Wilmington, Delaware, United States, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The copper pipes & tubes market was valued at US$ 32.1 billion in 2021. A CAGR of 3.1% is projected from 2022 to 2031. By the end of 2031, the global copper pipes and tubes market is expected to reach US$ 44 billion. As green building techniques and renewable energy sources are increasingly used in geothermal and solar thermal systems applications, the market for copper pipes and tubes is expected to grow. With increasing environmental concerns, more sustainable materials and technologies may replace copper due to its energy-efficient qualities.
As manufacturing technologies and copper alloys continue to advance, copper pipes and tubes may perform better, be more cost-effective, and have a wide range of applications. In many industries, joining techniques and corrosion resistance innovations can enhance copper's competitiveness. Copper pipes and tubes can be procured and distributed using digital platforms and e-commerce to streamline processes and expand markets. Manufacturers and distributors can connect with a broader customer base by embracing digitalization trends and optimizing online channels.
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Despite stringent regulations, the use of copper pipes and tubes may be affected by environmental sustainability, water quality, and plumbing standards. In addition to promoting copper use in plumbing systems, governments can adopt international standards that can contribute to the positive growth of the market.
Key Findings of the Market Report
- In 2021, HVAC & refrigeration held about 50% of the market value share and is anticipated to continue to grow rapidly.
- Heat exchange equipment that is thermally efficient will drive the market
- In 2021, Asia Pacific was the largest market for copper pipes and tubes in value and volume.
- The copper pipes & tubes market in North America is projected to grow rapidly during the forecast period.
- In 2021, the Middle East & Africa contributed a relatively small global market share.
Global Copper Pipes & Tubes Market: Key Players
Several large-scale manufacturers dominate the copper pipes & tubes market, while many smaller manufacturers operate in the unorganized sector. In addition to expanding product portfolios, key players also acquire and merge companies. As per Transparency Market Research’s findings, the following players operate in the copper pipes & tubes landscape:
- Furukawa Electric Co. Ltd.
- Global Brass and Copper Holdings Inc.
- ElvalHalcor
- Mueller Industries
- Aurubis AG
- Cerro Flow Products LLC
- Fabrika bakarnih cevi A.D. Majdanpek
- Foshan Huahong Copper Tube Co. Ltd
- Cambridge-Lee Industries LLC
- H & H Tube
- Zhejiang Hailiang Co. Ltd.
- Kobelco & Materials Copper Tube Co. Ltd.
- MM Kembla
- Other Key Players
Key Developments
- In October 2021, ElvalHalcor, Viohalco's largest subsidiary, launched a new 100-million-euro investment program to expand into even more foreign markets. As a result of the company's innovative products, it is becoming increasingly popular worldwide.
- In November 2021, Aurubis, a Germany-based copper and precious metal recycling company, opened a state-of-the-art recycling facility in Augusta, Georgia, for US$340 million. In addition to serving as a pioneer in multi-metal recycling in Europe, the company became a pioneer in the United States.
Global Copper Pipes & Tubes Market: Growth Drivers
- The corrosion-resistant properties, thermal conductivity, and durability of copper make it a great material for many things. Copper pipes and tubes are expected to grow in demand as construction worldwide increases. The growing emphasis on energy efficiency and sustainable building practices also drives the copper pipes and tubes market. A building constructed from copper is highly energy-efficient, as copper conducts heat well.
- As governments and industries across the globe strive to reduce energy consumption and promote environmentally friendly practices, copper tubes, and pipes will become increasingly popular in solar thermal systems and geothermal heating systems.
- Growth in the electrical and electronics sectors drives the copper pipe and tube market. Due to its excellent electrical conductivity, copper is indispensable for components, wiring, and connectors. The ongoing expansion of electronics and the growing demand for electrical infrastructure are expected to thrive in the copper pipes and tubes market.
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Global Copper Pipes & Tubes Market: Regional Landscape
- Asia Pacific is projected to lead the market for copper pipes & tubes. The superior thermal conductivity and corrosion resistance of copper make it an ideal material for HVAC applications. Asia Pacific will continue to experience economic growth and rising living standards, driving the demand for copper pipes and tubes.
- Copper is widely used in the electronics sector in the Asia Pacific area for connections, wiring, and other electrical parts. Copper pipes and tubes are still in high demand in the electronics manufacturing industry, especially in countries like China, Japan, South Korea, and India. As a result of ongoing innovation and expansion in the electrical and electronics industries, the copper pipes and tubes market is growing rapidly. A lot of developed regions are replacing and upgrading their water supply systems.
Global Copper Pipes & Tubes Market: Segmentation
By Application
- HVAC & Refrigeration
- Industrial Heat Exchange Equipment
- Plumbing
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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