According to a new report published by Allied Market Research, titled, Copper & Copper Manufactured Products Market by Product Type and Geography: Global Opportunity Analysis and Industry Forecast, 2017-2023, the copper & copper manufactured products market size was valued at $140,851 million in 2016, and is projected to reach $147,623 million by 2023, growing at a CAGR of 0.8% from 2017 to 2023. Copper is said to be one of the ideal choices for a plumbing system, as its joints can withstand rapid pressure and temperature changes. Moreover, more than 85% of the U.S. homeowners have installed copper plumbing systems because it can outlast the life of home. Copper piping requires very few or less support and yet can handle extreme weather conditions. Thus, U.S. was the highest revenue country in North America in 2016.
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Rapid urbanization and industrialization in emerging economies and growth in electrical & electronics industry drive the copper & copper manufactured products market growth. In addition, continuous development in green buildings is expected to supplement the global market in the future. However, increased competition from substitutes such as PVC, aluminum, fiber, and others may impede the copper market.
Transportation is the fastest growing product type during the forecast period. The increased use of electric components, such as on-board navigation systems, anti-lock braking systems, and heated seats, has increased the demand for copper in the automobile sector. In addition, rapid increase in global demand for hybrid and electric cars has led to higher global copper consumption, thereby driving the copper & copper manufactured products market. Some of the manufacturers in copper & copper manufactured products market, such as Wieland Copper Products, LLC, Gulf Copper and Manufacturing Corporation, First Quantum Ltd., E&M Copper Products, ASARCO LLC, Premier Copper Products, Bronces Cern, RPK group, JSC Uncomtech, Cable Its Group, Itafil, Glencore, Yanggu Xiangguang Copper Co., Ltd. Jinchuan Group Co., Ltd., PRIMA COPPER INDUSTRI, CV.
It has been observed that the world consumes around 20 million tons of copper every year. Copper is one of the widely used metals across a broad array of applications, including automotive, building & construction, plumbing, roofing, wall cladding, and electrical & electronic devices among others, because of its malleability and ductility. These factors have resulted in increased demand of copper across the globe. However, the lack of proper mining infrastructure and political instability have led to copper shortfalls.
However, in the global copper substitutes market, optical fiber cables are in higher demand than copper in IT sector because fiber optic transmission is faster than copper. Moreover, these cables do not break easily as copper wires do which makes it replacement cost low. Thus, the fiber optic cables are the fastest growing because it has higher bandwidth than copper, possess low attenuation, is not affected by power failures, lower installation cost, and it is quite hard to tap which results in no or low leakage.
Key Findings of the Copper & Copper Manufactured Products Market:
- In 2016, electrical & electronic devices accounted for the maximum market revenue, and is projected to grow at a CAGR of 1.1 % during the forecast period.
- Transformers in electrical & electronic devices are growing at a fastest rate of 3.8% during the forecast period.
- Industrial machinery is the second fastest growing product type, at a significant CAGR of 1.2%.
- Metal substitutes generated the maximum revenue in 2016, accounted for $175,294 million in the global copper substitutes market.
Some of the key consumers in copper & copper manufactured products market include AB Volvo, Uniti Sweden AB, Titoma, ALTADOX INC., Yamaha Motor Co., Ltd., Samsung Electronics Co., Ltd., Bharat Heavy Electricals Limited, Genius Electrical & Electronics Pvt. Ltd., ENTECH ELECTRONICS, Casio Computer Co. Ltd., LG CORPORATION, and others.