Oxygen-Free Copper Market worth USD 32 billion by 2030, registering a CAGR of 6.1% – Report by Market Research Future (MRFR)
New York, Sept. 10, 2021 (GLOBE NEWSWIRE) — Oxygen-Free Copper Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Oxygen-Free Copper Market Research Report Information By Grade (Oxygen-Free Electronic, Oxygen-Free), By Product (Busbars and Rods, Wires, Strips), By End-user (Electronics & Electrical, Automotive) Forecast till 2030” the market size is projected to be worth USD 32 billion by 2030, registering a CAGR of 6.1% during the forecast period (2021 – 2030), The market was valued at USD 19.25 billion in 2020.
Competitive Landscape:
The global oxygen-free copper market is consolidated, with a small number of global, regional, and local competitors controlling the majority of market share.
The notable players of the oxygen-free copper market profiled are:
- Hitachi Metals Neomaterials Ltd.
- Mitsubishi Materials Corporation
- Aviva Metals
- Sam Dong
- Copper Braid Products
- Farmer’s Copper Ltd.
- Heyco Metals Inc.
- Haviland Enterprises Inc.
- Millard Wire & Specialty Strip Co.
- Hussey Copper Ltd., among others.
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To acquire a competitive advantage over other players, manufacturers primarily rely on acquisitions, joint ventures, and alliances with important stakeholders. Furthermore, in order to get a larger portion of the global market, companies are increasingly focused on strategic alliances with stakeholders and expanding production capacity. Furthermore, the global market has seen a drop in demand as a result of the global coronavirus outbreak.
Market Scope:
Oxygen-free copper (OFC), also known as oxygen-free electrical conductivity copper, is a type of hammered copper alloy that has been electrolytically refined to contain less than 0.001% oxygen. Copper that is oxygen-free is exceptionally magnetic and is used in a variety of industries, including electrical and semiconductors, automotive, thermal and optical, and many more. Oxygen-free copper is a one-of-a-kind material with outstanding intrinsic properties such superior thermal and electrical conductivity, flexibility, fatigue strength, compressive strength, minimal vacuum chamber instability, and ease of soldering.
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Market USP:
Market Drivers
Because of its superior thermal and electrical conductivity, oxygen-free copper is becoming more popular in the electrical and electronics industries. It is commonly used in electric and electronic applications such as printed circuit boards (PCBs), semiconductors, and superconductors, and these reasons are expected to fuel the global oxygen-free copper market’s expansion. Furthermore, the expanding range of applications in a variety of industries, as well as the growing electrical and electronics sectors in emerging economies, are expected to present significant growth opportunities during the assessment period. The advancement of electronics, environmental concerns, and booming e-commerce in China and India, as well as expanding product demand in the automotive sector, expanding need for elevated materials in the aerospace, military, and automotive sector, and the advancement of electronics, environmental concerns, and booming e-commerce in China and India, are all driving market expansion.
Market Restraints:
High processing costs and the advent of viable substitutes, such as electrolytic tough pitches (ETP) copper, are projected to stifle global market growth.
COVID-19 Analysis
The high cost of copper and the global coronavirus epidemic are expected to limit the growth of the studied market.
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Market Segmentation
The global market for oxygen-free copper is divided into four categories: grade, product, end-user, and geography. The global market is further divided into oxygen-free (OF) and oxygen-free electronics based on grade (OFE). The oxygen-free (OF) category holds the largest proportion of the oxygen-free copper market and is expected to grow at the quickest rate throughout the forecast period.
The global oxygen-free copper market is segmented by end-users into electronics & electrical, automotive, and others. The electronics and electrical category held the largest market share in terms of volume and value in 2019, owing to the widespread usage of oxygen-free copper in electrical and mechanical applications such printed circuit boards (PCBs), semiconductors, and superconductors.
Regional Insights:
The global oxygen-free copper market is divided into Asia-Pacific, Europe, North America, the Middle East & Asia, and Latin America, according to the research.
The Asia Pacific region has the largest market share in the sector and is the fastest-growing market on the planet. This is mostly due to the explosive growth of businesses like electrical and electronics, as well as automobiles. Developing economies like India, China, Singapore, and Thailand offer a lot of room for growth.
In Europe, demand for an oxygen-free copper market is principally driven by the existing automotive sector, rising production of electric cars, technological supremacy, and well-established businesses.
North America had significant growth in the global market as a result of its developing automotive and electrical and electronics industries.
In the Middle East and Africa, the rising automotive sector and need for electric vehicles are driving increased demand for the market. The region’s growing automotive sector, particularly in Brazil and Mexico, is likely to fuel significant demand for oxygen-free copper throughout Latin America.
Segmentation of Market covered in the research:
Oxygen-Free Copper Market Research Report Information By Grade (Oxygen-Free Electronic, Oxygen-Free), By Product (Busbars and Rods, Wires, Strips), By End-user (Electronics & Electrical, Automotive) Forecast till 2030
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