Copper clad steel wire is widely utilized as conductor wires in place of conventional copper conductors owing to its high strength and conductivity properties. Copper clad steel wire finds application as conductor wires in electrical appliances, power cables, transformers and other infrastructure. It provides an efficient and cost effective alternative to pure copper wires due to its properties of high mechanical strength and conductivity. The product offers over 80% conductivity of pure copper along with higher tensile strength as compared to conventional copper. The global demand for electricity is rising rapidly with growing industrialization and urbanization, driving the need for upgradation of transmission lines and distribution networks. This is positively impacting the growth of copper clad steel wire market.
The global Copper Clad Steel Wire Market is estimated to be valued at US$ 0.99 Mn in 2024 and is expected to exhibit a CAGR of 47% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the copper clad steel wire market size is the replacement of conventional conductors in power transmission and distribution networks. Copper clad steel wire provides significant advantages over conventional copper conductors such as lower cost, higher tensile strength and comparable conductivity. The product enables carrying of heavier power loads with smaller conductor diameter as compared to copper conductors of same rating. This has led transmission and distribution utilities to invest in upgradation of existing networks as well as new projects involving use of copper clad steel wires. Furthermore, the demand for copper clad steel wires is also being driven by growing investments in renewable energy sector for integration of solar and wind power projects requiring long distance power transmission.
Threat of new entrants: The copper clad steel wire market poses a low threat for new entrants due to high capital requirements and established suppliers.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternate materials like aluminum and copper wires.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to supply constraints of raw materials and limited suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as other substitute products like aluminum and copper wires are available but have limitations.
Competitive rivalry: Intense competition exists among key players to hold market share.
The global Copper Clad Steel Wire market is expected to witness high growth. The global Copper Clad Steel Wire Market is estimated to be valued at US$ 0.99 Mn in 2024 and is expected to exhibit a CAGR of 47% over the forecast period 2023 to 2030.
Asia Pacific is expected to dominate the market and witness the highest growth during the forecast period. China and India are some of the major consumers of copper clad steel wires in the region.
Key players operating in the Copper Clad Steel Wire market are Ballard Power Systems, Toyota Motor Corporation, Hyundai Motor Company, New Flyer Industries, Van Hool, Wrightbus, Solaris Bus & Coach, CaetanoBus, Alexander Dennis Limited (ADL), MAN Energy Solutions. The market leaders are focusing on new product launches and mergers & acquisitions to strengthen their market position. For instance, in 2022, Ballard Power Systems partnered with Solaris Bus & Coach to deliver fuel cell-powered buses for public transport applications across Europe.