Increasing demand for new buildings is driving the market for copper wire and cable
- Vikas Kumar
- July 30, 2022
- CHEMICAL, NEWS
- Copper wire and cable market, Copper wire and cable market Forecast, Copper wire and cable market Growth, Copper wire and cable market Share, Copper wire and cable market size, Copper wire and cable market Trend
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The global copper wire and cable market is likely to showcase a growth of around 6% during the forecast period. This can be ascribed to the increasing demand for new buildings, large and growing end-use industries, and limited substitutes or high preference in residential and commercial settings.
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The last several decades had witnessed rapid industrialization leading to rapid urbanization, a higher working population, and improving income that in turn increase the consumption of energy and is likely to continue in the future. For instance, according to EIA, worldwide renewable energy consumption would increase by 3.1% per year between 2018 and 2050. Further, to improve the infrastructure, governments across the globe have taken several initiatives over the years and are continuously trying to make better policy initiatives. All these factors have increased the market for wire and cable. As copper is the most preferred conductor in the industry owing to its high conductivity at relatively low cost compared to other highly conductive materials like silver, therefore the rising market for wire and cables eventually increases the consumption of copper. Further, the latest trend of increasing renewable energy in the overall energy mix is creating a massive opportunity for the copper wire and cable industry. For instance, according to Institute for Energy Economics and Financial Analysis (IEEFA), investment in the renewable energy sector in India surged more than 125% compared to the prior year to touch a record $14.5 billion in the financial year 2021-22.
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Based on voltage, the market is categorized into low, medium, and high voltage. Among these, the low voltage segment accounted for a significant share in the market and is expected to showcase significant growth during the forecast period. This can be attributed to the increased usage of low voltage wires and cables in building wires, appliance wires, LAN cables, and distribution networks. Also, the high voltage category is likely to propel substantially during the forecast period owing to the increasing number of large-size power plants and infrastructure projects.
Based on application, the market is categorized into building wires, communication cables, co-axial cables, power cables, and specialty and industrial cables. Among these, the communication cables category is likely to showcase significant growth during the forecast period owing to increasing investment in the communication front to provide high-quality calling and data connection to a large population and rapid development in 5G technology.
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For a better understanding of the market adoption of copper wire and cable, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of World. Asia-Pacific accounted for a significant share of the market and is expected to showcase significant growth over the forecast period. This can be ascribed to the vast demographic of the region, increasing urbanization, several governments’ nation energy plans, and increasing energy demand, to name a few.
Global Copper Wire and Cable Market Segmentation
Market Insight, by Type
Market Insight, by Voltage
Market Insight, by Application
• Building Wires
• Communication Cables
• Co-axial Cables
• Power Cables
• Specialty and Industrial Cables
Market Insight, by Region
- North America Copper Wire and Cable Market
- The United States
- Rest of North America
- Europe Copper Wire and Cable Market
- The United Kingdom
- Rest of Europe
- Asia-Pacific Copper Wire and Cable Market
- Rest of Asia-Pacific
- Rest of World Copper Wire and Cable Market
Top Company Profiles
- Southwire Company LLC.
- CommScope Inc.
- Elcowire Group AB
- Hitachi Metals Ltd.
- Nexans S.A.
- Ningbo Jintian Copper (Group) Co. Ltd.
- LS Cable & System Ltd.
- Tatung Co.
- Prysmian S.p.A.