Global Oxygen-free copper Market - Overview
According to the latest research report, the global Oxygen-Free Copper Market is projected to be worth USD 32 billion by 2030, registering a CAGR of 6.1% during the forecast period (2021 - 2030), The market was valued at USD 19.25 billion in 2020.
Oxygen-free copper (OFC), also known as oxygen-free high thermal conductivity copper, is a group of wrought copper alloys that are electrolytically refined to reduce the oxygen level to 0.001%. Oxygen-free copper is highly conductive and is widely used in industrial applications, including electrical and electronics, automotive, cryogenic and optical applications, and many more. High demand from electrical and electronics and increasing sales of electric vehicles are some of the factors which are expected to propel the growth of the global oxygen-free copper market share. Furthermore, the advancement in oxygen-free copper and widening scope of applications in diverse end-use industries further fuel the growth of the global market. However, the high processing cost of oxygen-free copper and potential substitutes hamper the market's growth.
Hitachi Metals Neomaterials Ltd.,Mitsubishi Materials Corporation,Aviva Metals,Sam Dong,Copper Braid Products,Farmer's Copper Ltd.,Heyco Metals Inc.,Haviland Enterprises Inc.,Millard Wire & Specialty Strip Co.,Hussey Copper Ltd.
The increasing demand for environment-friendly Oxygen-free copper is likely to remain a major trend within the global oxygen free copper wire over the forecast period. Environment-friendly Oxygen-free copper do not contain VOCs (volatile organic compounds), which reduces the emission of environmentally harmful gases from the coatings and makes them more environmentally viable. This is likely to remain a major trend in the global Oxygen-free copper Market, as governments all over the world have given their support to the development of VOC-free Oxygen-free copper through incentives to the use of VOC-free coatings or bans on the use of VOC-containing Oxygen-free copper. Companies that develop effective Oxygen-free copper without VOCs are likely to prosper in the market over the forecast period.
Oxygen-free copper Market - Segments:
- This segment is further segmented into oxygen-free (OF) and oxygen-free electronic(OFE).
- The oxygen-freesegment account for the largest market and is expected to witness the fastest growth during the forecast period in terms of volume. This growth is attributed to the increased demand for electronics and electrical industry applications such asmagnetometers, electromagnets, and other superconductors, and automotive components andparts.
- The oxygen-free electronic (OFE) segment is expected to witness a healthy growth during the forecast period due to its outstanding electrical andthermal conductivity and diverse electronic applications.
- This segment is further segmented into wire, strips, busbars and rods, and others.
- The wire segment accounted for the largest market and is expected to witness the fastest growth during the forecast period. The growth is mainly attributed to the increasing consumption of oxygen-free copper wires in electronics applications.
- The strip segmentis expected to witness healthy growth during the forecast period owing to its growing usage in automotive and electronic components.
- Busbars and rods are used in electrical transmission lines, transformers,and interconnecting generators.
- The others segment include products such as tubes, foils, sections, bars, etc.
- This segment is further segmented into electrical and electronics, automotive, and others.
- The electrical and electronics segmentholds the largest share of the global oxygen-free coppermarket owing to the increased demand for oxygen-free copperin electrical and electronic applications such as printed circuit boards (PCBs), semiconductors, and superconductors.
- The automotive segmentis expected to witness the fastest growth in the global oxygen-free copper market owing to theincreasing sales of electric vehicles globally.
- The others segment includes industries such as medical equipment and devices, power generation, transportation, etc.
Global Oxygen-free copper Market -Regional Analysis
- North America: Market growthisdriven bythe presence of large-scale manufacturers in the region and established end-use industries.
- Europe: Large-scale automotive producers and growing electric vehicle salesare driving the market in the region.
- Asia-Pacific: This is the largestandfastest-growingregionalmarketdue to the established electrical and electronics industry and growing demand for automotive.
- Latin America:The growing demand from end-use industries, especially from the automotive industry, fuel the region's market growth.
- Middle East & Africa: Growing demand from the electronics sectorand increase in automotive tradeisfuelingthedemand for oxygen-free copperin the region.
In August 2019, PPG Industries, a leading coatings company, acquired Dexmet Corporation, a manufacturer of specialty materials for aerospace, automotive, and industrial applications.
In March 2019, PPG Industries acquired Whitford Worldwide Company, a global manufacturer that specializes in offering low-friction and non-stick coatings for applications in industrial and consumer products.
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