Wilmington, Delaware, United States, May 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Copper Market was valued at US$ 175.5 Bn in 2021 and is projected to expand at a CAGR of 4.6% during the forecast period from 2022 to 2031.
Copper exhibits an array of superior physical, mechanical, and structural properties, which accounts for its extensive commercial usage across sectors. Copper has anti-bacterial properties, and thus is suitable for medical applications. It is a sustainable material, as it can be recycled and reused numerous times.
Copper is critical in the manufacture of electronic systems used across diverse industries. This is due to its outstanding thermal and electrical conductivity and adaptability. Approximately 75% of copper used worldwide is in computers, smart gadgets, and wiring or cables.
Demand for copper is high in electric vehicles, which is nearly four times that of hybrid vehicles or IC engine vehicles. This offers substantial opportunities for players to increase their share in the copper market.
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Key Findings of Study
- Surge in Demand from Electronics and Electric Vehicles Sector – Copper is widely used in the electronics industry, which is one of the most economically profitable industries. Out of 75% of copper industry and copper alloy demand, electrical devices account for the third-largest usage of copper. Computer chips, electronic connectors, semiconductors, circuit wiring, and printed circuit boards are few examples of electrical goods that use copper. Therefore, growth of the electronics industry is likely to bolster market demand in the next few years.
Copper sheet metal, copper cables, and copper rods are widely used in automotive components, as it increases the functionality, efficiency, safety, and comfort of a vehicle. Wire harness, alternator, starter motor, electric vehicle batteries, radiator, and brake tubes are automotive components that use copper.
Economic policies of governments to phase out fossil fuel vehicles in order to promote battery-powered vehicles is anticipated to propel global copper market development in the next few years. For instance, the U.K. Government plans to stop the sale of new gasoline and diesel automobiles by 2030. China and Israel have announced plans to phase out gasoline and diesel vehicles by 2030.
According to the International Copper Association, in 2040, weight of copper in battery electric vehicles would be about 161 lbs versus current usage in conventional internal combustion engine cars, which is 66 lbs. In 2040, the three major vehicle components that are anticipated to use copper are low voltage wire harness, electric traction motor, and power electronics, and Li-ion batteries. Cameras, LiDARs, radars, and driving control units (ADCU) account for around 6% of copper used in vehicles.
- Substantial Increase in Utilization of Copper in Construction Industry – Copper is a traditionally used metal in the building & construction sector. Copper roof is widely accepted as a long-lasting substitute for other materials ascribed to its strength. Copper is resistant to fire, hail, and mildew, and can last for up to several decades with proper care. Low weight of copper offers cost advantages, in terms of supporting materials and structures, in construction undertakings.
Copper tubing is perfect for distribution of water and gas. High-strength copper pipes can withstand alternating freeze-unfreeze cycles as well as enormous pressures of above 1,000 pounds per square inch. It has anti-bacterial properties, and thus helps prevent the growth of harmful germs by preventing contaminants from entering pipes.
A copper plumbing system is less expensive than those made of other metals due to its attributes of easy handling, shaping, and joining. This reduces the amount of material required, installation time, and overall cost. Copper also requires less maintenance in comparison to other plumbing systems over time.
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- High Demand for Oxygen-free Copper – Based on grade, the copper market has been segmented into pure copper, electrolytic copper, oxygen-free copper, and free-machining copper. The oxygen-free copper segment accounts for the leading share of the global market due to extensive demand in the electronics industry. Copper wiring manufactured from C101 oxygen-free copper is used for high-tech audio/visual applications where quality is of paramount importance.
Growth Drivers
- Increase in demand for copper in the electronics industry due to its excellent physical properties and adaptability
- Significant utilization of copper in electric vehicles, which is nearly four times the use in IC engine vehicles and hybrid vehicles
Regional Landscape
- Asia Pacific is anticipated to account for dominant share of the global copper market during the forecast period. This is ascribed to focus of the Government of China on development of building and power generating industries and continued investment in the country for improvements in the telecommunications and electronics industries. Therefore, China accounts for significantly high demand for copper in the region.
- Surge in demand for residential communities in China is anticipated to fuel construction in both private and public sectors, which, in turn, is likely to fuel the copper market expansion.
Key Players
Prominent players operating in the copper market include
- HP Bilition,
- Freeport
- McMoRan Inc.,
- Jiangxi Copper Corporation, and Sumitomo Metal Mining Co. Ltd.
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The global copper market has been segmented as follows:
Copper Market, by Grade
- Pure Copper
- Oxygen-free Copper
- Electrolytic Copper
- Free-machining Copper
Copper Market, by Form
- Wire Rods
- Plates
- Sheets and Strips
- Tubes
- Bars and Sections
- Others
Copper Market, by Application
- Electric Vehicles
- Wiring
- Motor Parts
- Industrial Machinery
- Roofing
- Pipes
- Solar Panels
- Optical Fibers
- Others
Copper Market, by End-use
- Construction
- Automotive
- Electrical & Electronics
- Power
- Telecommunication
- Others
Copper Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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