The global copper market is highly competitive in nature and going forward it is expected to remain the same, says Transparency Market Research in a new report. Mergers and acquisitions and expanding geographical presence is what key players in this market are focused on.
Some of the key players in the global copper market are Codelco, Aurubis AG, Freeport McMoRan Inc. Copper, Grupo Mexico, Glencore, and BHP Billiton Ltd.
According to the report, the global copper market is expected to attain a valuation of US$171.96 bn by 2023 increasing from US$138.05 bn in 2014 at a CAGR of 4.9% between 2015 and 2023.
Electrical and Electronic Products Trail Lead of Construction Application
Wire rods, sheets and strips, plates, and rods, bars, and sections are the segments into the copper market is divided based on form. By volume, the segment of wire rod held more than 55% of the overall market in 2014. Copper rods are utilized in the manufacture of underground and submarine cables of ultra-high voltage and large capacity. They are also used in the manufacture of wire harness for automobiles and magnet wires for electronic parts. The others segment including powder and tube held the second-largest share in the global market for copper in 2014.
Construction stood as the leading application segment holding a share of more than 40% in 2014 in terms of volume. The construction application segment is expected to be the fastest-growing application segment in the coming years. Copper and brass are highly preferred for plumbing, valves, taps, and fittings due to their aesthetic appeal. The extensive use of copper in infrastructural development activities also augurs well for the growth of copper market.
Copper is malleable, corrosion resistant and is a good conductor of electricity. This makes copper the material of choice for electrical cables for both industrial and domestic use. In 2014, electrical and electronics accounted for the second-largest share in the global copper market.
Asia Pacific Supersedes Other Regions with Paramount Share
In 2014, Asia Pacific led the global copper market with a share of more than 60% in terms of volume. The region is expected to be the fastest-growing regional segment for copper during the forecast period due to the expanding automobiles industry and rapid urbanization and industrialization in the region. The weighty rate of domestic manufacturing of motor vehicles, industrial machinery, and household appliances account for the high demand of copper in China.
Europe is expected to trail Asia Pacific in terms of demand for copper and North America is expected to secure the third position in the global copper market during the forecast period. Likewise, Latin America and the Middle East and Africa are predicted to display lucrative growth in the forthcoming years.
Infrastructural development and rising urbanization in developing countries are expected to boost the demand for copper in the coming years. Furthermore, increasing output in transportation equipment, domestic appliances, industrial machinery, and other durable goods is expected to bode well for the growth of copper market. However, availability of other materials such as plastic and aluminum is expected to hamper the market’s growth. Nonetheless, research and development underway for green buildings is expected to present growth opportunities for the copper market in the forthcoming years.
The review presented is based on the findings of Transparency Market Research report, titled “Copper Market (Form - Wire Rod, Plates, Sheets, and Strips, Rods, Bars, and Sections, Powder, and Tube; Application - Construction, Electrical and Electronic Products, Transportation, Industrial, and Cosmetic Products) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
The global copper market is segmented as follows:
Global Copper Market - Form Analysis
- Wire rod
- Plates, sheets, & strips
- Rods, bars, & sections
- Others (Including powder, tube, etc.)
Global Copper Market - Application Analysis
- Electrical & electronic products
- Others (Including consumer products etc.)
Global Copper Market - Country Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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