U.S. COPPER CLAD STEEL WIRE MARKET ANALYSIS

U.S. Copper Clad Steel Wire Market Size and Trends

The U.S. copper clad steel wire market is estimated to be valued at USD 2,704.2 Mn in 2024 and is expected to reach USD 3,348.4 Mn by 2031, growing at a compound annual growth rate (CAGR) of 3.1% from 2024 to 2031.

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Rising construction activities in the country is supporting the growth of the market. Copper clad steel wires find major applications in equipment wiring which sees increased demand from development in various end-use industries such as buildings, power generation, and transmission. Additionally, focus on infrastructural investments particularly in the railway and renewable energy sectors will also contribute to the revenue gains of the copper clad steel wire market in U.S. Continuous replacement of existing wires and cables owing to weathering is another factor driving more installation of these wires. However, the availability of alternatives, such as aluminum clad steel wire and optical cables, may hinder the market growth to some extent during the forecast time period.

Growing Use in Power Transmission and Distribution Systems

Copper clad steel wire is widely used in the construction of power transmission lines and networks due to its high strength, durability, corrosion resistance, and electrical conductivity properties. With the federal government investing billions of dollars under infrastructure development plans to modernize and augment the aging electricity grid, thousands of miles of new transmission lines need to be installed over the coming decade. This upgrade and extension of transmission and distribution systems will require huge volumes of copper clad steel wires to be used. Furthermore, more utilities are shifting towards underground power transmission lines in urban areas which also utilize substantial amounts of insulated copper clad steel wires for primary and secondary distribution. The increased deployment of renewable energy such as solar and wind power projects is another factor that is expanding electricity networks into new geographical regions. All these macroeconomic trends indicate a sustained rise in demand from the power sector for copper clad steel wire in the U.S. over the next 5-10 years.

Penetration in construction and infrastructure projects is a major factor driving the growth of the U.S. copper clad steel wire market. Copper clad steel wire finds wide applications in infrastructure such as electrical grounding, power distribution, telecommunication networks and construction activities. With increasing investments in development of transportation, energy and utility sectors, the demand for copper clad steel wire is expected to rise considerably in the coming years. The U.S. government has recently announced investments toward repair, replacement and upgrade of aging infrastructure across the country. In November 2021, the bipartisan Infrastructure Investment and Jobs Act was signed into law, allocating USD1.2 trillion over five years for modernization of roads, bridges, water systems and broadband internet. A considerable portion of this massive infrastructure package will flow into projects requiring copper clad steel wire. For example, the Act provisions USD 65 billion to upgrade the electrical grid, which will bolster procurement of transmission lines made from copper clad steel wire.