U.S. Copper Clad Steel Wire Market to Surpass US$ 3,179.86 Million By 2028 - Coherent Market Insights

The U.S. copper clad steel wire market was valued at US$ 2,613.22  million in 2020 to  the U.S. Copper Clad Steel Wire Market, by Product Type (Copperclad Dead Soft Annealed (DSA) Steel Wire, Copperclad Jacketed Steel Wire, Copperclad Composite Conductors (CCC), Copperclad Wire-high Strength (HS) and Extra High Strength (EHS), and Others (Copperclad Type M Guy Wire, etc.), by Bimetallic Wire Type (Low Carbon Steel Wire (LCSW) and High Carbon Steel Wire (HCSW)), by Application (Grounding Conductors for Primary Surge Arresters, Connectors, Power Installation, and Others (Lightning Arrester, etc.)), by End-use Industry (Telecommunication, Power Generation, Electrical and Electronics, Building and Construction, Automotive, and Others (Aerospace, etc.)) according to a report published by Coherent Market Insights.

The U.S. copper clad steel wire market was valued at US$ 3,179.86 Million in 2028. The U.S. copper clad steel wire market is predicted to exhibit a CAGR of 2.48% during the forecast period (2021 to 2028). Copperclad steel wire is a good grounding conductor, because it is strong, non-corrosive, and efficient. Coppercladding is permanently bonded to the central steel core of each wire. It has the same conductivity and corrosion resistance as copper, while maintaining the high strength of steel.

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https://www.coherentmarketinsights.com/market-insight/us-copper-clad-steel-wire-market-4942

Browse 30 market data tables* and 20 figures* on “Copper Clad Steel Wire Market” – U.S Forecast to 2028.

Key Trends and Analysis of the U.S. Copper Clad Steel Wire Market:

• A major factor hampering the market growth is the rising rate of copper theft in the case of copper clad steel wires. As a result, companies have begun to provide a protective covering for the wire to prevent this loss. This covering can take the form of a PVC (Polyvinyl chloride) jacket, HDPE (High-density polyethylene) jacket, or a metal cage that runs the length of the copper clad steel wire. AFL and Copperhead Industries LLC are the two companies that make such anti-theft covers.
• There is increasing demand for copper clad in the construction and automotive industries due to its properties such as good corrosion resistance of copper and high tensile strength of steel. According to the International Trade Administration (ITA), U.S. Department of Commerce, the U.S. light vehicle sales was 17.2 billion units in 2018 and it is the world’s second largest market for vehicle sales and production.

Market Opportunities

The increasing consumption of electric power in the U.S. is expected to create a major opportunity for the U.S. copper clad steel wire market players. For instance, as per the World Bank data, in 2012, the electric power consumption in the U.S. was 12,964.33 kWh per capita, which increased and reached 12,993.96 kWh per capita in 2014. This is further expected to increase the demand for copper clad steel wires during the forecast period. Therefore, manufacturers should focus on such applications and enhance their product offerings to gain a distinct competitive edge in the country.

Key Takeaways

• Among bimetallic wire types, high carbon steel wire (HCSW) held the largest revenue share of 53.81% in the U.S. copper clad steel wire market in 2020
• High carbon steel wire (HCSW) has 1055 steel core, and it has a higher hardness than the low carbon steel wire (LCSW) due to its pearlitic grain structure. A low temperature annealing at 720˚C to the drawn HCSW can cause a significant reduction of hardness, which is as low as that of an annealed LCSW.

Key Players

• Major players operating in the U.S. copper clad steel wire market include Copperhead Industries, LLC, American Wire Group, Inc., Nehring Electrical Works Company, Kris-Tech Wire, MWS Wire Industries Inc., AFL, LEONI Wire Inc., Fisk Alloy Inc., and Elecref Industries Inc.
• Major players in the country are opting strategies such as merger, acquisition, and capacity expansion, owing to rising demand for U.S. copper clad steel wire market. For instance, In 2013, Copperhead Industries, LLC introduced various new products including SoloShot Xtreme Tracer Wire (engineered for pipe bursting), ViperMag pipe and Cable Locator with complete tracer wire system, and ‘Cobra Access Points’ (tracer wire termination and grounding station) as an ‘above grade termination point’ and ‘direct access point’ for copperhead tracer wire

U.S. Copper Clad Steel Wire Market - Impact of Coronavirus (COVID-19) Pandemic

Numerous electrical and automotive companies have halted their production as a result of the COVID-19 that has led to lower demand for copper clad steel wire in various countries, affecting the market in the U.S. According to Coherent Market Insights’ analysis, the COVID-19 outbreak will negatively affect the automotive industry. Copper clad steel wire is used in building interiors and construction but due to Pandemic its affects economy of production and demand of copper clad steel wire. The global auto sales is analyzed to plummet more than 12% from 2019 to 78.8 million units in 2020. Post March 2020, about 90% of auto sales in North America have halted, resulting in over 20% decline in vehicle sales in 2020 over 2019. Due to such nosedive, auto companies are struggling to make payroll which further led to high unemployment and pay-cut. This, in turn, resulted in declined production and less demand for new vehicles.