ALBANY, New York, Feb. 7, 2019 /PRNewswire/ --
Transparency Market Research (TMR) witnesses the global copper market has a highly competitive market scenario owing to a number of companies in the market. Some of the companies operating in the global copper market are Codelco, Glencore International AG, Rio Tinto, Freeport McMoRan Inc., BHP Bilition, Jiangxi Copper Corporation, and Antofagasta Plc. Growing collaborations and projects of the companies for manufacturing the advanced motor systems with the uptake of high-pressure copper and die casting parts, which improves the overall efficiency. These initiatives are opening a wide range of opportunities in the global copper market.
According to TMR, the global copper market is expected to account for the revenue of US$222.1 bn by end of 2026 expanding with a CAGR of 4.6% over the forecast period from 2018 to 2026. In terms of volume, the consumption of the copper is expected to reach 32,932.1 kilotons by end of the forecast period.
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Based on the type, the secondary copper segment is projected to witness high demand over the forecast period. Based on form, the wire rods segment held the largest share in the global copper market in 2017 and is expected to be dominant over the forecast period. Based on the applications, the construction segment dominated the global copper market in the year 2017 and is expected to be dominant over the forecast period. However, the power generation segment is expected to swell with higher CAGR over the forecast period. Based on region, Asia Pacific dominated the global copper market by accounting more than 65% of overall share in 2017 followed by Europe and North America.
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Unique Properties of Copper Widening its Applications and Propelling Growth of Market
Copper and copper-based alloys have extensive applications in a range of applications, which plays a key role in day-to-day life. When copper is alloyed with other metals, it acquires new characteristics and physical and chemical properties. These properties make copper suitable for use in highly specialized applications. Chemical, physical and aesthetic properties of copper make it suitable for a wide range of domestic, high-technology, and industrial applications.
The global copper market is gaining traction due to the growing demand for hybrid or electric vehicles globally. They extensively use copper for pipes and tubes compared with conventional vehicles. Growing adoption of copper across the automotive sector is primarily propelling the growth of the global copper market.
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The trend of Using Copper in Construction Industry to Hamper Growth
Growing usage of copper in the construction industry for manufacturing the taps, plumbing, valves, and fittings and other parts is surging demand for copper from the past decade. Thanks to its unlike properties such as high-temperature resistance, antimicrobial properties, and durability, and no toxic fumes in high temperature is surging its applications in the construction industry. In addition,
However, price fluctuations of copper are hampering its adoption in the price-sensitive markets and restraining growth of the market to some extent. Nonetheless, the uptake of copper is growing across numerous industries for manufacturing utensils, energy generation, and automotive parts, which is again propelling the growth of the global copper market.
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This information is encompassed in the report by TMR, titled "Copper Market (Type - Primary Copper, Secondary Copper; Form - Wire Rods, Plates, Sheets and Strips, Tubes, Bars and Sections, Others (Ingots, Powder etc.); Application - Construction, Transportation, Appliances and Electronics, Power Generation, Distribution and Transmission, Others (Ammunition Coins Machinery, Defense, etc.)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026."
For the study, the copper market has been segmented as follows:
Global Copper Market, by Type
- Primary Copper
- Secondary Copper
Global Copper Market, by Form
- Wire Rods
- Sheets & Strips
- Bars & Sections
- Others (Ingots and Powder)
Global Copper Market, by Application
- Appliances & Electronics
- Power Generation, Distribution and Transmission
- Others (Ammunition Coins, Machinery, and Defense)
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