The global copper stranded wire market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing energy requirements, rise in construction industry, increasing inter-connections of electronics & electrical equipment, and developments of products with more functional and flexible applications.
Copper stranded wire is a group of smaller copper wires wrapped or bundled together to form a large conductor. In terms of conductivity copper stranded wire is better than solid wire owing to individual wires collectively comprise a greater surface area. Stranded copper wire is made with specific characteristic to achieve tenacity and smaller wires bundled as braids are much more resistant to breaking under repeated motion and vibration.
The copper stranded wire is used as flexible jointing wire in electric transmission and distribution appliance such as volt transformer, electric stove, and electronic equipment, it is also used as grounding wire in electric working. Construction applications include use of copper wire in electrical wiring in home, commercial areas, industries, and building spaces. Copper wires are known for high tolerance to vibration and expansion of heavy production machines. Stranded Copper wire are also used for flexible electrical connections between large components.
Market Trends, Drivers, Restraints, and Opportunities
• Rapid growth in demands in information and communication technology sector and surge in requirements in construction and electronics industry are anticipated to drive the market expansion during the forecast period.
• Increasing demand for electrical services in residential and commercial buildings and growing requirements in manufacturing electrical machinery, cables for power and telecommunications, and automobiles are expected to spur the market growth in the coming years.
• Covid-19 outbreak caused a huge fall in revenue in construction industry resulting in halting of key developments in the sector which present as a major challenge that can impede the market expansion in the coming years.
• Shortage of labor, supply of raw materials, and transportation act as key factors which are anticipated to impede the market growth during the forecast period.
• Growing investments and improving efficient production capacities across emerging developing regions is estimated to offer lucrative opportunities for market players.
Market Segment Insights
Stranded copper wire segment is projected to constitute a large market share
Based on product types, the copper stranded wire market is bifurcated into soft copper stranded wire and solid copper stranded wire. Stranded copper wire segment is projected to constitute a large market share. The segment market growth is attributed to its extensive applications in construction and electronics industry due to its beneficial characteristics such as more flexibility, being able to withstand bend, excellent patch cords for equipment and cross-cultural connections where cables are frequently bent and manipulated. Increasing demand for stranded copper wire in telecommunications sector, one such popular example is use in Power over ethernets (PoE) is expected to propel the market growth at a steady rate.
Bunched segment is expected to expand at a significant pace
On the basis of geometry, the copper stranded wire market is segregated into bunched, concentric, and other geometries. Bunched segment is expected to expand at a significant pace due to the beneficial attributes of bunched stranding in contrast to the others. Bunched stranding is composed of any number of strands twisted together in the same direction without regard to geometrical arrangement of the individual strands. They are cost efficient and relatively easy to manufacture which is expected to push the market segment expansion during the forecast period.
Electronics segment is anticipated to register a substantial CAGR
In terms of applications, the copper stranded market is segmented into construction, energy, transportation, electronics and telecommunication, and other end-user industries. Electronics segment is anticipated to register a substantial CAGR during the forecast period owing to significant technological changes and advancements globally in the industry and growing demand from the emerging and developing economies worldwide.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the copper stranded wire market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to dominate the market due to increasing construction activities in emerging economies such as India, Indonesia, Malaysia, and China. The infrastructure sector on various developing countries across the region has witnessed a substantial interest from foreign investors which is expected to push the market growth during the forecast period.
Key players competing in the copper stranded wire market include Alan Wire Company, Prysmian Group, Sumitomo Electric Industries, Nexans, General Cable Group, Southwire, SKB Group, Superior Essex, Alfanar Group, Owl Wire& Cable, Poly Cab.
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