The rising consumption of oxygen-free copper in electronic products and the emerging applications of oxygen-free copper in electric vehicles owing to its processing properties are likely to offer new opportunities for oxygen free copper market growth, says this report.
Selbyville, Delaware, Sept. 16, 2020 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the Oxygen-free Copper Market was estimated at $29.66 billion in 2019 and is slated to exceed $37.96 billion by 2026, registering a CAGR of 5.5% from 2020 to 2026. The report provides a thorough analysis of the major winning strategies, market estimations as well as size, main investment avenues, competitive scenarios, drivers and opportunities, and wavering industry trends.
Increasing electrical production in Asia Pacific will support the oxygen free copper market growth. Oxygen-free copper is widely used in the manufacturing of electrical fittings, electrical cables, automotive electronic parts, etc. Countries including China, South Korea, and Japan are the major markets for electronic products within the Asia Pacific region. This can be majorly attributed to substantial growth in consumer electronic products demand in the region. Increasing disposable income and economic development are projected to drive the regional electronics market.
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The growing demand for advanced oxygen-free copper with enhanced features and properties will also positively contribute to the overall industry. Major players, such as Mitsubishi Materials Corporation and Furukawa Electric Co., Ltd., are constantly focusing on product innovations and strategic alliances. These companies specialize in the production and supply of copper & copper products.
Wires and strips are the most commonly used forms of oxygen-free copper. These forms have a significant share in the global oxygen free copper market owing to their usage in electronic equipment and gadgets. Wire manufacturers widely use oxygen-free copper to minimize the number of voids present within a wire that hinders electric signal transmission. Acoustic cables require excellent electric signal transmission characteristics; thereby several acoustic cables are made from oxygen-free copper materials. Based on the afore-mentioned trends, wires accounted for roughly 40% demand share in 2019.
The automotive industry will hold a demand share of over 21% in 2026 owing to growing usage of oxygen-free copper in electric and hybrid vehicles. Several governments across the globe including India, the U.S., and European countries are offering subsidies on sales of electric vehicles coupled with aggressive economic plans to adopt electric transportation options, supporting industry expansion. Additionally, copper materials are also used in the sound systems of passenger cars. Therefore, these applications of oxygen-free copper in the automotive industry are likely to boost the overall oxygen free copper market revenue.
Some of the major findings in the Oxygen-free Copper Market report include:
- Copper oxygen-free accounts for the largest share in the overall industry
- In 2019, the segment accounted for around 60% share and will grow at a CAGR of over 5.8% between 2020 – 2026
North America is projected to witness significant growth and is expected to account for around 10% share in the global market in 2026. The surging consumer electronics industry especially in the U.S. is likely to boost demand for the product. Additionally, the proliferating aerospace sector and the presence of several aircraft manufacturers, such as Boeing and Airbus, will offer lucrative opportunities for the oxygen-free copper market expansion.
In 2019, Asia Pacific dominated the global oxygen-free copper market owing to rapid growth in the automotive industry. Growing power requirements, the development of new power production facilities, and the adoption of high conductive materials to minimize energy losses are supporting market growth.
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The market is moderately fragmented with top players accounting for a mere share in the overall market with a high-level barrier for new entrants. Key players in the oxygen-free copper industry are primarily focusing on product expansion and strategic alliances, such as collaborations, acquisitions, and partnerships, to hold a share in the market.
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