Oxygen-free Copper Market Statistics - 2030
The global oxygen-free copper market was valued at $18.1 billion in 2020, and is projected to reach $30.6 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
The Cu-OFE grade copper is oxygen-free up to 99.99%. It is purer than Cu-OF grade oxygen-free copper and exhibits around 1% more electrical conductivity as compared to Cu-OF grade oxygen-free copper. It has superior corrosion resistance characteristic that makes it best suited for plumbing and electrical applications.
Increase in demand for electrical & electronic devices such as smartphones, laptops, televisions, and others where Cu-OFE grade oxygen-free copper is widely used for wiring applications drives the market growth. Moreover, surge in establishments of chemical industry where Cu-OFE grade oxygen-free copper is used in manufacturing glass-to-metal seals may propel the demand for Cu-OFE grade oxygen-free copper during the forecast period. Furthermore, both developed and developing economies have focused on modernization of aircrafts and military equipment where CU-OFE grade oxygen-free copper is employed for manufacturing vacuum seals and tubes in aircraft engines. All these factors collectively surge the demand for oxygen-free copper, thereby augmenting the global market growth.
However, oxygen-free copper finds its potential applications in medical, aerospace & defense, and plumbing. It is used in defense for winding magnetrons of defense radar system. Moreover, oxygen-free copper is used in manufacturing specialty corrosion resistant pipes and tubes in plumbing sector. Furthermore, it is widely used in winding applications of different medical equipment such as CT scanners, X-ray machines, and others. The increase in use of oxygen-free copper in different end-user sector is anticipated to open up new opportunities for the market growth.
On the contrary, the increase in utilization of plate type oxygen-free copper for bus conductors manufacturing , roofing, and other applications in the growing automotive industry led the oxygen-free copper market to experience a significant increase in demand. Moreover, the plate type oxygen-free copper is widely preferred for manufacturing roofs of industrial gas storage units owing to its excellent corrosion resistance property. Furthermore, surge in establishments of nuclear power projects in both developed and developing economies where plate type oxygen-free copper is widely used in manufacturing missile components and nuclear materials storage create lucrative opportunities for the market during the forecast period.
The oxygen-free copper market analysis is done on the basis of grade type, product type, end-use, and region. On the basis of grade type, the market is divided into Cu-OF and Cu-OFE. On the basis of product type, it is fragmented into plate, wire, strip, rod, and others. On the basis of End users, it is segmented into electrical & electronics, automotive, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include Hitachi Metals Neomaterial Ltd., Zhejiang Libo Holding Group Co. Ltd., Sam Dong, Copper Braid Products, Hussey Copper, Wieland, Southwire Company LLC,Cupori Oy, Mitsubishi Materials Corporation, and Metrod Holdings Berhad
Oxygen-free Copper Market, by Region
The Asia-Pacific oxygen-free copper market accounted for 43.3% of oxygen-free copper market share in 2020 and is projected to grow at the highest CAGR of 6.1% during the forecast period. The oxygen-free copper possesses various significant properties such as high strength, corrosion resistance, chemical & thermal stability, and excellent electrical conductivity. The utilization of oxygen-free copper in sectors such as electronics, automobiles, aerospace, medical, and others is the major key growth factor in the Asia-Pacific region.
By Region
Asia Pacific is the fastest growing region
Oxygen-free Copper Market, by Grade Type
The Cu-OF segment was the largest revenue generator and is anticipated to grow at a CAGR of 5.6% during the forecast period. The increase in utilization of Cu-OF grade oxygen-free copper in manufacturing excellent thermoelectric wires in the electrical & electronics sector drive the demand for the oxygen-free copper market for CU-OF grade. Moreover, the increase in the establishments of manufacturing industries where CU-OF grade oxygen-free copper is widely used for manufacturing plates of equipment such as heat exchangers, refrigeration units, and others.
By Grade Type
Cu-OF is fastest growing segment
Oxygen-free Copper Market, by Product Type
The wire segment was the largest revenue generator and is anticipated to grow at a CAGR of 5.7% during the forecast period. The oxygen-free copper wires are widely used in the electrical and electronic sectors. Wire manufacturers across the globe use oxygen-free copper to minimize undesirable voids present within the wire that hampers the transmission process. It possesses some excellent characteristics such as high conductivity, dimensional accuracy, crack-free bends, and long service life.
By Product Type
Wire is the most lucrative segment
Oxygen-free Copper Market, by End-User
By end-user, the electrical & electronics segment dominated the global market in 2020 and is anticipated to grow at a CAGR of 5.7% during the forecast period. Oxygen-free copper is used in the electrical & electronics sector as wires & coaxial cables, hollow conductors, transistor components, and others. It is utilized as wires & coaxial cables in televisions, computers, and other electronic devices for current transmission purposes. Furthermore, it is also best suited for manufacturing electrical & electronic equipment that operate within vacuum conditions such as X-ray tubes, CT scanners, and others.
By End-use
Electrical & Electronics is fastest growing segment
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current market trends and future estimations of global oxygen-free copper market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Impact Of Covid-19 On The Global Oxygen-free Copper Market
- The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
- The oxygen-free copper market has been negatively impacted due to the wake of the COVID-19 pandemic owing to its dependence on electronics, automotive, aerospace, and other sectors. According to an article published by The Economic Times, the exports of electronic devices such as computers, smartphones, and others have dipped due to supply chain issues.
- Furthermore, several electronics companies have either shut down or halt their operations due to the risk of infections among the workforce where oxygen-free copper is used for winding applications. This has temporarily hampered the demand for oxygen-free copper market by the COVID-19 period.
- Moreover, the decreased customers’ income has led to a contraction of the demand for oxygen-free copper among the automotive sectors. For instance, according to a report published by Trading Economics, the sales of passenger cars witnessed a 30% decline in March 2020 as compared to March 2019, owing to lockdowns and shutdowns of auto plants.
- Moreover, the travel restrictions imposed by the various governments have resulted in a temporary downfall in the aerospace & aviation sectors . Furthermore, COVID-19 has temporarily halted various aircraft manufacturing projects reducing the demand for oxygen-free copper among the aerospace & aviation sectors.
- However, the medical sectors have shown impressive growth during the COVID-19 period. According to a report published by the India Brand Equity Foundation, the healthcare sector is expected to reach $372 billion by 2022, due to rise in health awareness and increase in income. Furthermore, there has been a surge in demand for advanced digital instruments where oxygen-free copper tubes are utilized in vacuum applications of MRI machines, CT scanners digital X-ray machines, and others. This has strengthened the position of the oxygen-free copper market in the medical sector. Furthermore, the rise in smartphones sales, laptops, tablets, and other consumer electronic devices have reported a rise in sales during the first quarter of 2021. This is anticipated to enhance the performance of the oxygen-free copper market for consumer electronics segments post COVID-19 scenario
Oxygen-free Copper Market Report Highlights
| Aspects | Details |
 By Grade |
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 By Product Type |
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 By End-Use |
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 By Region |
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 Key Market Players | Cupori Oy, Southwire Company, LLC, Mitsubishi Materials Corporation, Sam Dong, Wieland, Copper Braid Products, Hussey Copper, Metrod Holdings Berhad, Zhejiang Libo Holding Group Co., Ltd., Hitachi Metals Neomaterial, Ltd. |
Analyst Review
The global oxygen-free copper market is expected to exhibit significant potential for growth, owing to its use in electrical & electronics, automotive, and industrial gas storage. The rise in population has surged the demand for a wide range of consumer goods which in turn has led the chemical manufacturing sector to experience a significant growth where the oxygen-free copper plate is widely used for manufacturing gas storage devices is the key trend in the global market.
The increase demand of automobiles owing to rising income of middle-class population has surged the growth of oxygen-free copper where sheets of oxygen-free copper are used in roofing applications. This key driver is responsible for the growth of the oxygen-free copper market in the automobile sector. Furthermore, the increase in demand for public transport in countries such as China, India, and others have led the oxygen-free copper manufacturers to produce high -quality copper tubes used in heavy automotive engines.
The increase in demand for electrical & electronics products such as laptops, mobiles, televisions and others where oxygen-fee copper wires are widely used for electrical conductivity purposes may boost the growth of the oxygen-free copper market. This factor is anticipated to offer new opportunities for the growth of the market globally.
The global oxygen-free copper market is anticipated to grow at CAGR of 5.5% from 2021 to 2030.
The global oxygen-free copper market was valued at $18,050.1 million in 2020, and is projected to reach $30,619.9 million by 2030
Hitachi Metals Neomaterial Ltd., Zhejiang Libo Holding Group Co. Ltd., Sam Dong, Copper Braid Products, Hussey Copper, Wieland, Southwire Company LLC, Cupori Oy, Mitsubishi Materials Corporation, and Metrod Holdings Berhad are the most established players of the global oxygen-free copper market.
The growth of the global oxygen-free copper market is driven by increase in the demand for electrical &electronics. For instance, increase in demand for computers, mobiles, refrigerators, and other electrical & electronic appliances boosts the growth of the electrical & electronics sector.
The oxygen-free copper market analysis is done on the basis of grade type, product type, end user, and region. On the basis of grade type, the market is divided into Cu-OF and Cu-OFE. On the basis of product type, it is fragmented into plate, wire, strip, rod, and others. On the basis of end user, it is segmented into electrical & electronics, automotive, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 has impacted negatively on the oxygen-free copper market.
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