U.S. Copper Clad Steel Wire Market Dominated by Electrical Segment
Market key trends:
The U.S. copper clad steel wire market has been witnessing considerable growth in demand from the automotive and industrial sectors. One of the major trends in this market has been growing use of copper clad steel wire in electric vehicles. Copper clad steel wire provides high conductivity required for various applications in electric vehicles like charging cables, motors, and battery packs. It helps improve the performance and range of electric vehicles. Moreover, advantages of copper clad steel wire such as corrosion resistance, strength and flexibility have been boosting its adoption over conventional copper wires in several industrial applications.
Key Takeaways
The U.S. Copper Clad Steel Wire Market Size was valued at US$ 2,613.22 Mn in 2022 and is expected to reach US$ 7,276.62 Mn by 2030, expanding at a CAGR of 2.48% during the forecast period. The automotive sector has been a major consumer of copper clad steel wire due to increasing adoption of electric vehicles and growing complexities in car wiring systems. The electric vehicles sub-segment under the automotive sector is expected to account for over 30% of total copper clad steel wire consumption by 2030 as EVs require higher conductivity than traditional vehicles to power larger battery packs and motors.
Regionally, Western U.S. dominated the country's copper clad steel wire market in 2020 with over 35% share, led by states like California, Washington and Colorado. This was due to established automotive and industrial manufacturing capacity in these states and early adoption of emission-free technologies. Eastern U.S. is estimated to be the fastest growing region during 2023 - 2030, spurred by investment in electric vehicle production and infrastructure projects across states such as Pennsylvania, Ohio and Michigan.
Key players operating in the U.S. copper clad steel wire market are 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. These players are focusing on new product development, patent filing and partnerships to strengthen their positions in the high growth electric vehicle segment.
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