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Oxygen-free Copper Market Expected to Reach $30.6 Billion by 2030

 

Report Code : A14435

quote The global oxygen-free copper market is expected to exhibit high growth potential in the coming years, owing to the increasing demand for electrical & electronics devices such as televisions, laptops, and others where oxygen-free copper wire is widely used for electrical conductivity applications may boost the growth of the oxygen-free copper market. Moreover, growing populations has led to rapid industrialization in both developed & developing economies such as the U.S., China, India, and others where oxygen-free copper wire is used for winding applications in heavy industrial equipment such as transformers, motors, electrical generators, and others. The increasing demand for heavy electrical & electronic equipment such as generators, transformers, and others where copper-free strips are widely used for electrical conductivity applications may act as one of the key drivers responsible for the growth of the oxygen-free copper market for strips. Moreover, the growing global electricity quote

Eswara Prasad
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According to a new report published by Allied Market Research, titled, "Oxygen-free Copper Market by Grade Type, Product Type, and End-Use: Global Opportunity Analysis and Industry Forecast, 2021–2030,"the global oxygen-free copper market was valued at $18.1 billion in 2020, and is projected to reach $30.6 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.

The Cu-OF grade copper is oxygen-free up to 99.95%. This grade is among one of the purest form of copper found till now. The Cu-OFE grade copper is oxygen-free up to 99.99%. It is purer than Cu-OF grade oxygen-free copper and exhibits around 1% more electrical conductivity as compared to Cu-OF grade oxygen-free copper.  

The increasing population has surged the demand for consumer goods which in turn has increased the establishment of industries in both developed and developing economies. For instance, according to a report published by Trading Economics, the industrial output in India increased by 3.1% year-on-year in September 2021. Oxygen-free copper is widely used in industries for manufacturing tubes & pipes for storage of different industrial gases. Moreover, the increasing automation of industries has fuelled the demand for oxygen-free copper used in windings of heavy electrical & electronic products such as generators, transformers, and others. This is anticipated to propel the demand for oxygen-free copper among the growing industrial sector.

However, electrolytic tough pitch (ETP) copper is one of the most preferred copper after oxygen-free copper among several end-use sectors such as electrical & electronics, Industrial, and others. It possesses similar properties such as tensile strength, proof strength, electrical conductivity, hardness, thermal conductivity, and others that makes it best suited for winding and tubing applications. This is expected to decline the demand for oxygen-free copper; thus, hampering the market growth. Moreover, it is cost-efficient as compared to oxygen-free copper that has made customers more linear towards using electrolytic tough pitch (ETP) copper over oxygen-free copper.  

Conversely, the increasing demand for electrical & electronics devices such as televisions, laptops, and others where oxygen-free copper wire is widely used for electrical conductivity applications. Moreover, growing populations has led to rapid industrialization in both developed & developing economies such as the U.S., China, India, and others where oxygen-free copper wire is used for winding applications in heavy industrial equipment such as transformers, motors, electrical generators, and others. This is anticipated to increase the sales of oxygen-free copper wire in the growing industrial sector; thus creating lucrative opportunities for the market.

The oxygen-free copper market is segmented into grade type, product type, end use, and region.

By grade type, the market is segregated into Cu-OF and Cu-OFE. The CU-OF grade type dominated the global market in terms of revenue in 2020. The both developed and developing economies are witnessing rapid surge in electrification activities where Cu-OF grade oxygen-free copper serves as an excellent material for manufacturing anodes. This is anticipated to increase the sales of Cu-OF grade oxygen-free copper in power sectors; thus, creating lucrative opportunities for the market.

By product type, the market is segregated into plate, wire, strip, rod, and others. The plate product type dominated the global market in terms of revenue in 2020. the increasing establishments of nuclear power projects in both developed and developing economies where plate type oxygen-free copper is widely used in manufacturing missile components and nuclear materials storage may create lucrative opportunities for the market during the forecast period.

Region wise, the oxygen-free copper market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific oxygen-free copper market size is projected to grow at the highest CAGR during the forecast period and accounted for 43.3% oxygen-free copper market share in 2020. The proliferating demand for consumer electronic products such as computers, televisions and others where oxygen-free copper is used as a prime material for winding applications may fuel the market growth. Moreover, China is the topmost producer of electric vehicles in the world where oxygen-free copper is widely employed in manufacturing wires & cables, conductors, and other automotive parts may propel the market growth. In addition, countries such as Japan and Taiwan are constantly engaged in automation of industries where the oxygen-free copper is widely employed in plumbing and roofing applications. For instance, according to a report published by Hennessy Funds, japan accounts for around 30% market for supplying factory automation products to the world. This is anticipated to increase the demand for oxygen-free copper market in the Asia-Pacific region; thus, creating lucrative opportunities for the market.

The key players operating in the global oxygen-free copper market include Hitachi Metals Neomaterial Ltd., Zhejiang Libo Holding Group Co. Ltd., Sam Dong, Copper Braid Products, Hussey Copper, Wieland, Southwire Company LLC,Cupori Oy, Mitsubishi Materials Corporation, and Metrod Holdings Berhad

COVID-19 analysis

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The oxygen-free copper market has been negatively impacted due to the wake of COVID-19 pandemic owing to its dependence on electronics, automotive, aerospace, and other sectors. According to an article published by The Economic Times, the exports of electronic devices such as computers, smartphones, and others have dipped due to supply chain issues. Also, several electronics companies have either shutdown or shrank their operations due to the risk of infections among the workforce where oxygen-free copper are used for winding applications. This has temporarily hampered the demand for oxygen-free copper market amid the COVID-19 period. In addition, the falling income of customers has led to contraction of the demand of oxygen-free copper among the automotive sectors. For instance, according to a report published by Trading Economics, the sales of passenger cars saw a 30% decline in March 2020 as compared to March 2019, owing to lockdowns and shutdowns of auto plants. In addition, the travel restrictions imposed by the governments of various countries have led the aerospace & aviation sectors to witness temporary downfall. Also, COVID-19 has put a temporary break on various aircraft manufacturing projects which in turn has shrunk the demand for oxygen-free copper among the aerospace & aviation sectors.

However, the medical sectors have shown an impressive growth during the COVID-19 period. For instance, according to a report published by India Brand Equity Foundation, the healthcare sector is expected to reach $372 billion by 2022, driven by rising health awareness and increasing income. In addition, the healthcare sectors have witnessed an increase in demand for advanced digital instruments where oxygen-free copper tubes are used in vacuum applications of MRI machines, CT scanners digital X-ray machines, and others. This has strengthened the position of oxygen-free copper market in the medical sectors. Furthermore, the rising sale of smartphones, laptops, tablets, and other consumer electronic devices have reported a rise in sales during the first quarter of 2021. This is anticipated to enhance the performance of oxygen-free copper market for consumer electronics segments post COVID-19 scenario.

Key findings of the study

  • The Cu-OF grade is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.6% from 2021 to 2030.
  • The strips product type is anticipated to register the highest CAGR of 6.0% during the forecast period.
  • The electrical & electronics end-use is estimated to display the highest growth rate of 5.7% from 2021 to 2030.
  • Asia-Pacific garnered the highest share of 43.3% in 2020, in terms of revenue, growing at a CAGR of 6.1%

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quote Oxygen-free Copper Market by Grade (Cu-OF and Cu-OFE), Product Type (Plate, Wire, Strip, Rod, and Others) and End User (Electrical & Electronics, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

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