Oxygen-free Copper Market Size, Share & Trends Analysis Report By Grade (Cu-OF, Cu-OFE), By Product (Wires, Strips), By Application (Electrical & Electronics, Automotive), By Region, And Segment Forecasts, 2024 - 2030

Oxygen-free Copper Market Size, Share & Trends Analysis Report By Grade (Cu-OF, Cu-OFE), By Product (Wires, Strips), By Application (Electrical & Electronics, Automotive), By Region, And Segment Forecasts, 2024 - 2030

Oxygen-free Copper Market Growth & Trends

The global oxygen-free copper market is anticipated to reach USD 30.46 billion by 2030 and it is projected to grow at a CAGR of 5.04% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing adoption of renewable energy sources and electric vehicles, as a part of decarbonization efforts, and growing use of electronic & electrical gadgets is projected to fuel the market growth

Oxygen-free copper acts as a vital electrical conductor of printed circuit board (PCB). Further, it reduces power leaks, leading to increased efficiency of end-use products. Using copper reduces carbon dioxide emissions and the amount of energy needed to produce electricity; renewable energy systems require six times more copper than traditional systems. Hence, decarbonizing the energy sector, and need for energy-efficient raw materials are key drivers of global market.

Copper pricing has been witnessing a growing trend owing to measures taken by governments and central banks across countries to improve their economy. This has also been benefited by a strong recovery of industrial and manufacturing activities, in the post-COVID era. In conclusion, growing demand for EVs, energy storage systems, electronic devices, and a shift toward renewable energy are anticipated to bolster the market growth in the coming years.

Copper is a commodity that has experienced high price volatility from 2018 to 2022. Such fluctuations in prices of copper cathode can impact profitability of producers. Global market may face challenges due to increases in energy prices, supply constraints, and high demand from end-use industries, which may lead to pricing pressure. This may affect the smelter profitability and revenue performances of oxygen-free copper producers over the forecast period. Overall, high cost of oxygen-free processing for copper affects profit margins and is not cost-effective, which is likely to be a significant constraint on the market growth.

Oxygen-free Copper Market Report Highlights

• Based on grade, the Cu-OFE segment held market with the largest revenue share of over 57.0% in 2023 and is expected to grow at a significant CAGR over the forecast period. It has applications in electronics industry in seaming shielded rooms, cable wrapping, surface contact with non-solderable materials, and static charge draining. EMI shielding is required in electrical parts to minimize electromagnetic induction
• Based on product, the wires segment is expected to grow at a lucrative CAGR over the forecast period, due to their high consumption in the manufacturing of electrical & electronics, automotive, and renewable energy, among others
• Based on application, the electrical & electronics segment is expected to grow at a significant CAGR over the forecast period, owing to its properties such as tensile strength and low resistance compared to other copper products
• Asia Pacific dominated the market owing to several countries in region focusing on electronic component manufacturing such as semiconductors, transformers, and superconductors, among others
• For instance, in March 2023, JX Nippon Mining & Metals Group announced plans to expand its semiconductor production capacity in the country. This is expected to directly and positively impact the demand for oxygen-free copper used in electronics and printed circuit boards in Taiwan during the forecast period

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