Single core copper wire market

Q: What are the key factors hampering the market growth?

High cost of copper wire can hamper the market growth. Read more

Single Core Copper Wire Market, By Type (Solid Type and Stranded Type), By Voltage (Low, Medium, and High), By Application (Building and Construction, Telecommunication and Power, Transport, Industrial Equipment, Electronics, and Others), and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) -

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Feb 2023
CMI5517
140 Pages
Excel & Pdf
Advanced Materials

Summary

The global single core copper wire market was valued at US$ 10,350.7 Mn and is expected to reach US$ 14,593.4 Mn exhibiting a CAGR of 4.4% during the forecast period (2023-2030).

Drivers:

Copper has excellent resistance to corrosion, heat transfer strength, and higher conductivity than aluminum and is more ductile with relative high tensile resistance which can help to drive the single core copper wire market growth. Furthermore, copper requires less maintenance as well as it is more durable than other metal which can also drive the market growth.

Rising demand of copper wires in the automotive industry and increased the electricity consumption can drive the market growth. For instance, in June 2020, the world’s largest supplier of cables, ‘The Prysmian Group’ (an Italian company) is growing its range with the network cable Draka UC400 23 Cat which is highly lightweight and flexible to use and it is mainly used for building as well as public sector such as school, hospitals, etc.

Figure 1. Global Single Core Copper Wire Market Revenue Share (%), By Voltage, 2022

Among voltage, low voltage held a dominant position in the global single core copper wire market in 2022, accounting for 40% market revenue share, followed by medium and high. Increasing the demand of single core copper wire in automotive industry can drive the market growth.

Market Restraints

High cost of copper wire in the market and increased the use of fiber optic cable can restrain the market growth. Lack of armour, single core wire is more exposed to damage from external forces which can hamper the market growth. Moreover, copper wire is its susceptibility to corrosion, that is, oxidation which can restraint the market growth.

Market Trends

Increasing environmental concerns towards high carbon emissions are leading to the up gradation of existing power transmission and distribution units, this can helps to boost the copper wire market in upcoming years. Additionally, rising the usage of copper wires in heating, ventilation, and air conditioning (HVAC) systems, electronic entertainment devices, lighting solutions, etc., across smart homes is boost the demand of copper wire and increase the market growth.

Rising adoption of copper wires in telecommunication services can helps to boost the copper wire market in the forecast period. Moreover, the development of hybrid power solutions which are offer high energy density, minimal carbon footprints, and increase reliability can help to propel the market growth in upcoming years.

For instance, in November 2022, Nexans (Fiber optic cable manufacturing company) announced that they are entered into a share purchase agreement with Reka Industrial Plc to acquire Reka Cables and increased their production and sales.

Figure 2. Global Single Core Copper Wire Market Revenue Share (%), By Application, 2022

Among application, building and construction segment held a dominant position in the global single core copper wire market in 2021, accounting for 30% of market share. Increased usage of copper wires in heating, ventilation, and air conditioning (HVAC) systems, electronic entertainment devices, lighting solutions, etc., across smart homes is boost the demand of copper wire and increase the market growth.

Global Single Core Copper Wire Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 has positively as well as negatively affected the automotive industry. Due to lockdowns, countries are banned to travel and shutdown of business can reduce the economic and industries growth of the developing countries. Disruption in raw materials supplies and freeze the supply chain during the pandemic single core copper wire market witnessed the lower growth. However, China is the global manufacturing hub of copper wire, with the presence of and the largest raw material suppliers. The overall market breaks down due to COVID-19 is also affecting the growth of the single core copper wire market due to shutting down of factories and downturn in world economy.

Single Core Copper Wire Market Report Coverage

Report Coverage	Details
Base Year:	2022	Market Size in 2022:	US$ 10,350.7 Mn
Historical Data for:	2017 to 2021	Forecast Period:	2023 to 2030
Forecast Period 2023 to 2030 CAGR:	4.4%	2030 Value Projection:	US$ 14,593.4 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, and Rest of Asia Pacific Middle East & Africa: Middle East & Africa
Segments covered:	By Voltage: Low, Medium, High By Application: Building and Construction, Telecommunication and Power, Transport, Industrial Equipment, Electronics, Others By Type: Solid Type, Stranded Type
Companies covered:	TOKEN, Gulf Cable and Electrical Industries, Giza Power industry factory, Nexans, Ekta Udyog, HANGZHOU ZION COMMUNICATION CO., LTD, Hangzhou Anxin Wire & Cable Co., Ltd., Qinhuangdao Qinniu Cable Industry Co, Ltd., Tianjin Jinshan Wire and Cable, Hongxin Biotechnology Co., Ltd., Shenzhen Xinghehong Hardware Electromechanical Co., Ltd., Xi'an Jinyan Wire and Cable, and Zhengzhou Net Electric All-plastic Cable Co., Ltd.
Growth Drivers:	Increasing environmental concerns towards high carbon emissions are leading to the up gradation of existing power transmission and distribution units Increasing expenditures in smart upgrades to the power transmission and distribution system
Restraints & Challenges:	High cost of copper wire

Competitive Section

Major players operating in the global single core copper wire market include TOKEN, Gulf Cable and Electrical Industries, Giza Power industry factory, Nexans, Ekta Udyog, HANGZHOU ZION COMMUNICATION CO., LTD, Hangzhou Anxin Wire & Cable Co., Ltd., Qinhuangdao Qinniu Cable Industry Co, Ltd., Tianjin Jinshan Wire and Cable, Hongxin Biotechnology Co., Ltd., Shenzhen Xinghehong Hardware Electromechanical Co., Ltd., Xi'an Jinyan Wire and Cable, and Zhengzhou Net Electric All-plastic Cable Co., Ltd.

Market Definition

A single copper electrical conductor is known as copper wire. Copper wires are mainly used in electrical wiring. Single core means that there is a single piece of metal wire, typically copper or aluminum, with insulation around it. The wire can be different gauges, as the size of the wire increases, the flexibility will generally decrease. Single core cables are best suitable for domestic and home applications. Power generation, distribution, telecommunication, electronic circuitry, and transmission are used copper wire. In many types of electrical wiring, copper serves as the electrical conductor. Electrical connections can also be made from copper and its alloys. Copper has the lowest electrical resistance in all the non-precious metals. Copper is characterized by excellent thermal and electrical conductivity.

Table of Content

Table of Contents

* Browse 33 market data tables* and 24 figures* on "Global Single Core Copper Wire Market” - Forecast to 2017-2030

Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What is the global single core copper wire market size and compound annual growth rate (CAGR) of the market during the forecast period (2023-2030)?

The global single core copper wire was valued at US$ 14,593.4 Mn and is expected to grow at a CAGR of 4.4% during the forecast period.

What are the major factors that are expected to drive the market growth during the forecast period?

Increasing demand for uninterrupted electricity supply has led to the development of power transmission and distribution infrastructures is expected to drive the global single core copper wire market growth.

What are the trends in the market?

Increasing environmental concerns towards high carbon emissions are leading to the up gradation of existing power transmission and distribution units is one of the growing trend in automotive industry.

What are the key factors hampering the market growth?

High cost of copper wire can hamper the market growth.

Which are the major players operating in the market?

The market include TOKEN, Gulf Cable and Electrical Industries, Giza Power industry factory, Nexans, Ekta Udyog, HANGZHOU ZION COMMUNICATION CO., LTD, Hangzhou Anxin Wire & Cable Co., Ltd., Qinhuangdao Qinniu Cable Industry Co, Ltd., Tianjin Jinshan Wire and Cable, Hongxin Biotechnology Co., Ltd., Shenzhen Xinghehong Hardware Electromechanical Co., Ltd., Xi'an Jinyan Wire and Cable, and Zhengzhou Net Electric All-plastic Cable Co., Ltd.