Copper Stranded Wire Market - Forecast(2023 - 2028)

Copper Stranded Wire Market Overview 

Copper Stranded Wire market size is forecasted to grow at a CAGR of 1.2% during 2022-2027. Copper stranded wire is widely employed in end-use industries such as electronics and telecommunication, construction and building, transportation, and more. It is used as a flexible joining in electronic devices, electric transmission, distribution appliances, thyristor, electrical wiring, and signal cables, as these wires are easy to bend and twist, which makes them ideal for restricted locations. The copper stranded market is primarily driven by an increase in construction activities. The growing electronics and telecommunication industry is also propelling the copper stranded wire industry growth. Furthermore, the growth of the transport sector has also increased its demand, thereby, accelerating the copper stranded market industry during the forecast period.

COVID-19 Impact 

The COVID-19 pandemic in 2020 hampered the expansion of the copper stranded wire market, as a result of stringent government restrictions companies all over the world suffered a decline in production. The government's severe restrictions also had an impact on construction activities, resulting in a decline in demand for copper stranded wires. For instance, according to the World Bank, the 2019 global construction activities were US$23.14 trillion and in 2020 it was US$21.94 trillion, a decline of 5.5%, as a result of this copper stranded industry suffered losses. However, COVID-19 did not affect the market in 2021 since the government took proactive measures to allow production across various industries. COVID-19 pandemic’s influence is anticipated to be over by mid-2022, this will restore the copper stranded wire market growth to its pre-2020 state. 

Report Coverage 

The report: "Copper Stranded Wire Market–Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Copper Stranded Wire Market. 

By Geometry: Bunched, Concentric, Compressed, Annular, Compact, and Others 
By Type: Solid Copper Stranded Wire, Medium Hard Copper Stranded Wire, and Soft Copper Stranded Wire 
By End-Use Industry: Building and Construction (Residential, Commercial, Infrastructure, and Industrial), Electronics and Telecommunication (Television, Laptop, Smart Phones, PVC Wiring, Communication Wiring, and Others), Energy, Transportation (Automotive, Aerospace, Marine, Locomotive, and Others), Industrial (Metal, Mining, Oil & Gas, and Others), and Others 
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East (Saudi Arabia, UAE, Israel, and Rest of Middle East), and Africa (South Africa, Nigeria, and Rest of Africa)) 

Figure: Asia-Pacific Copper Stranded Wire MarketRevenue, 2021-2027 (US$ Billion)

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Copper Stranded Wire Market Segment Analysis – By Geometry 

The Bunchedsegment held the largest share in the copper stranded wire market in 2021 and is growing at a CAGR of 1.1% during 2022-2027. There are no specific geometry arrangements in bunched-stranded wire setups. The strands are bunched together in the same direction, and the wires are tightly twisted together to ensure that they are evenly packed. This geometry gives the advantage of durability and flexibility which makes bunched geometry popular in comparison with other geometries. Similarly, when small copper gauge wires are bunched together, they provide a lot of resistance. Because of high malleability, they are great for bending around tight corners and areas required for speakers, headphone cables, appliances, automobiles, and others. Due to these advantages of bunched geometry, the copper stranded wire market will continue to prosper during the forecast period. 

Copper Stranded Wire Market Segment Analysis – By Type 

The hard-drawn copper stranded wire segment held the largest share in the copper stranded wire market in 2021 and is growing at a CAGR of 1.5% during 2022-2027. Copper wire that has been decreased in diameter by drawing it through a series of dies is referred to as hard-drawn copper wire. In overheat electrical transmission and distribution, hard-drawn copper stranded wires are used for grounding electrical networks where high conductivity is required. It is more commonly utilized than other types of stranded wires because it has a higher tensile strength. Moreover, because of its resistance to high temperatures, it is used in high-temperature operations. Thus, due to these benefits of hard-drawn copper stranded wire, the copper stranded market will see growth.

Copper Stranded Wire Market Segment Analysis – By End-Use Industry 

The building and construction segment held the largest share in the copper stranded wire market in 2021 and is growing at a CAGR of 2.3% during 2022-2027. The copper stranded wires are employed in the construction activities for electric supply through ground electrical wiring. Copper stranded wires can take a great deal of flexing and vibration without becoming fatigued and breaking, this results in lower replacement. The increasing infrastructure construction activities are fueling the copper stranded market growth. For instance, the ongoing infrastructure construction projects such as “Great Man-Made River Project Libya”, “Beijing Airport China”, “High-Speed Railway Project, United States”, “London Crossrail Project”, and more. Thus, the growing building and construction activities across the globe are aiding the copper stranded market growth.

Copper Stranded Wire Market Segment Analysis – By Geography 

Asia-Pacific region held the largest share in the Copper Stranded Wire Market in 2021 up to36%, owing to the increase of the construction activities in the region. In comparison with other types of wires copper stranded wires are easier to route the electrical wiring which makes its application in construction activities more beneficial. The increasing construction activities in the region are fueling the copper stranded market growth. For instance, according to Invest India, it is anticipated that India’s building and construction industry will be the third-largest in the world and is expected to reach US$14 trillion by 2025. The building and construction activities in Singapore are increasing, which is propelling the copper stranded wire market growth. For instance, according to the Department of Statistics Singapore, in the year 2018, the building and construction of Singapore were valued at US$30.53 billion and in 2019 it was valued at US$33.5 billion, an increase of 9.7%. Thus the growing building and construction industry in the Asia-Pacific region is fueling the copper stranded wire market growth.