Global Copper Market to Exhibit 4.9% CAGR 2015-2023 as Demand in Construction Industry Rises : TMR
The global market for copper has witnessed significant growth owing to the exponential rise in infrastructure development activities in developing regions in the past few years, states a recent research report published by Transparency Market Research. The report states that the global copper market, which was valued at US$138.05 bn in 2014, is expected to exhibit a CAGR of 4.9% from 2015 through 2023. The market is thus projected to rise to US$ 171.96 bn by 2023.The report is titled “Copper Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023” and is available on the company’s website for sale.
Copper is a highly malleable and ductile metal with high thermal and electrical conductivity and antibacterial characteristics, which make it ideal for numerous industrial applications. Bronze and brass are two important alloys of copper finding usage in several application areas. The ease of usage and excellent malleability of copper facilitate high rate of production of accurate copper shapes at relatively lower prices than other substitutes.
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A steep rise witnessed in infrastructure development activities in developing countries in the past few years has led to a substantial rise for copper. As the construction industry continues to grow at a swift pace, and is expected to do so in the next few years as well, demand for copper in developing countries of Asia Pacific and in other developing regions such as Latin America is expected to remain high over the next few years. Moreover, the rising global output of entities such as domestic and consumer appliances, transportation equipment, industrial machinery, and an array of other durable goods is also leading to the increased demand for copper.
But market faces stiff competition from cheaper alternatives such as aluminum, titanium, and plastic for a variety of application areas, which is expected to restrain the market’s growth to a certain extent over the forecast period. Nevertheless, the market will benefit from ongoing research and development activities in the field of green construction.
To provide an in-depth analysis, the market has been segmented on the basis of three broad criteria for the purpose of this study: commercially available form of copper, application, and geography.
On the basis of form of copper available for commercial purposes, the market has been examined for wire rod, plates, sheets and strips, rods, bars and sections, and other varieties such as tubes, and powder. Of these, the wire rod segment dominated the market, accounting for over 55% share in the global market in terms of volume in 2014. Copper wire rods are extensively used for manufacturing magnet wires for electronics, wire harnesses for automobiles, and ultra-high voltage, large capacity cables for submarine and underground applications.
Major application areas for copper examined in the report include construction, transportation, electrical and electronic products, industrial, and other areas such as consumer products. Of these, the construction industry accounted for a dominant 40% of the copper market in terms of volume in 2014. The construction industry is also expected to be the fastest growing application segment for the copper industry and is expected to be a major demand driver over the report’s forecast period.
Of the major regional segments for the global copper market analyzed in the report, Asia Pacific dominated in 2014, accounting for a massive share of over 60% in the global market. Asia Pacific is also anticipated to be the fastest growing regional market for copper over the report’s forecast period, majorly owing to the flourishing construction sector in the region.
Some of the major vendors operating in the global copper market profiled in the report are Grupo Mexico, Codelco, Freeport McMoRan Inc. Copper, Aurubis AG, BHP Billiton Ltd., and Glencore.
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