The Global Single Core Copper Wire Market Growth Accelerated By Increasing Demand From Electronics And Electrical Sector
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| Single Core Copper Wire Market |
Single core copper wires are extensively used in electronics and electrical equipment manufacturing owing to their high conductivity and flexibility. They are used in applications such as magnet coils, chokes, transformer coils, and printed circuit boards as they offer continuous current capacity, resistance to corrosion, and ease of installation. The global single core copper wire market is estimated to be valued at US$ 10806.13 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand from the electronics and electrical sector is one of the key
trends driving growth of the single core copper wire market. Single core copper
wires are preferred in electronics applications due to their resistance to
electromagnetic interference and superior electrical conductivity. With rapid
digitalization and increasing penetration of consumer electronic goods
worldwide, demand for components such as PCBs, microchips, and circuit boards
is rising significantly. This is augmenting the need for highly conductive
single core copper wires to enable transmission of electrical signals.
Manufacturers are increasingly focusing on developing thinner, yet durable
single core copper wires to meet miniaturization requirements of advanced
electronics. This is expected to further fuel the demand during the forecast
period.
Segment Analysis
The global single core copper wire market is dominated by the building segment,
which accounts for over 40% share of the total market. This is because single
core copper wires are extensively used in electrical wiring for internal and
external lighting, outlets, switches and other applications in residential and
commercial buildings. The demand for single core copper wires is very high from
the construction industry for new buildings as well as retrofitting and
renovation activities in existing infrastructure.
Key Takeaways
Regional analysis: Asia Pacific region currently dominates the global Single
Core Copper Wire Market with a share of over 50% due to strong demand
from the large construction industries in China, India and other Southeast
Asian countries. The region is expected to maintain its dominating position
during the forecast period attributed to continued robust growth in
infrastructure development and construction spending in emerging nations.
Key players: Key players operating in the single core copper wire market are
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.
These leading manufacturers are focusing on expansion of production facilities
as well as enhancement of their product portfolios with new and innovative
offerings to cater to the rising demand for single core copper wires from
construction and industrial sectors. Strategic partnerships and collaborations
with major construction firms are also being pursued by key players to further
strengthen their positions in regional markets.
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