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.
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