The global copper wire market size is anticipated to witness substantial growth on account of the increasing demand from automotive industries. Copper wire is considered as the best conductor of electricity as they are malleable, have a high melting point and plasticity. Other characteristics of copper wire include thermal and electrical conductivity, resistance to corrosion, high ductility, and the ability to withstand fluid pressures. A recent report by Fortune Business Insights offers insights into the market and future growth prospects.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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What is the Scope of the Report?

The report offers an elaborate overview of the market with its prime growth promoting factors such as drivers, upcoming opportunities, restraints, and challenges. It provides details of the market segmentation and names of leading segments with attributed factors. Besides this, the report offers a list of players and the main strategies adopted by them to contribute the lion’s share. Furthermore, the report offers major industry developments, current trends, and other interesting insights. The report is available for sale on the company website.

Market Drivers

Increasing Application in Electronics will Aid in Expansion of Market

The increasing demand for electricity is a major factor in promoting copper wire market growth. In addition to this, the rise in demand or consumer electronics will also add a boost to the market in the forecast duration. Moreover, the rising application of copper wires for automobile designing and manufacturing is anticipated to promote growth.

On the contrary, the presence of substitutes such as aluminum may cause major challenges to the market in the coming years. Nevertheless, the physical properties of copper wires such as good thermal and electrical conductivity, tensile strength, resistance to corrosion, ductility, plasticity, and others are likely to propel its demand from various end-user companies in the coming years.

Regional Segmentation

Asia Pacific to Lead Market with Increasing Application in Electronic Products

On the basis of regional categorization, Asia Pacific holds the dominant copper wire market share attributable to the rise in the application of electronic products. This is followed by North America which is further expected to exhibit significant growth in the forecast duration on account of increasing demand from the construction industry for electric transmission and distribution. Besides this, the market in Europe is likely to contribute prominent shares owing to the vast application in automotive industries. Copper wires are used in automobiles for reducing the overall weight of the vehicle, thus providing fuel economy, along with efficiency, comfort, safety, and the overall design of the vehicle. Therefore, the fact that copper forms a key component in automobile manufacturing will increase its demand in the near future, thereby augmenting the market. Furthermore, the markets in Latin America and the Middle East and Africa are likely to witness sluggish growth in the forecast duration.

Competitive Landscape

Players Focusing on Improving Product Quality for Better Revenue Generation

Major players operating in this market are engaging in joint ventures, contracts and agreements, partnerships, mergers and acquisitions, and other collaborative efforts for gaining a strong position in the market competition. They are also investing heavily in improving the quality and production capabilities of existing cables for serving in various private and public sectors. Such initiatives taken by vendors are likely to attract high revenue to the overall market in the coming years.

List of Copper Wire Market Manufacturers include:

  • General Cable Technologies Corporation
  • Aviva Metals
  • Alan Wire Company
  • Tongling Jingda Electromagnetic Wire Co., Ltd.
  • Nexans
  • SH Copper Products Co., Ltd.
  • Prysmian Group
  • Luvata
  • Sumitomo Electric Industries Ltd.
  • Tatung Co.
  • Other Players

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Major Industry Developments of the Market include:

April 2019 – International Wire Group Holdings, Inc., was acquired by Atlas Holdings for widening the technical abilities of the company and serving consumers.

June 2019 – The largest cable supplier of the world, The Prysmian Group entered into collaboration with Draka UC400 23 Cat, the versatile and lightweight network cable. These cables will be utilized in buildings of the public sector such as airports, hospitals, schools, and office buildings.

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