Pune, India, April 2021, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Oxygen-free copper Market.
According to the MRFR analysis, the global oxygen-free copper market size was valued at around USD 16billion in 2019and is expected to reach around USD 21 billion by the end of 2030 at a CAGR of 4.5%.
Oxygen-free copper (OFC), also known as oxygen-free high thermal conductivity copper, is a group of wrought copper alloys that are electrolytically refined to reduce the oxygen level to 0.001%. Oxygen-free copper is highly conductive and is widely used in industrial applications, including electrical and electronics, automotive, cryogenic and optical applications, and many more.
High demand from electrical and electronics and increasing sales of electric vehicles are some of the factors which are expected to propel the growth of the global oxygen-free copper market. Furthermore, the advancement in oxygen-free copper and widening scope of applications in diverse end-use industries further fuel the growth of the global market. However, the high processing cost of oxygen-free copper and potential substitutes hamper the market's growth.
The globaloxygen-free copper market is consolidated with numerous global, regional, and local players, with prominent players holding the majority share of the market. Some of the prominent players include Mitsubishi Materials Corporation, Hitachi Metals Neomaterials Ltd., KME Germany GmbH, and KGHM Polska Miedz SA. Manufacturers focus mainly on acquisitions, jointventures, and partnerships with key stakeholders to gain a competitive advantage over other players.Furthermore, producers are increasingly focusing on a strategic alliance with stakeholders and expansion of production capacities to gain a maximum share of the global market. Moreover, due to the coronavirus outbreak across the globe, theglobal market has witnessed a decline in demand.
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- This segment is further segmented into oxygen-free (OF) and oxygen-free electronic(OFE).
- The oxygen-freesegment account for the largest market and is expected to witness the fastest growth during the forecast period in terms of volume. This growth is attributed to the increased demand for electronics and electrical industry applications such asmagnetometers, electromagnets, and other superconductors, and automotive components andparts.
- The oxygen-free electronic (OFE) segment is expected to witness a healthy growth during the forecast period due to its outstanding electrical andthermal conductivity and diverse electronic applications.
- This segment is further segmented into wire, strips, busbars and rods, and others.
- The wire segment accounted for the largest market and is expected to witness the fastest growth during the forecast period. The growth is mainly attributed to the increasing consumption of oxygen-free copper wires in electronics applications.
- The strip segmentis expected to witness healthy growth during the forecast period owing to its growing usage in automotive and electronic components.
- Busbars and rods are used in electrical transmission lines, transformers,and interconnecting generators.
- The others segment include products such as tubes, foils, sections, bars, etc.
- This segment is further segmented into electrical and electronics, automotive, and others.
- The electrical and electronics segmentholds the largest share of the global oxygen-free coppermarket owing to the increased demand for oxygen-free copperin electrical and electronic applications such as printed circuit boards (PCBs), semiconductors, and superconductors.
- The automotive segmentis expected to witness the fastest growth in the global oxygen-free copper market owing to theincreasing sales of electric vehicles globally.
- The others segment includes industries such as medical equipment and devices, power generation, transportation, etc.
- North America: Market growthisdriven bythe presence of large-scale manufacturers in the region and established end-use industries.
- Europe: Large-scale automotive producers and growing electric vehicle salesare driving the market in the region.
- Asia-Pacific: This is the largestandfastest-growingregionalmarketdue to the established electrical and electronics industry and growing demand for automotive.
- Latin America:The growing demand from end-use industries, especially from the automotive industry, fuel the region's market growth.
- Middle East & Africa: Growing demand from the electronics sectorand increase in automotive tradeisfuelingthedemand for oxygen-free copperin the region.