Copper Strips Market size forecast indicates promising growth through 2028, driven by rising demand from electrical and power equipment sectors. Rising product use across a variety of industries for a vast expanse of applications is driving industry growth. The two major reasons for their extensive appeal are their corrosion resistance and conductivity properties. Significant expenditures by several EMEA nations toward upgrading and establishing new transmission and distribution infrastructure, to satisfy the rising demand for energy, are likely to boost the demand for copper strips in the coming years.
Rising investment in smart grid networks is one of the significant factors driving global copper strips market demand. Smart grid systems enable proper and seamless transmission and distribution of power. Economies throughout the globe have been increasing expenditure on the construction of these networks in recent years, emphasizing the usage of copper strips.
The European Bank for Reconstruction and Development (EBRD), for example, announced a loan of up to 20 million euros to Sofia Med, a Bulgarian copper products company, in October 2021. The company exports 95% of its output and manufactures a wide range of rolled and extruded copper and copper alloy products, including strips, sheets, plates, discs, circles, and other products which are used in a wide range of building and industrial applications.
The power & electricity sector in both established nations like Germany and the United Kingdom, as well as emerging countries like India and China, is progressively embracing smart grid technologies. Because copper has better tensile strength and dependability than other metals such as brass, it is increasingly employed in electronic components that are growing smaller and thinner.
The primary goal of producing a copper alloy product for electronic applications is to enhance alloy strength without losing the product's thermal and electrical conductivity. Copper strips are increasingly used in a variety of goods in the electronics and electric end-use sectors, including semiconductors, consumer electronics components, and printed circuit boards. The recent boom across the consumer electronics industry is expected to have a positive bearing on the copper strips market.
Key copper strip manufacturers include KME (KME Group), Aurubis, Egyptian Metal Works, Metal Gems (Mehta Group), Wieland Werke (Wieland Group), and Copalcor Group. Global market leaders are getting involved in mergers and acquisitions, new product launches, and partnerships in order to command a major market share.
ElectraMet announced a strategic investment from Wieland, the world's top provider of semi-finished goods composed of copper and copper alloys, in December 2021. The financing will allow ElectraMet to expedite product commercialization, including sustainable copper recycling from industrial wastewater, bringing a new dimension to the circular economy.
Given the stringent implementation of lockdown, the ongoing COVID-19 pandemic has had a significant impact on the global economy as well as many businesses throughout the world. One of the worst-affected businesses has been identified as the power and electrical industry. As a result, the global adoption rate of copper strips decreased during 2020, resulting in a dip in the overall market demand.
However, with the revival of the economy from 2022, demand for copper products and components is slowly moving back to pre-COVID levels. Since regional governments across the globe are investing heavily in building a strong electrical infrastructure, the global copper strips market outlook appears to be optimistic through 2028.