Cables, and Specialty and Industrial Cables)
By Region (North America (the United States, Canada, Rest of North America), Europe (Germany,
the United Kingdom, France, Italy, Spain, Rest of
Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
By Company (Southwire Company LLC., CommScope Inc., Elcowire Group AB, Hitachi
Metals Ltd., Luvata, Nexans S.A., Ningbo Jintian Copper (Group) Co.
Ltd., LS Cable & System Ltd., Tatung Co., and Prysmian S.p.A.)
Key questions answered in the study:
What are the current and future trends of the global copper wire and cable industry?
How the industry has been evolving in terms of type, voltage, and application?
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
What are the key growth drivers and challenges for the global copper wire and
cable industry?
What are the customer
orientation, purchase behavior, and expectations from the global copper wire and
cable suppliers across various region and countries?
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UnivDatos
Email: contact@univdatos.com
Contact no: +1 978 7330253
Website: www.univdatos.com
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