Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The Oxygen Free Copper market was estimated to value USD 21,078.90 Million in 2021 and is projected to grow at a CAGR of 6.9% during the forecast period, as per a recent comprehensive market study by Quince Market Insights. Oxygen-free copper refers to a class of highly conductive copper alloys that have been electrolytically processed to reduce oxygen levels to 0.001% or less. It has a higher thermal and electrical conductivity than most other materials. In addition, the merchandise ensures that brazed and welded joints are consistent.
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Increasing population had burst the demand for the consumer goods which had also increased the industries establishment in developing as well as in the developed countries. Oxygen free copper is extensively used in industries which are manufacturing pipes & tubes for storing various industrial gases. Moreover, increasing automation of industries has propel for the demand of oxygen free copper also used for winding of heavy electrical & electronic products like transformers, generators, and others, by this it is estimated to propel the demand for oxygen free copper market in the industrial sector.
Increasing demand for electrical & electronic devices like laptop, television, and others where oxygen-free copper wire are extensively used for electrical conductivity application. Growing population has also led to industrialization in both developing & developed countries like China, U.S, India, and others where oxygen-free copper wire are widely used for twisting or winding application in heavy industrial equipment like electrical generators, motors, transformers, and others. This is a major factor which will propel the market growth and it is estimated to increase the sales for oxygen-free copper wire in the industrial sectors.
After oxygen-free copper, electrolytic tough pitch (ETP) copper is another most preferred copper among various sectors like industrial, electrical & electronic, and others. ETP also posses similar properties like electrical conductivity, hardness, thermal conductivity, tensile strength, proof strength, and others which makes it suitable for tubing and winding application. This is a factor which is hampering the market growth of the oxygen- free copper. Furthermore it is cheaper than as compared to oxygen-free copper, which has made consumers to use electrolytic tough pitch (ETP) copper over oxygen-free copper.
Major Developments in the Global Oxygen-Free Copper Market:
- In July 2019, KME informed that it executed the agreement signed on March 11, 2019 with ECT-European Copper Tubes Limited, after fulfillment of the conditions precedent envisaged therein, to purchase 49% shareholding in Tréfimétaux SAS (France) and, therefore, obtain again 100% share control of the company. The acquisition price paid at closing was USD 2.24 million.
- In November 2018, Mitsubishi Materials Corporation, which indirectly holds a 10% interest in the Los Pelambres copper mine in Chile, has approved an expansion project to increase its copper production. The construction started at the beginning of 2019 and first production is expected in mid-2021. The throughput at the mine will be increased to 190,000 tonnes of ore per day. Annual copper production will increase by an average of 60,000 tonnes over the first 15 years of operation. The expansion project includes increasing the capacity of its concentrators and the construction of a desalination plant, with the total capital cost expected to be approximately US USD 1.3 billion. Through this expansion project, the company strives to raise the value of its important asset, the Los Pelambres copper mine, and achieve a stable supply of its copper concentrates.
Impact of COVID-19 on Global Oxygen-Free Copper Market:
The oxygen-free copper market has been negatively impacted because of the COVID-19 pandemic due to its dependence on automotive, electronics, and other sectors. Export for electronic devices like smartphones, computers, and others have hindered because of the supply chain issues. Many electronic companies have either limited their production or shutdown owing to the risk of infection in the workforce where oxygen-free copper was widely used for twisting or winding application. This has hindered the demand for oxygen-free copper market in the COVID-19 period.
Furthermore, the medical sector had shown an impressive uplift during the COVID-19. The healthcare sector have witnessed an increase in demand for advanced digital instruments where oxygen-free copper tubes are used in vacuum application for CT scanners, digital X-Ray machines, MRI machines, and others. These factors have heightened the position of oxygen-free copper market in the medical sector.
Moreover, the rising sale of laptop, tablets, smartphones, and other customer electronic devices during the first half of 2021. This factor has estimated to amplify the performance of oxygen-free copper market for consumer electronics section in the post COVID.
By Grade Type
On the basis of grade type, the Global Oxygen-Free Copper Market is bifurcated into Cu-OF and Cu-OFE. The CU-OF grade type hold the largest market share in terms of revenue in 2021. Developing as well as developed countries both are witnessing a rapid upsurge in electrification activities where CU-OF grade oxygen-free copper serves as an excellent material for manufacturing anodes. It is expected to increase the sales of CU-OF grade oxygen-free copper in electrical sectors and hence creating profitable opportunities for the market.
By Product
On the basis of product, the Global Oxygen-Free Copper Market is categorized into wire, strips, rod, and busbars. The wire the largest revenue collector and it is anticipated to remain same during the projected period. The oxygen-free copper wires are extensively used in the electrical & electronics sector. Worldwide wire manufactures use oxygen-free copper wire to minimize undesirable voids present within the wires that hampers the transmission process. It have various characteristics like long service life, dimensional accuracy, crack-free bends, and high conductivity.
By Industry
On the basis of industry, the Global Oxygen-Free Copper Market is bifurcated into electronics & electrical, automotive, and others. The electronics & electrical dominates the market and is expected to grow during the projected period. Oxygen-free copper are extensively used in electronics & electrical sectors as hollow conductors, transistors component, wire & coaxial cables, and others. It is utilized as wires & coaxial cables in television computer and other electronic devices for current transmission purposes. It is also suitable in manufacturing electrical & electronic equipment which operate in vacuum operators like CT scanners, X-Ray tubes, and others.
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By Region
Based on the region, Global Oxygen-Free Copper Market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific has accounted for the largest market share during the projected period. High demand of consumers for electronic devices like laptop, smartphones, televisions, and others where oxygen-free copper is extensively used as an important an essential material for twisting or winding the application had boost the market growth.
Some Major Findings of the Oxygen Free Copper Market Include:
- Profiles of major market players operating in the global vision care market, which include Coopervision, Essilor Group, Johnson & Johnson, Luxottica, Novartis, Valeant Pharmaceuticals, Bausch and Lomb, Menicon, Paragon Vision Sciences, and Carl Zeiss
- Impact of COVID-19 on the global vision care market
Browse key industry insights spread across 160 pages with 85 market data tables and 41 figures & charts from the report, “Oxygen Free Copper Market”, By Grade (Cu-OF, Cu-OFE), By Product Form (Wire, Strips, Rod, Busbars), By Industry (Electronics & Electrical, Automotive, Others), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2030, in-depth analysis along with the table of contents (ToC).
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