The copper clad steel wire is made by fusing copper to steel during wire drawing process. It combines the properties of both steel and copper to provide high tensile strength and conductivity. It finds wide applications in power cables, motors, welding cables, transformers and other electrical equipment due to its corrosion resistance, conductivity and strength.
The growth of the copper clad steel wire market is driven by increasing demand for electrical equipment across industries as well as rising investments in power transmission and distribution infrastructure projects globally. For instance, according to the Institute for Energy Economics and Financial Analysis, global investment in transmission and distribution infrastructure was around US$ 260 billion in 2020 and is expected to reach US$ 360 billion by 2030.
The global Copper Clad Steel Wire market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing investments in infrastructure development projects across major economies. Region-specific policies and initiatives promoting construction of roads, bridges, buildings, and other structures will continue driving the market.
Asia Pacific dominates the global Copper Clad Steel Wire market with over 35% share in 2023 owing to large-scale infrastructure development activities in China and India. The Chinese government's continued focus on strengthening road, rail and building infrastructure is augmenting the regional market. North America and Europe are other major markets driven by construction and renovation activities.
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