Global Copper Wire and Cable Market is predicted to grow around USD 249.1 Bn by 2030

The global copper wire and cable market size was worth around USD 158.9 Billion in 2021 and is predicted to grow to around USD 249.1 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.77% between 2022 and 2030.

The copper wire and cable industry refers to the commercial sales of products in which coppers act as the main raw material. The wires and cables made out of the mineral are used in the data and electrical power sector. Furthermore, the products have wide-scale applications across sectors including telecommunications, power transmission, electronics, and construction. Copper, a highly conductive metal, is a preferred choice for producing electrical cabling and wiring owing to its low resistance, high conductivity, and excellent durability.

They are used to produce essential products of the modern-age world like building wires, data cables, power cables, and coaxial cables. There are several factors that are expected to positively influence global market sales but at the same time, reports are indicating that the players could face various roadblocks during the forecast period. However, as a whole, the global industry looks promising and dynamic and has a lot of growth opportunities.

The global copper wire and cable market is projected to be encouraged due to the growing end-user adoption of automation technology which requires cables and wires extensively. The world is slowly but steadily moving toward automation in various fields because not only does it help improve performance efficiency but is an excellent means of reducing overall operational costs while improving worker safety, achieving a faster return on investment. It grants the industry players a higher competitive edge and a means to stay ahead in the game.

As automation gains more attention, the demand for copper wires and cables is expected to rise. In addition to this, the growing investments worldwide for infrastructure development as a way of encouraging economic growth in the country and attracting foreign businesses along with providing access to a better standard of living to the regional population could also assist in generating better revenue. The sector dealing with data centers is an important revenue generator in the global industry and the expansion of such units could be a driving factor during the projection period. Increasing use of electric vehicles and the corresponding sector is also projected to help the businesses operating in the production of copper cables and wires garner more revenue.

The restraining factors for the copper wire and cable industry are many and some of them include the rising competition from substitutes of copper for manufacturing cables and wires. Some of the end-user verticals are now experimenting with the use of fiber optic aluminum-based cables which offer higher advantages like better durability, and conductivity, along with being lightweight. Copper wires have posed major concerns for environmentalists as it is difficult to recycle which means that it acts as environmental pollution over time.

The increasing emphasis on infrastructure development for renewable energy may drive market growth whereas the changing prices of raw materials could challenge the market expansion

Market Segmentation

The global copper wire and cable market is segmented based on application, type, voltage, and region

Based on application, the global market is divided into communication wire, power distribution, and building wire.

• In 2021, the global market registered the highest growth in the power distribution segment which is the end-step of delivering electricity for residential or commercial purposes
• The electric power has to pass through transmission lines which are distributed with the help of power cables. Copper is one of the most widely used materials for manufacturing such power cables
• Copper can be used to produce wires and cables of different capacities making them highly versatile
• For instance, they can function at a voltage of 400kV

Based on type, the copper wire and cable is segmented into copper cable and copper wire.

• The global market registered the highest growth in the copper wire segment in 2021 and is expected to continue the same trend during the projection period
• Copper wires are used extensively across multiple segments including electronic circuits, telecommunications distribution, transmission, power generation, and other types of electrical equipment
• Generally, copper alloys are more popular as compared to pure copper since they offer higher strength and excellent resistance to corrosion
• The Southern Copper Corporation has more than 42 million tons of copper reserve in the world

Based on voltage, the global market divisions are high, medium, and low.

The global copper wire and cable market is anticipated to register the highest growth in Asia-Pacific with India, China, and Japan acting as the main revenue contributors. China is projected to lead the regional growth as it is currently the largest consumer of copper wires and cables driven by the electronics segment. India is emerging as a lucrative market owing to growing infrastructure development projects along with power transmission initiatives to meet the residential and commercial demand for the growing economy. The electric vehicle segment in Japan is a major growth factor since copper wires are used in such vehicles. Furthermore, Europe and North America could also register high CAGR due to the presence of key players as well as high-end-user vertical applications.

This review is based on a report by Zion Market Research, titled “Copper Wire and Cable Market By Application (Communication Wire, Power Distribution, and Building Wire), By Type (Copper Cable and Copper Wire), By Voltage (High, Medium, and Low), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/copper-wire-cable-market

Recent Developments:

• In September 2022, Elcowire, a Swedish copper solutions company, announced a partnership with NKT, their power cable customer, for the production of Low-carbon Copper-based cable systems to be used for power export
• In October 2020, researchers at Oak Ridge National Laboratory recorded that they had created a new composite material that can be used to increase the electric current capacity of copper wires

The global copper wire and cable market is led by players like:

• Alan Wire Company
• Prysmian Group
• Ningbo Jintian Copper (Group) Company
• Nexans
• Tongling Jingda Electromagnetic Wire Company Limited
• Aviva Metals
• SH Copper Products Co. Ltd.
• Sumitomo Electric Industries Ltd.
• General Technologies Corporation
• Schneider Electric SE
• Hitachi Metals Ltd.
• Belden Inc.

The global copper wire and cable market is segmented as follows:

By Application

• Communication Wire
• Power Distribution
• Building Wire

By Type

• Copper Cable
• Copper Wire

By Voltage

• High
• Medium
• Low

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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