Global Copper Alloy Wire Market to Grow Over $4.8 Billion by 2023: Acumen Research and Consulting
According to a new report released by Acumen Research and Consulting titled “Copper Alloy Wire Market Analysis (Type: Brass, Copper Nickel, Phosphor Bronze, Others; Application: Electrical and Electronics, Automotive, Engineering, Construction, Others) – Global Industry Size, Share, Trends and Forecast, 2012-2023
”, the global market for copper alloy wire is projected to reach the value of $4.8 billion by 2023, growing at a CAGR of over 6% during the forecast period from 2016 to 2023. Rising demand of copper wire alloy from various industry verticals, primarily from countries in Asia-Pacific is majorly driving the market growth, globally. New opportunities for copper wire alloys in actuators, biomedical engineering, and smart materials and extended reliability of gold and copper ball bonds in microelectronic packaging are some important factors that are expected to offer significant growth opportunity for the global copper alloy wire market.
Asia-Pacific to lead the Demand for Copper Alloy Wire
Asia-Pacific was by far the largest market in the consumption of copper alloy wire in 2015 and is expected to maintain its dominant share by 2023. Asia-Pacific copper alloy wire market is expected to register the fastest growth rate during the forecast period, mainly driven by higher level of consumption in China, Korea and India. Moreover, growing sale and manufacturing of electrical and electronic products in these economies is driving the demand for copper alloy wire. Copper is used for high grade copper wire cables that are used in the transmission of electrical power and telecommunication. Copper alloy wire is also used in motor and generator windings and has numerous industrial, commercial and domestic applications. Rapid urbanization and fast evolving industries in this region are expected to increase the demand for copper alloys and related products.
The global copper alloy wire market is segmented based on type, applications, and geography. Based on type, the copper alloy wire is segmented into Brass, Copper Nickel, Phosphor Bronze, and others. The others segment comprises high performance alloy wires such as copper-magnesium, copper-tin and copper-iron among others. Among these products, brass is the most widely used copper alloy wire product and accounted for more than 60% share in the global copper alloy wire market in 2015. Brass alloy wire is primarily used for electrical components, parts, and mechanical fasteners as it is softer than steel wire or stainless steel wire and offers a brushing action, not letting to scratch the harder metals. Based on applications, the global copper wire alloy market is segmented into electrical and electronics, automotive, engineering, construction, and others. Copper is undoubtedly largely used in electrical and electronics applications and accounted for over 35% share in 2015. Electrical and electronic application segment is anticipated to be the fastest growing segment registering a CAGR of over 7% during the forecast period from 2016 to 2023 owing to the numerous applications of copper wire alloy in this sector.
Among the major players operating in this market, few profiled in the report include Nexans, The KME Group, Diehl Metall Stiftung & Co. KG, Fisk Alloy, Alloy Wire International, Lutava, Shanghai Kangcheng Copper, and San-Etsu Metals Co., Ltd. among others.
The report is readily available and can be dispatched immediately after payment confirmation.