- Expansion of the electronics industry is anticipated to present lucrative business opportunities in the copper market
- The oxygen-free copper segment held 5.3% market share in 2021
- Rise in demand for medical equipment in emerging economies such as India is propelling industry growth in Asia Pacific
WILMINGTON, Del., Jan. 10, 2023 /PRNewswire/ — The global copper market is projected to expand at a CAGR of 4.6% during the forecast period from 2022 to 2031, according to the market outlook presented in a research report by Transparency Market Research (TMR).
As per the copper market forecast by TMR, Asia Pacific is anticipated to hold larger market share during the forecast period. This can be ascribed to increase in construction activities owing to rise in focus of emerging economies such as China and India on infrastructure development. Rapid expansion of the electronics and telecommunications industries in China is propelling market development. Usage of various types of medical equipment is increasing in India due to presence of advanced healthcare industry. These factors are generating significant demand in the copper industry in Asia Pacific.
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Key Findings
- Rise in Demand for Electronic Products: Copper is one of the oldest metals utilized in the manufacture of various products such as computer chips, electronic connectors, semiconductors, circuit wiring and contacts, commutators, and printed circuit boards. Rise in demand for electronics products is expected to bolster the global market during the forecast period.
- Expansion of Automotive Industry Drives Demand for Copper: Copper rod, copper cables, and copper sheet metal are key forms of copper extensively utilized in the automotive industry. These are widely used in the manufacture of automotive components such as starter motors, wire harnesses, radiators, alternators, brake tubes, and electric vehicle batteries. Key advantages of these copper forms include efficiency, functionality, comfort, and ability to offer vehicle safety.
- Multiple Advantages of Copper Increase Applications in Construction Industry: Copper is a key constituent of various types of construction projects. It is increasingly being adopted in roofing in place of other materials owing to advantages such as strength, ability to resist hail, mildew, and fire; low weight, cost-effectiveness, and high durability. Thus, rise in construction activities in developed and developing countries is likely to drive market demand.
- High Preference for Copper Tubing in Gas and Water Distribution: Copper tubing is increasingly utilized in the distribution of gas and water owing to advantages such as durability, anti-bacterial properties, and the ability to withstand continual freeze-thaw cycles and high pressures of over 1,000 pounds per square inch. Moreover, copper systems are cost-effective, easy to install, and require less maintenance than other plumbing solutions. Hence, rise in adoption of copper-based plumbing solutions is augmenting business growth, as per the TMR study, which offers key insights on latest market trends.
- Increase in Demand for Oxygen-free Copper in Electronics Industry: Copper is available in various grades, such as electrolytic copper, free-machining copper, oxygen-free copper, and pure copper. Demand for oxygen-free copper has been rising in the electronics industry in the past few years. Copper wiring developed using C101 oxygen-free copper is used for high-end audio/visual applications. Copper is also utilized in various industrial transformers. As per TMR’s market outlook, the oxygen-free copper segment held leading share of the global market in 2021.
- Increase in Usage of Medical Equipment in Emerging Economies Favors Copper Market Development: Copper is one of the important materials utilized in the manufacture of varied medical equipment, such as different types of machineries and components required in the healthcare industry. Hence, rapid expansion of the industry in several emerging economies is fueling demand for medical equipment, which in turn is propelling the copper market.
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Copper Market: Growth Drivers
- Increase in usage in the construction industry is likely to augment market in the next few years
- Rise in demand for electric vehicles is expected to fuel industry growth during the forecast period
Copper Market: Key Players
- Freeport McMoRan Inc.
- Jiangxi Copper Corporation
- LS-Nikko Co.
- Sumitomo Metal Mining Co. Ltd.
- Glencore International AG
- Aurubis AG
- HP Bilition
- Rio Tinto
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Copper Market Segmentation
- Grade
- Pure Copper
- Oxygen-free Copper
- Electrolytic Copper
- Free-machining Copper
- Form
- Wire Rods
- Plates
- Sheets & Strips
- Tubes
- Bars & Sections
- Other
- Application
- Electric vehicles
- Wiring
- Motor Parts
- Industrial Machinery
- Roofing
- Pipes
- Solar Panels
- Optical Fibers
- Other
- End-use
- Construction
- Automotive
- Electrical & Electronics
- Power
- Telecommunication
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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SOURCE Transparency Market Research