Oxygen-Free Copper Market to cross $30.6 Bn, Globally, by 2030 at 5.5% CAGR: AMR
Increase in demand from the electrical & electronics industry and surge in industrial growth drive the global oxygen-free copper market.
PORTLAND, Ore., Dec. 9, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "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". As per the report, the global oxygen-free copper industry was accounted for $18.1 billion in 2020, and is expected to reach $30.6 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
Drivers, restraints, and opportunities
Increase in demand from the electrical & electronics industry and surge in industrial growth drive the global oxygen-free copper market. However, availability of electrolytic tough pitch (ETP) copper as an alternative hinders the market growth. On the contrary, untapped utilization of oxygen-free copper among end-user industries is expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The market has been dependent on the electrical, automotive, and electronics sectors, which were negatively affected due to Covid-19 pandemic. This hampered the market.
- The prolonged lockdown across several countries including China which is a major hub for electronics manufacturing hampered the supply chain.
The Cu-OF segment held the largest share
By grade type, the Cu-OF segment held the largest share in 2020, accounting for nearly two-thirds of the global oxygen-free copper market. Moreover, the same segment is expected to register the highest CAGR of 5.6% during the forecast period, owing to rise in utilization of Cu-OF grade oxygen-free copper in manufacturing thermoelectric wires in the electrical & electronics sector. The report includes an analysis of the Cu-OFE segment.
The electrical & electronics segment dominated the market
By end use, the electrical & electronics segment held the lion's share in 2020, contributing to around two-thirds of the global oxygen-free copper market. In addition, the same segment is estimated to manifest the highest CAGR of 5.7% from 2021 to 2030, due to rise in demand for electronics such as mobiles, laptops, and others. The report includes an analysis of segments such as automotive and others.
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Asia-Pacific, followed by North America, held the largest share
By region, the market across Asia-Pacific, followed by North America, dominated in terms of revenue in 2020, holding more than two-fifths of the market. Moreover, the same region is projected to portray the highest CAGR of 6.1% during the forecast period, owing to rise in demand for consumer electronic products such as TV, computers, and others that use oxygen-free copper as main materials for winding applications. The report includes an analysis of the global oxygen-free copper market across Europe, North America, and LAMEA.
Major market players
- 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
- Metrod Holdings Berhad
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