Oxygen-free Copper Market TOC
Oxygen-free Copper Market size is poised to cross USD 43.03 billion by the end of 2035, growing at a CAGR of 5.29% during the forecast period i.e., 2024-2035. In the year 2022, the industry size of oxygen-free copper was over USD 22.06 billion.
Market expansion is driven by the increasing use of oxygen-free copper in the automotive industry. Thus, the market is heavily influenced by the growth of the automotive industry and the increase in the number of electric vehicles. due to its excellent electrical conduction ability, which is essential for the development of efficient electric motors, charging infrastructure, and energy transmission systems for electric vehicles.
According to the IEA, global spending on electric vehicles reached approximately USD 425 billion in 2022, an increase of 50% compared to 2021. Most of the money was spent directly by customers purchasing vehicles, with the government investing about USD 40 billion through direct purchase incentives.
Oxygen-free copper is used in speaker cables, audio video connectors, and amplifier cable assemblies. Due to its unique purity, it has a higher conductivity and can transmit sound at lower frequencies. Some manufacturers claim oxygen-free copper cables have better sound quality and a longer lifespan than other less pure copper cables.
There are many advantages to using oxygen-free copper in the production process because of its characteristics such as exceptional physical and electric conductivity. Copper has one of the highest electrical conductivity values among all metals in existence, and this allows copper to operate a wide range of electric currents without difficulty.
Growth Driver
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023 - 2035 |
|
CAGR |
5.29% |
|
Base Year Market Size (2022) |
USD 22.06 Billion |
|
Forecast Period Market Size (2035) |
USD 43.03 Billion |
|
Regional Scope |
|
Grade (Copper Oxygen-free Electronic, Copper Oxygen-free)
Based on grade, the copper oxygen-free electronic segment in the oxygen-free copper market is anticipated to surpass USD 31.04 billion by the end of 2035. Copper which is not oxidized by phosphorus and has a 99.99% purity guarantee shall be known as CuOFE or oxygen-free electronic grade.
The minimum electrical conductivity of this pure copper is 101%, according to the International Association of Annealed Copper Standards. When exposed to hydrogen, copper alloys containing oxygen, such as CuETP, may be severely damaged, and tt's because of a reduction in copper oxide from hydrogen.
Product Form (Wire, Strips, Rods, Bar, Pipes, Sheets)
In terms of product form, the wire segment in the oxygen-free copper market is predicted to cross USD 13.37 billion during the forecast period. This product's ability to withstand extreme temperatures while decreasing settings without the risk of hydrogen melting makes it special.
Manufacturers of wire are employing oxygen-free copper to minimize the amount of spaces in the wire that obstruct the movement of electric impulses. Numerous acoustic cables are made of copper alloys free of oxygen because superior electric signal transmission properties are required for these cables.
Our in-depth analysis of the global oxygen-free copper market includes the following segments:
|
Product Form |
|
|
Application |
|
|
End Use Industry |
|
|
Grade |
|
Asia Pacific Excluding Japan Market Forecasts
The oxygen-free copper market in Asia Pacific excluding the Japan is slated to observe the highest revenue growth worth 5.67% during the review period. The escalating demand for electronic semiconductor devices in developing countries such as China and India is the primary reason behind the growth of the market in this particular region. The demand for consumer electronics, including laptops and smartphones, as well as additional medical electronic equipment, is rising quickly in the Asia-Pacific area, with China and India predicted to continue to be the leading growth areas.
China and India being the leading regions for the high demand of consumer electronics such as laptops, smartphones or medical electronic devices is giving rise to the market expansion in the APAJ region. A new analysis projects that China will lead the consumer electronics sector in revenue generation, with estimates of over USD 200 billion in 2023. With an expected GDP of USD 60 billion India stands out at third position.
North American Market Statistics
The oxygen-free copper market in the North America region is anticipated to growing at a CAGR of 5.50% during the estimated period. This can be impelled by the back of increasing penetration of oxygen-free copper in numerous industries and rising production creation with top-notch advanced technologies.
The market in the region is expanding as a result of improved production techniques that provide producers more control over the product's purity and quality. Additionally, Prime Materials Recovery, Inc. said in 2023 that it would be acquiring a Southwire Company SCR 4500 copper rod system to be installed at its affiliate, IMC - Metals America, LLC, located in Shelby, North Carolina. In a separate project, IMC will buy and install a new line from Upcast OY, a company based in Pori, Finland, to improve the manufacturing capacity of oxygen-free copper rods.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?