Copper Alloy Wire Market Report | Copper Alloy Wire Market
The global copper alloy wire market was valued at USD 3,142.6 Million in 2016, is expected to reach USD 4,958.3 Million by 2024, growing at a CAGR of 6.7 % from 2018 to 2024. Major factor driving the growth of global copper alloy wire market is the increase in the real economy in most of the countries. The migration of rural population to urban areas especially in developing countries of Asia-Pacific, is leading to expansion of urban areas and infrastructure development is resulting in the increased demand for copper, driving the growth of copper alloy wire market. Additionally, the application in power and telecommunication industry is expected to boost the demand for copper alloy wire. Furthermore, the technological advancements and development of renewable energy alternatives is propelling the growth of copper alloy wire market. On the basis of type, brass held the major share of copper alloy wire market and is expected to sustain its dominance, throughout the forecast period. Additionally, the phosphor bronze alloy is anticipated to be the fastest growing type of copper alloy wire. On the basis of application, electrical and electronics was the largest segment for the global copper alloy wire market, in 2016.
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