The copper stranded wire market is expected to register a CAGR of over 1% during the forecast period. The major factors driving the market studied include the increasing energy requirement and developments of products with more flexible and functional application. Loss of energy due to the proximity effect is expected to significantly hinder the growth of the market studied.
- Asia-Pacific is expected to dominate the global market during the forecast period.
- Increasing usage in infrastructure, telecommunications, energy, etc., activities in emerging economies is likely to act as opportunities in the future.
Key Market Trends
Growing Demand from the Construction Industry
- Copper stranded wires are used for electric supply and can be installed at both the residential and industrial level. One of the major end users for the copper stranded market is the construction industry.
- According to a study by Institution of Civil Engineers (ICE), the global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by China, India, and the United States region.
- Globally, Asia-Pacific has the largest construction market which is led by India, China, and various South-east Asian countries. In India, the government has initiated projects such as 100 smart cities and 'Housing for All by 2022' which are expected to immensely drive the residential construction market in India through the forecast period. The country has even experienced significant interest from foreign investors in its infrastructural sector.
- In the construction industry, infrastructure is the major contributor for the market demand of copper stranded wires.
- Increasing investment on the construction of infrastructure in Middle East & Africa is expected to boost the demand for copper stranded wires.
- The construction industry in GCC is rapidly increasing, with the United Arab Emirates and Qatar expected to be the bright spots, as they are focusing hard, with mega projects ahead, like Expo 2020 and FIFA World Cup 2022, which is likely to drive the quartz market in the region.
- Therefore, the growing investments are expected to drive the market studied during the forecast period.
China to Dominate the Demand in Asia-Pacific
- China is expected to dominate the demand for the copper stranded wire market in the Asia-Pacific region during the forecast period. China has been the leading investor in infrastructure, worldwide, over the past few years.
- China also invested around USD 274 billion on 3,485 infrastructure projects across the world. This growing investment in infrastructure is likely to boost the demand for copper stranded wire, during the forecast period.
- The automotive industry of China is also witnessing positive growth, which is expected to drive the demand for copper stranded wire.
- China's energy sector is also thriving, owing to the high demand for energy. The rapidly growing industrial sector is one of the key factors driving the energy demand in China.
- Furthermore, countries, such as India and Japan have also been contributing to the growth of the market studied. This is expected to further drive the demand for the copper stranded wire market over the forecast period.
The copper stranded wire market is partially fragmented in nature. Some of the major players of the market studied include Prysmian Group, Alan Wire Company, Nexans, General Cable Technologies Corporation and Sumitomo Electric Industries Ltd, among others.
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