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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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:
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.
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.