Oxygen-Free Copper Market Industry Analysis and Forecast 2022-2030
According to the latest research report, the global Oxygen-Free Copper Market is projected to be worth USD 32 billion by 2030, registering a CAGR of 6.1% during the forecast period (2021 - 2030), The market was valued at USD 19.25 billion in 2020
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.
Competitive Landscape
The global oxygen-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 Neo materials Ltd., KME Germany GmbH, and KGHM Polska Meds SA. Manufacturers focus mainly on acquisitions, joint ventures, 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, the global market has witnessed a decline in demand
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Segmentation
By Grade
This segment is further segmented into oxygen-free (OF) and oxygen-free electronic(OFE).
The oxygen-free segment 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 as magnetometers, electromagnets, and other superconductors, and automotive components and parts.
The oxygen-free electronic (OFE) segment is expected to witness a healthy growth during the forecast period due to its outstanding electrical and thermal conductivity and diverse electronic applications.
By Product
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 segment is 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.
By End user
This segment is further segmented into electrical and electronics, automotive, and others.
The electrical and electronics segment holds the largest share of the global oxygen-free copper market owing to the increased demand for oxygen-free copper in electrical and electronic applications such as printed circuit boards (PCBs), semiconductors, and superconductors.
The automotive segment is expected to witness the fastest growth in the global oxygen-free copper market owing to the increasing sales of electric vehicles globally.
The others segment includes industries such as medical equipment and devices, power generation, transportation, etc.
By Region
North America: Market growth is driven by the presence of large-scale manufacturers in the region and established end-use industries.
Europe: Large-scale automotive producers and growing electric vehicle sales are driving the market in the region.
Asia-Pacific: This is the largest and fastest-growing regional market due 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 sector and increase in automotive trade is fuelling the demand for oxygen-free copper in the region.
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