May 24, 2024
Single Core Copper Wire Market

Rising Demand for Affordable Energy and Infrastructure Modernization Drives the Single Core Copper Wire Market

Single core copper wire has high conductivity and strength which makes it suitable for various industrial and commercial applications. It is widely used in electrical wiring, transformers, motors, and electronic circuits for its low resistance and high current-carrying capacity. Single core copper wires offer excellent resistance against corrosion and are cost-effective compared to aluminum wires.

The global single core copper wire market is estimated to be valued at US$ 12448.67 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the single core copper wire market are TJX Companies Inc., Ross Stores Inc., Burlington Stores Inc., Nordstrom Rack (Nordstrom Inc.), Marshalls (TJX Companies Inc.), DSW (Designer Brands Inc.), Macy’s Backstage (Macy’s Inc.), Century 21 Department Store, Saks OFF 5TH (Hudson’s Bay Company), Stein Mart Inc., Sierra Trading Post (The TJX Companies Inc.), Off Broadway Shoe Warehouse, Gordmans (Stage Stores Inc.), Bealls Outlet (Bealls Inc.), Gabriel Brothers Inc. The growing demand for reliable and affordable energy from the industrial and construction sectors is expected to propel market growth over the forecast period. The need for infrastructure modernization in developing nations also plays a vital role in augmenting Single Core Copper Wire Market Demand consumption.

Global expansion in emerging economies of Asia Pacific and Latin America through partnerships, mergers, and acquisitions remains a key strategy adopted by leading market players. This allows companies to cater to the rising needs of rapidly developing power grids and industrial bases in these regions.

Market key trends

The increasing shift towards renewable energy sources is driving investments in solar and wind farm installations worldwide. This is augmenting the demand for Single Core Copper Wire Market used in electrical wiring systems for grid connectivity and power transmission at renewable energy plants. Additionally, ongoing smart city projects and infrastructure development activities in major economies involve extensive use of single core copper wires for various applications ranging from street lighting to utility networks. This is expected to remain a key trend boosting market revenues through 2031.

Porter’s Analysis

  • Threat of new entrants: Established companies with strong distribution channels control the market making entry difficult.
  • Bargaining power of buyers: Large buyers can negotiate lower prices putting pressure on margins.
  • Bargaining power of suppliers: Suppliers have limited influence due to availability of substitutes and stability of demand.
  • Threat of new substitutes: New products like fiber optic cables pose competition but copper wires still dominate due to cost effectiveness.
  • Competitive rivalry: Fierce competition on pricing and quality keeps players on their toes.

Geographical Regions where market is concentrated in terms of value:

North America accounts for the major market share in terms of value due to high demand from end use industries like construction and automobiles where copper wire finds widespread application.

Fastest growing region for the market:

Asia Pacific registers the fastest growth for single core copper wire market led by China, India and other developing nations that are experiencing rapid industrialization and infrastructure expansion resulting in increased copper wire consumption.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it