The copper & copper alloy market is expected to gain a market value of USD 566,421 million by 2030 at a CAGR of 6.2% over the forecast period of 2022-2030.
Metallic copper combined with one or more additional elements is known as copper alloy. Copper alloy provides superior formability, weld-ability, thermal conductivity, corrosion resistance, and other properties than pure copper, making it stronger by hammering, rolling, and many other processes. For various production and manufacturing uses, copper and its alloys are essential to numerous sectors. Consumer items, transportation, and industrial machinery are some of these.
The characteristics of copper are utilized in several applications, including wires and cables, dynamos, motors, transformers, communication cables, electromagnets, switches, household electrical circuits, and other electronic devices. According to the International Copper Study Group, in 2020, 22,681 short tons of copper content of world mine production was registered. Additionally, the market growth is attributed to the rise in demand for electric vehicles, which require high-purity copper alloys due to their superior electrical conductivity properties. Copper & copper alloy offers good machinability that may be utilized in mass production for a variety of applications in a variety of industries, including the electrical business, the transportation industry, the equipment & metallurgy industry, and others like architecture and arts. However, the development of copper substitutes in the market for various lightweight applications is a major limiting factor.
The COVID-19 pandemic caused lockdowns and the suspension of industrial operations worldwide. As a result, numerous nations temporarily stopped producing electronics. In 2021, metal mining, especially copper mining, also slowed down. The copper market was adversely affected by these elements.
Mergers, acquisitions, joint ventures, mergers, collaborations, etc. are on the way along with new product launches and innovation on a global market scale. The rising market competition is an attribution of the developments undertaken by the understated market players:
Some properties of copper include that it is good electrical conductivity, has excellent thermal conductivity, resistant to corrosion, is highly ductile, recyclable, and has a non-magnetic nature. The electronic applications of copper include wires and cables, dynamos, residential electrical circuits, transformers, electromagnets, switches, motors, communication cables, and much more. The growth of electric vehicles is increasing the demand for the copper and copper alloy market size. Products like foils, stators, rotors, shaft heads, hollow wires, and others like motors are being put to use in electric vehicles with heavy copper.
However, since the advent of the coronavirus disease, the lockdown was imposed that has hampered industrial activities across the globe. Because of this, the production of electronics is at a halt in many countries at the global market premises. The mining of metals including copper has slowed down since 2020. These factors are likely to hamper the demand for copper and copper alloys’ market value. The effects are likely to be felt in the forecast period of 2021-2028, as well. But the rising research and development activities might enhance the market chances of growth.
Copper is known to be the third-most-consumed metal in the world premises and is also recognized as a highly electrically conductive element. The electronics segment of the market has a strong relationship with copper and it is being employed for many applications owing to its reliable properties.
Many companies at the global level have shifted to the use of copper by replacing it with aluminum in producing products like robots’ internal parts, high-speed computers, home, and commercial appliances, along with telecommunication applications. The growth of these segments is the maximum in the developing economies that has increased the demand for copper, especially during the forecast period.
The copper and copper alloy market trends predict that the market has a fortunate future during the ongoing forecast period of 2022-2030. The rising demand of the distributed target audience in various global locations is giving rise to market segmentation on the following basis:
Based on product type
The global copper and copper alloy market has been segmented based on the product type and includes copper foil, brass foil, bronze foil, and others like copper-nickel foil.
Based on application
The global copper and copper alloy market is segmented based on the market applications and includes construction, electrical & electronics, industrial machinery, consumer goods, amongst others.
Based on the global regions
The global copper and copper alloy market id=s functional in North America, Latin America, European countries, Asia Pacific, along with the Middle East and Africa.
Global Copper & Copper Alloy Market Share, by Application, 2018 (%)
Source: MRFR Analysis
The Asia-Pacific region is the largest market emerging for the growth of the copper & copper alloy size due to increased demand in the construction sector in the region. This is coupled with the rising awareness amongst the consumers towards the use of portable electronics followed by increasing demand across the APAC region. The developing countries of the region like China, India, Japan, South Korea, amongst the other South-East Asian countries are rising their investment towards construction activities. This is likely to fuel the demand for the copper & copper alloy market and lead to its global expansion during the forecast period ending in 2028. Also, the growing demand for portable electronics is coupling with the rising consumption patterns among consumers.
The report aims to have an in-depth analysis of the functioning of the copper and copper alloy Industry and further, have an idea about whether the growing market trends will help the market grow as per the predictions by the experts and leaders or not. The market report highlights the opportunities that will help the market but some challenges that might restrain the market from growing. Also, the report talks about the rising market competition that will help in adding innovative products and better consumption choices to the target audience.
|Market Size||2030: USD 566,421 million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amari Copper Metals, Global Brass and Copper Holdings, Inc., Arcotech Ltd., Civen Metal Material Co., Ltd, JX Nippon Mining & Metals Corporations, Carl Schlenk AG, LAMINERIES MATTHEY, KME Germany GmbH & Co KG, Nexans, and Diehl Stiftung & Co. KG.|
|Key Market Opportunities||Increasing demand from the construction and electrical & electronics industries.|
|Key Market Drivers||The rapid growth of the electronics industry|
Copper & copper alloy market CAGR would be 6.2% during the forecast period.
The electrical & electronics industry would provide high traction to the copper & copper alloy market.
The Asia Pacific region would dominate the copper & copper alloy market.
The players included in the copper & copper alloy market are Global Brass and Copper Holdings, Inc., Amari Copper Metals, Civen Metal Material Co., Ltd, JX Nippon Mining & Metals Corporations, Arcotech Ltd., Nexans, LAMINERIES MATTHEY, KME Germany GmbH & Co KG, Carl Schlenk AG, and Diehl Stiftung & Co. KG.
The applications of the copper & copper alloy market report are industrial machinery, consumer goods, construction, electrical & electronics, and others.