Transmission of electrical power and telecommunications require copper wire cables made out of Copper. The use of copper wire cables is wide ranging from motor and generator windings to numerous commercial, industrial and domestic domains. Furthermore, the growth of urbanization all over is creating more and more applications for copper alloys and products related to it.
Segmentation of the global copper alloy market is done on the basis of its type, application and geography. Brass, Copper, Nickel, Bronze and Phosphor are some of the types of the copper alloy market. The remaining types of copper alloy include high performing alloy wires such as copper- tin, copper- magnesium copper- iron and others. Brass alloy among the aforesaid type of copper alloys holds the strongest market, with over 60% market share in 2015. It is commonly used in electrical components, parts and medical fasteners; preferred over steel or stainless steel wires as it is softer and offers a brushing action, not letting to scratch the harder metals. The segmentation based on different applications of global copper wire alloy market includes electrical and electronics, engineering, construction and automotive among others. Out of these, electrical and electronic application segment is the fastest growing.
In the recent years, the demand for copper wire alloy from numerous industries and regions such as the Asia- Pacific has essentially driven the market growth on a global level. Newer applications for copper alloy wires have been surfacing in areas such as biomedical, engineering, smart metals, extended reliability of gold and copper bonds in microelectronic packaging and actuators show promising opportunities for growth of this market globally.
According to estimates, by 2023 the copper alloy wire market is all set to reach a market value of $4.8 billion with a CAGR growth rate crossing 6%in the forecast period between 2016 and 2023.
Here are some more points to explain about the copper alloy wire market:
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