by Copper clad steel wire is a composite metal material consisting of a steel core bonded to a copper jacket. This material combines the flexibility and tensile strength of steel with the high electrical conductivity of copper. Copper clad steel wire is widely used as an electrical conductor in power distribution and transmission lines due to its ability to carry large electrical currents over long distances.
The global U.S. copper clad steel wire market is estimated to be valued at US$ 2812.51 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The use of copper clad steel wires for transmission and distribution of electricity has grown significantly in recent years owing to rapid industrialization and urbanization in the United States. Copper clad steel wire offers higher current carrying capacity compared to conventional conductors like aluminum wires. Additionally, the material is widely adopted in underground cables and overhead lines due to its smaller diameter, enhanced electrical conductivity, and greater tensile strength.
Market key trends:
One of the major trends gaining traction in the U.S. copper clad steel wire market is the increasing focus on upgrading aging power infrastructure. Many transmission and distribution lines in the United States are over 50 years old and need replacement to support growing electricity demand and integrate renewable energy sources. Copper clad steel wires help strengthen power networks through higher conductivity and strength. Moreover, development of new smart grid technologies has also propelled the need for better conductors like copper clad steel wires which enable two-way communication on power lines. Ongoing grid modernization projects in the U.S are expected to drive significant demand over the forecast period.
Porter’s Analysis
Threat of new entrants: The entry barriers are moderate in the U.S. copper clad steel wire market due to established distribution channels and significant capital requirements.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes however established supplier relationships provide stability.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of raw material suppliers and commodity nature of raw materials.
Threat of new substitutes: Substitutes like aluminum clad steel wire and copper clad aluminum wire provide moderate threat based on specific applications.
Competitive rivalry: Competition is expected to remain high among existing players to gain market share.
Key Takeaways
The Global U.S. Copper Clad Steel Wire Market Size is expected to witness high growth. The western region currently dominates the market due to extensive manufacturing activities. Key end-use industries driving demand include electronics & telecommunication and building & construction.
Regional analysis: The western region accounts for over 35% value share led by states like California and Texas. This is attributed to the presence of major electronics manufacturers. The southern region is growing at the fastest pace due to rising construction activities in states like Florida and North Carolina.
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. Companies are focusing on new product development and partnerships to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
