SINGLE CORE COPPER WIRE MARKET ANALYSIS

The global single core copper wire market was valued at US$ 10,350.7 Mn and is expected to reach US$ 14,593.4 Mn exhibiting a CAGR of 4.4% during the forecast period (2023-2030).

Drivers:

Copper has excellent resistance to corrosion, heat transfer strength, and higher conductivity than aluminum and is more ductile with relative high tensile resistance which can help to drive the single core copper wire market growth. Furthermore, copper requires less maintenance as well as it is more durable than other metal which can also drive the market growth.  

Rising demand of copper wires in the automotive industry and increased the electricity consumption can drive the market growth. For instance, in June 2020, the world’s largest supplier of cables, ‘The Prysmian Group’ (an Italian company) is growing its range with the network cable Draka UC400 23 Cat which is highly lightweight and flexible to use and it is mainly used for building as well as public sector such as school, hospitals, etc.

Figure 1. Global Single Core Copper Wire Market Revenue Share (%), By Voltage, 2022

To learn more about this report, request sample copy

Among voltage, low voltage held a dominant position in the global single core copper wire market in 2022, accounting for 40% market revenue share, followed by medium and high. Increasing the demand of single core copper wire in automotive industry can drive the market growth.

 Market Restraints

High cost of copper wire in the market and increased the use of fiber optic cable can restrain the market growth. Lack of armour, single core wire is more exposed to damage from external forces which can hamper the market growth.  Moreover, copper wire is its susceptibility to corrosion, that is, oxidation which can restraint the market growth.

Market Trends

Increasing environmental concerns towards high carbon emissions are leading to the up gradation of existing power transmission and distribution units, this can helps to boost the copper wire market in upcoming years. Additionally, rising the usage of copper wires in heating, ventilation, and air conditioning (HVAC) systems, electronic entertainment devices, lighting solutions, etc., across smart homes is boost the demand of copper wire and increase the market growth.

Rising adoption of copper wires in telecommunication services can helps to boost the copper wire market in the forecast period.  Moreover, the development of hybrid power solutions which are offer high energy density, minimal carbon footprints, and increase reliability can help to propel the market growth in upcoming years.

For instance, in November 2022, Nexans (Fiber optic cable manufacturing company) announced that they are entered into a share purchase agreement with Reka Industrial Plc to acquire Reka Cables and increased their production and sales.

Figure 2. Global Single Core Copper Wire Market Revenue Share (%), By Application, 2022

To learn more about this report, request sample copy

Among application, building and construction segment held a dominant position in the global single core copper wire market in 2021, accounting for 30% of market share. Increased usage of copper wires in heating, ventilation, and air conditioning (HVAC) systems, electronic entertainment devices, lighting solutions, etc., across smart homes is boost the demand of copper wire and increase the market growth.

Global Single Core Copper Wire Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 has positively as well as negatively affected the automotive industry. Due to lockdowns, countries are banned to travel and shutdown of business can reduce the economic and industries growth of the developing countries. Disruption in raw materials supplies and freeze the supply chain during the pandemic single core copper wire market witnessed the lower growth. However, China is the global manufacturing hub of copper wire, with the presence of and the largest raw material suppliers. The overall market breaks down due to COVID-19 is also affecting the growth of the single core copper wire market due to shutting down of factories and downturn in world economy.

Competitive Section

Major players operating in the global single core copper wire market include TOKEN, Gulf Cable and Electrical Industries, Giza Power industry factory, Nexans, Ekta Udyog, HANGZHOU ZION COMMUNICATION CO., LTD, Hangzhou Anxin Wire & Cable Co., Ltd., Qinhuangdao Qinniu Cable Industry Co, Ltd., Tianjin Jinshan Wire and Cable, Hongxin Biotechnology Co., Ltd., Shenzhen Xinghehong Hardware Electromechanical Co., Ltd., Xi'an Jinyan Wire and Cable, and Zhengzhou Net Electric All-plastic Cable Co., Ltd.

Market Definition

A single copper electrical conductor is known as copper wire. Copper wires are mainly used in electrical wiring. Single core means that there is a single piece of metal wire, typically copper or aluminum, with insulation around it. The wire can be different gauges, as the size of the wire increases, the flexibility will generally decrease. Single core cables are best suitable for domestic and home applications. Power generation, distribution, telecommunication, electronic circuitry, and transmission are used copper wire. In many types of electrical wiring, copper serves as the electrical conductor.  Electrical connections can also be made from copper and its alloys. Copper has the lowest electrical resistance in all the non-precious metals. Copper is characterized by excellent thermal and electrical conductivity.