June 23, 2024
U.S. Copper Clad Steel Wire Market

U.S. Copper Clad Steel Wire Market Propelled by Growing Demand From Automotive Industry

Copper clad steel wire is manufactured by overlaying a copper coating over a steel core due to which it offers properties of both steel as well as copper making it an ideal conductor for applications requiring high strength and conductivity. It is majorly used in automobile industry for applications like wiring harnesses, connectors and busbars owing to its versatility, temperature resistance and durability.

The global U.S. COPPER CLAD STEEL WIRE Market is estimated to be valued at US$ 2812.51 Mn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing demand from the automotive industry remains a key driver propelling growth of the U.S. copper clad steel wire market over the forecast period. Copper clad steel wire is widely used in automobile industry for manufacture of wiring harnesses as it offers strength of steel to withstand vibrations and impacts while providing conductivity of copper. Additionally, it exhibits high resistance to heat and corrosion making it suitable for wiring applications near engine compartment. Furthermore, miniaturization of components in automobiles has increased use of multifunction complex wiring architectures using copper clad steel wire. Hence, rising automobile production in the U.S. accompanied with growing demand for lightweight vehicles is expected to boost market growth over the coming years.

SWOT Analysis
Strength: U.S. copper clad steel wire has excellent electrical conductivity and resistance to corrosion, making it suitable for applications such as transformers, motors, and switchgears.
Weakness: The finished copper coating on steel wire can be easily scratched or damaged during handling and installation. Raw material prices are volatile.
Opportunity: Growing demand for electrical equipment from utilities and industrial sectors due to increasing electrification in the U.S. offers significant growth opportunities. Replacement of aged power infrastructure promotes market growth.
Threats: Availability of cheaper substitutes like aluminum wire poses competition. Fluctuations in copper prices impact project costs.

Key Takeaways
The U.S. Copper Clad Steel Wire Market Size is expected to witness high growth over the forecast period.

Regional analysis: The Midwest region currently dominates the U.S. market due to presence of large utilities. Rapid infra development projects in states like Texas, California and the Northeast offer lucrative prospects.

Key players operating in the U.S. copper clad steel wire market are IBM Corporation, Hewlett Packard Enterprise Development LP, Telefonaktiebolaget LM Ericsson, Netcracker Technology Corp, Accenture PLC, Oracle Corporation., TATA Consultancy Services Limited, Amdocs Inc., NEC Corporation, ZTE Corporation, Nokia Corporation, Comarch SA, SAP SE, ServiceNow Inc. and Cisco Systems Inc. They are focusing on new product launches and partnerships to strengthen their positions.

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