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The Copper Products Market size is forecast to increase by USD 62.8 billion, at a CAGR of 5.4% between 2023 and 2028. The market is experiencing robust growth, driven by several key factors. Primarily, the expansion of the communication, electrical, and electronics industries is fueling demand for copper, given its excellent conductivity properties. Furthermore, the construction sector's increasing requirement for copper pipes and wiring is another significant growth driver. Lastly, the transportation industry's growing demand for copper components in engines, electric vehicles, and other applications is adding to the market's momentum. Therefore, with the growth of the communication and electrical, and electronics industries, the demand for copper wires will increase, which, in turn, will drive the growth of the global market significantly during the forecast period. Overall, these sectors' continued expansion is expected to sustain the market's accelerated growth trajectory.
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The Market is experiencing significant growth driven by diverse applications and increasing demand across various sectors. Mining of metals forms the foundation, with copper ores and copper concentrates undergoing extensive smelting and refining processes to produce pure copper. The market thrives on both primary copper from natural copper ores and secondary copper from postconsumer sources and postindustrial sources, reflecting a strong commitment to recycling and addressing environmental concerns.
The growing communication and electrical and electronics industries are driving growth in the market. In telecommunications and the electrical and electronic industry, particularly in domestic telephone lines, local area networks, mobile telephones, transformers, connectors as well as a variety of smaller electronics components, copper products such as copper wires are extensively used. These are used to manufacture circuits in microprocessors, owing to their heat-sink properties and high efficiency. Owing to their high electrical conductivity, these are widely used to manufacture power cables for medium- and low-voltage applications. Due to the increased demand for consumer and industry electronics products, there is fast growth in the Global Electrical and Electronic Industry.
Moreover, the rapid growth in developing economies has led to an increase in the demand for electronic products. In addition, the telecoms sector is developing at a fast rate with technological developments such as higher digital broadband subscriber lines and asymmetric line technology allowing to transmit data up to 100 Mbps through internet services and mobile communications.
The increasing application of oxygen-free copper products is a primary trend in the market. Copper without oxygen is the purest copper available. These are of the lowest volatile impurities and, at the very least, contain 99.99% copper. Oxygen-free copper is extensively used in end-user industries, such as the electronics and electrical, telecommunication, automotive, and medical industries. In the absence of these essential applications, oxygenless copper has vast possibilities in not yet untapped market sectors like power generation and distribution, Conventional or Renewable Energy markets. Oxygen-free copper has excellent conductivity and is essential for generating and distributing electricity in both conventional and renewable energy markets.
Further, as the global demand for energy increases, it has become essential to find better solutions to channel the world's resources cost-effectively and efficiently. It's the perfect material to use in wind turbines because of its high purity as well as energy conductivity with oxygen-free copper. During the forecast period, there will be an increased number of electricity plants and transmission lines as a result of increasing energy demand. Power plants, including both fossil fuel-based and renewable-based, require oxygen-free wires, strips, and busbars. Therefore, with the growing demand for energy and new power plant installations, the demand for oxygen-free copper products is expected to increase, which will propel the market in focus during the forecast period.
The fluctuations in copper prices are a major challenge in the copper product market. Intensifying copper prices represent a major challenge to the growth and stability of the global market. Different factors, such as the dynamics of copper supply and demand, world economic conditions, geopolitical events, or investor sentiment have an impact on copper prices. One of the industries affected by fluctuating copper prices is the construction sector. Copper products are widely used for electrical wiring in buildings, infrastructure projects, and power transmission systems. The cost of copper products increases, which may lead to higher construction costs and could be a factor leading to delays or modifications in the course of building projects.
Builders and contractor companies may seek alternative, cost-saving measures such as the substitution of copper with other materials or redrafting project plans that might affect demand for copper products. The outbreak of COVID-19 led to a significant disruption in global economic activities, resulting in fluctuations in copper prices. In the beginning, copper prices fell because of a reduction in industrial demand as well as supply chain disruption. But copper prices have been redoubled and are now at their highest level for several years on the recovery of economies, as stimulus measures were implemented. The fluctuations in copper prices during the pandemic had implications for the global market, affecting costs and demand in various industries. Thus, fluctuations in copper prices can become a major challenge to the growth of the global market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The builders and construction segment is estimated to witness significant growth during the forecast period. Copper products such as copper wire are widely used in residential and commercial building structures for electrical wiring, owing to their high strength, efficiency, and performance. The copper wire requires lower insulation and smaller channels, offering higher conductivity than other conventional wires such as aluminum cables. In addition, these types of wire offer high thermal conductivity, which saves energy and enables heat dissipation.
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The building and construction segment was the largest segment and was valued at USD 121.80 billion in 2018. The growing number of electrification activities in tunnels and bridges has increased the demand for copper products. The use of copper wire is used to specifically design the power cables and data cables so that they are capable of providing dependable energy supply and errorless data transmission. The augmenting number of government initiatives, the rising number of residential projects in countries, and the focus on the development of public infrastructure will drive the growth of the global construction industry. This will increase the demand for copper products and, in turn, will drive the growth of the segment and, in turn, the market in focus during the forecast period.
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APAC is estimated to contribute 69% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is significant and dynamic, driven by various factors such as industrialization, urbanization, infrastructure development, and the growing electrical and electronics sector. The APAC region constitutes the world's largest consumer and producer of copper, with a number of countries playing an important role in shaping market dynamics. The growing population, expanding urbanization, and infrastructure development initiatives of the country drive the demand for copper wire in construction projects, electrical wiring, power transmission, and telecommunication. The demand for copper products such as copper wire in the country is also being boosted by India's focus on renewable energy and the electrification of rural areas. Hence, such factors are driving the APAC market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The Market is experiencing significant growth driven by diverse applications and increasing demand across various sectors. In the electronic copper segment, copper's exceptional conductivity makes it indispensable for wires and cables, communication cables, residential electrical circuits, and electronic devices like tablets and printed circuits. Its role in generators, dynamos, motors, and electromagnets highlights its importance in electricity conductor applications. Housing demand and hotel projects drive the need for copper cable, building wire, and plumbing solutions, with significant investments in national power grids and infrastructure. The electric vehicle industry also boosts demand, with stators, rotors, and hollow wires being critical components.
Further, copper's versatility extends to architectural applications, metal alloys like cupronickel, and thermocouples for temperature monitoring. The solar panels industry benefits from copper's efficiency, aligning with sustainability efforts and the circular economy. Regions like Morocco contribute to the supply with silver mineralization and blister copper production. Policymakers and investors are keenly watching supply and demand trends in the copper mine sector, as electronic equipment, household appliances, and transportation equipment continue to drive the market forward. Copper's role in national power grids and electricity conductors is pivotal for future housing and commercial buildings projects.
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Market Scope |
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Report Coverage |
Details |
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Page number |
193 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.4% |
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Market growth 2024-2028 |
USD 62.8 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.03 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 69% |
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Key countries |
China, US, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aditya Birla Management Corp. Pvt. Ltd., Aurubis AG, Aviva Metals Inc., Baroda Extrusion Ltd., Bhagyanagar India Ltd., Gupta Metal Industries, Hindustan Copper Ltd., Indian Copper , Indigo Metalloys Pvt. Ltd., KGHM Polska Miedz SA, KME Germany GmbH, Kobe Steel Ltd., Liljedahl Group AB, Madhav Copper Ltd., Mehta Tubes LTD., Mitsubishi Materials Corp., Nexans SA, RAJSHREE METALS, Rio Tinto Ltd., and Shanghai Metal Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
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Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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