Copper Market to Account for US$171.96 bn by 2023, Construction to Remain Largest Application Segment
Transparency Market Research has published a new market report titled “Copper Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to the report, the global copper market was valued at US$ 138.05 Bn in 2014 and is anticipated to reach US$ 171.96 Bn by 2023, expanding at a CAGR of 4.9% between 2015 and 2023.
Copper is a soft metal with excellent ductile and malleable properties. It has high electrical and thermal conductivity. Copper is used extensively in various industrial application due to its conductivity and antibacterial properties. Brass and bronze are two of the most important alloys of copper. Copper’s malleability and ease of usage in machines during the fabrication process facilitates high production rate of accurate copper shapes at relatively lower cost than its substitutes.
Increase in infrastructure activities in developing countries is expected to boost the demand for copper in the next few years. Additionally, advancement in global manufacturing output as in transportation equipment, industrial machinery, domestic appliances, and other durable goods is estimated to augment the demand for copper during the forecast period. However, competition from other materials such as plastic and aluminum is likely to hamper market growth. Nonetheless, ongoing research and development in green building is projected to open growth opportunities for the copper market in the near future.
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Copper metal is traded in various forms such as wire rods; plates, sheets, & strips; and rods, bars, & sections. In terms of volume, the wire rod segment accounted for more than 55% share of the market in 2014. Copper rods are used in the manufacture of ultra-high voltage, large capacity underground and submarine cables; magnet wires for electronic parts; and wire harnesses for automobiles. The others segment includes powder and tube. It held the second-largest share of the global copper market in 2014.
In terms of volume, construction was the largest application segment of the copper market, accounting for more than 40% share in 2014. It is also projected to be the fastest-growing segment of the market during the forecast period. Copper and brass are the materials of choice for plumbing, taps, valves, and fittings owing to their aesthetic appeal. Copper is used widely in infrastructural activities in the form of copper tubing, taps, valves, tanks, connections, and fittings. This, in turn, is expected to increase the demand for copper in the next few years. It is a good conductor of electricity. It is also malleable and corrosion resistant. This makes it the most sought after material for electric cables, both industrial as well as domestic. Electrical & electronics was the second-largest application segment of the copper market in 2014.
In terms of volume, Asia Pacific dominated the global copper market, accounting for more than 60% share in 2014. Asia Pacific is anticipated to be the fastest-growing regional market during the forecast period owing to increasing demand for automobiles and rapid industrialization and urbanization in the region.
Key players operating in the copper market include Codelco, Aurubis AG, Freeport McMoRan Inc. Copper, Glencore, Grupo Mexico, and BHP Billiton Ltd.