According to a new research report by Global Market Insights., the Oxygen-free Copper Market size is forecast to exceed USD 37.96 billion by 2026. The rising adoption of the product in consumer electronics is also projected to boost the market during the forecast period.
Applications of oxygen-free copper are increasing rapidly across the automotive industry owing to growing demand for electric vehicles across the globe. Furthermore, the rising purchasing power and changing lifestyles are expected to drive the consumer electronics industry. Oxygen-free copper materials are widely used in high-end audio-visual systems.
In the electrical & electronics industry, oxygen-free copper materials are increasingly being adopted owing to their properties including superior electrical & thermal conductivity, high mechanical strength, durability, low oxygen content, and high purity. Due to these versatile properties of the product, it is used in a variety of applications such as electrical fittings, cables, power generators, connectors, commentators, power LEDs, switch gears, batteries, and electric motors.
Rapid growth in the electronics industry, especially in the emerging economies including India, China, Indonesia, and Brazil, is anticipated to spur the oxygen-free copper market applications. Furthermore, the growing global electric vehicle industry along with several subsidies offered by the governments on electric vehicles will further drive market growth. The trends in the industry are projected to positively impact the overall market growth.
The growing popularity of Copper Oxygen-free (Cu-OF) materials owing to their benefits are widely used in scientific equipment, such as superconductors, electromagnets, and magnetometers, which is further expected to spur the overall oxygen free copper market growth. Furthermore, the rising applications of copper oxygen-free grade in several electronic products are other reasons propelling the global product demand.
Several countries across the globe are implementing various regulations and policies, which are envisioned to mitigate greenhouse gas emissions. The stringent emission regulations adopted by several economies are further supporting the adoption of electric vehicles. In addition to this, the key industry participants are focusing to integrate oxygen-free copper into electric and hybrid electric vehicles. Thus, the growing R&D investments and usage of oxygen-free copper in electric vehicles are expected to drive the oxygen free copper market growth.
Browse key industry insights spread across 192 pages with 226 market data tables & 34 figures & charts from the report, “Oxygen-free Copper Market, By Grade (Copper Oxygen-free Electronic (Cu-OFE), Copper Oxygen-free (Cu-OF)), By Product (Wire, Strips, Rods, Busbars), By Industry (Electronics & Electrical, Automotive), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Copper Oxygen-free (Cu-OF) segment will hold a market share of around 62% in 2026
The copper oxygen-free segment will showcase a significant growth owing to its properties such as high thermal & electrical conductivity, excellent corrosion resistance, and good formability & weldability. Copper oxygen-free materials are widely used in applications including electrical & electronic products, printed circuits, and telecommunication cables.
Copper oxygen-free grade materials are also widely used in the automotive industry owing to their excellent conductivity and formability properties. Additionally, Cu-OF is also widely used in aerospace applications, which is further expected to offer lucrative opportunities for oxygen free copper market share.
The Copper Oxygen-free Electronic (Cu-OFE) segment held a market share of over 40% in 2019 and is anticipated to grow at a CAGR of around 5.0% through 2026. Copper oxygen-free electronic materials are used in microwave devices including magnetrons, klystrons, thyratrons, X-ray tubes, laser mirrors, and vacuum applications, among others. Copper oxygen-free electronic materials offer excellent formability, brazability, weldability, and solderability, making them suitable for several electronic applications.
Asia Pacific to exhibit steady growth during the forecast period
Asia Pacific held the largest market share of around 67% in terms of revenue in 2019 and is anticipated to maintain its dominance throughout the forecast period. The Asia Pacific market is majorly driven by the growing consumer electronic production across China, India, Japan, and South Korea. The rapid growth in the automotive industry in Asia Pacific is further projected to boost the overall oxygen free copper market.
North America will also showcase a considerable growth owing to the proliferating consumer electronics and automotive sectors. The presence of several distributors and expansion of distribution networks by industry participants in the region is expected to drive product demand.
Some of the top players in the oxygen-free copper industry include Aviva Metals, Citizen Metalloys Limited, Sam Dong America, SH Copper Products Company (Hitachi Metals Neomaterial), KGHM Polska MiedY S.A., Mitsubishi Materials Corporation, KME Germany GmbH, Freeport-McMoRan, Inc., Aurubis AG, Metrod Holdings Berhad, Cupori Oy, Wieland-Werke AG, thyssenkrupp Materials NA, Zhejiang Libo Holding Group Company, Pan Pacific Copper Company, Furukawa Electric Co., Ltd., Watteredge LLC. (SOUTHWIRE COMPANY LLC.), and RK Copper & Alloy LLP, among others.
The key participants in the global oxygen-free copper market are mainly focused on product innovation to enhance their business capabilities. The major players are expanding their product portfolio and presence in emerging countries to cater to the increasing need for products. For instance, Fukurawa Electric announced an increase in production of GOFC oxygen-free copper strips with enhanced thermal resistance from 2018.