LOS ANGELES, April 08, 2019 (GLOBE NEWSWIRE) -- The global copper market is expected to grow at a CAGR of around 4.6% to reach over $ 222 Billion by 2026.
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Some of the major factors behind these projections include economic growth, rising urbanization primarily in emerging economies, advancement of power & telecom infrastructure and technological advancement are few key growth drivers for the global copper market. Copper wiring and piping, and copper alloys are used widely in both commercial as well as residential construction. Increasing demand from numerous industries, mainly from Asia-Pacific economies is the key factor driving global copper market growth.
The recently published report by Acumen Research and Consulting, titled “Copper Market Size 2017 by Application (Building & Construction, Electrical & Electronics, Industrial Machinery & Equipment, Transportation, Consumer & General Products) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019-2026”, estimates the global copper market to grow at a significant rate and expected to grow at the CAGR of 4.6%. In Addition, copper and copper-based alloys are extensively used in a variety of applications which are very useful in daily life. Copper alloyed along with zinc is termed brass. Bronze is an alloy of copper and 12% of tin and additional trace elements such as aluminum or manganese or nickel. When alloyed with other metals, copper can obtain new features which makes it appropriate for use in extremely specialized applications. Chemical, physical and aesthetic feature of copper make it a material of choice in aextensive range of industrial, domestic, and high-technology applications.
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Asia-Pacific is the largest market for copper supported by growth from India and China
In Asia Pacific, China established a significant share of the copper market in Asia Pacific, in terms of both volume as well as revenue, in 2017. Presence of key copper refineries and copper manufacturers and upsurge demand for construction led by growing urbanization in the nation are fueling the demand for copper in China. The copper market in North America, Europe, and Asia Pacific is anticipated to develop at a high CAGR during the estimated period. Subsequently, the copper market in Latin America and Middle East & Africa is expected to develop at a lethargic pace during the forecast period.
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Electrical & Electronics segment to lead the global coppermarket
By application building & construction, electrical & electronics, industrial machinery & equipment, transportation, consumer & general products. Rising application in the electrical power industry such as wire, cable, residential electric circuits, transformers, plug components, connectors, and motor manufacturing is anticipated to drive its consumption over the forecast period. Furthermore, copper brazing material and copper foils are being gradually used in vacuum electronic devices such as high-frequency tubes, magnetron, and copper printed circuits.
Some of the leading companies operating in the global copper market include Jiangxi Copper Corporation, Tongling Non-Ferrous Metals Group, BHP Bilition, Antofagasta Plc., LS-Nikko Co., Group Mexico, and Aurubis. Other prominent players in the copper market are Vedanta Resources Plc, Freeport McMoRan Inc., Codelco, Rio Tinto, Glencore International AG, and Sumitomo Metal Mining Co. Ltd.
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