Oxygen-Free Copper Market Research Report: By Grade (Oxygen-Free, Oxygen-Free Electronic), Product (Wires, Strips, Busbars, Rods), End user (Electrical and Electronics, Automotive) - Global Industry Analysis and Growth Forecast to 2030

Market Overview

The global oxygen-free copper market stood at around $20.0 billion in 2020, which is expected to show significant growth during the forecast period (2021–2030). The key factors responsible for the growth of the market are the increasing usage of oxygen-free copper wires in electric vehicles (EVs) and in the electronics & electrical industry. These wires are highly demanded due to their high ductility, high electrical and thermal conductivity, high impact strength, good creep resistance, and ease of welding.

During the COVID-19 pandemic, the demand for oxygen-free copper has reduced due to the curtailed production of EVs and shutdown of electronic & electrical product factories. This was essentially due to the strict actions taken by governments of different countries, such as temporary lockdowns and restrictions on transportation activities, in order to keep the public safe. These factors affected the growth of the oxygen-free copper market.

Oxygen-Free Category Accounted for Larger Share In the Market in 2020

In 2020, the oxygen-free category accounted for the larger share in the oxygen-free copper market, both in terms of volume and value, and it is projected to retain its dominance during the forecast period, based on grade. This can be ascribed to the increasing demand for oxygen-free copper in magnetometers, electromagnets, and other superconductors and increasing demand for EVs.

Major Market Share Held by Wires Category in the Market

The wires category accounted for the largest share in the oxygen-free copper market in 2020, based on product. This can be attributed to the increase in the usage of oxygen-free copper wires in electronics, microwave tubes, vacuum capacitors, vacuum interrupters, and vacuum seals.

Electronics & Electrical Category To Show Significant Growth during Forecast Period

The electronics & electrical category would show significant growth in the oxygen-free copper market in the forecast period, based on end-user. This can be aligned with the wide consumption of this material in the manufacturing of semiconductors and superconductors and rising power demand worldwide.

Asia-Pacific (APAC) Dominates the Market

Globally, the APAC region dominated the oxygen-free copper market in 2020, and it would continue to lead it during the forecast period. This can be credited to the increasing demand for electronic and semiconductor devices in the developing countries of the region, such as China, Bangladesh, and India.

Rising Usage and Launches of EVs Driving Market

Globally, the increasing use of EVs plays a pivotal role in the growth of the market for oxygen-free copper. This material has a low electrical and thermal resistance, due to which it is increasingly being used in the production of EVs, including plug-in hybrid electric vehicles (PHEVs). Essentially, to lower the level of carbonization in the automotive sector and limit the negative effects of greenhouse gases, car manufacturers, such as Hyundai Motor Company, BMW AG, and Tesla Inc., are dedicatedly working toward producing EVs, which bolsters the market for oxygen-free copper.

For instance, in December 2019, Tata Motors Limited launched Tata Nexon EV, which is an electric sports utility vehicle (SUV), in India; it has sold around 4,000 units till March 2021. EVs require intelligent connectivity solutions for electrically powered systems, such as oxygen-free copper busbars and cables, thus resulting in the growth of the market for oxygen-free copper.

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Acquisitions Are Strongest Actions Taken by Market Players

Some of the major players operating in the global oxygen-free copper industry are Mitsubishi Materials Corporation, KME Germany GmbH, Hitachi Metals Neomaterials Ltd., Libo Group, KGHM Polska Miedz SA, Metrod Holdings Berhad, Aviva Metals Inc., Farmer’s Copper Ltd., Citizen Metalloys Ltd., Hussey Copper Ltd., and Sam Dong Co. Ltd.

In recent years, these and many other chemical & material companies have been involved in acquisitions in order to achieve a better position in the oxygen-free copper market.

• In February 2021, Mitsubishi Materials Corporation announced the completion of the acquisition of a minority share in Chile's Mantoverde copper mine. Mitsubishi Materials Corporation formally bought a 30% share in MV for around $275 million. As a result, the company will have a sustainable raw material portfolio of clean copper concentrates and e-scrap, as well as a regular supply of high-quality copper concentrates with minimal impurities.

Key Players in Oxygen-Free Copper Market Include:

Market Size Breakdown by Segments

The oxygen-free copper market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.

Based on Grade

• Oxygen-Free
• Oxygen-Free Electronic

Based on Product

• Wires
• Strips
• Busbars
• Rods

Based on End user

• Electrical and Electronics
• Automotive

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa