Single Core Copper Wire is a basic electrical conductor mainly used in building wiring and electrical installations. These wires transfer electricity in a structure safely and reliably. They are flexible, corrosion resistant and have high conductivity. With growing construction industry globally, the demand of electrical wiring within buildings is increasing rapidly.
The Global Single Core Copper Wire Market Size is estimated to be valued at US$ 12448.67 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key driver for Single Core Copper Wire Market is rising number of infrastructure and construction projects globally. Governments of many countries are investing heavily in development of roads, bridges, airports, seaports, smart cities etc. which requires extensive use of Single Core Copper Wires for internal and external electrification. According to World Economic Forum, global infrastructure investment needs are estimated to be US$ 94 trillion by 2040. This rising construction expenditure will propel the demand of Single Core Copper Wires in coming years.
Segment Analysis
The global single core copper wire market is dominated by power distribution applications, such as electrical installation, industrial uses, and telecommunications. This segment accounted for nearly 60% of the total market share in 2024. Power distribution applications require high electrical conductivity and strength, making single core copper wire ideal for such uses.
Key Takeaways
The global single core copper wire market is expected to witness high growth over the forecast period of 2024 to 2031. The global Single Core Copper Wire Market is estimated to be valued at US$ 12448.67 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
Regional analysis shown that Asia Pacific region is fastest growing region in single core copper wire market. Factors such as increasing investments in power infrastructure development, rapid industrialization and urbanization are driving the growth of single core copper wire market in Asia Pacific region. Countries such as China, India and Japan are dominating the Asia Pacific single core copper wire market.
Key players operating in the single core copper wire market are TJX Companies Inc., Luvata, Sandvik AB, Elektrokoppar, Mitsubishi Materials Co. TJX Companies Inc. is expected to gain major market share over the forecast period owing to its extensive product portfolio and global sales network across power, telecom and construction industry.
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