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Oxygen-Free Copper Market Worth $25.9 Billion by 2025 : Growing at a CAGR of 5.3%

Key players operating in the oxygen-free copper market are KGHM Polska Miedz SA (Poland), Hitachi Metals Neomaterials Ltd. (Japan), Zhejiang Libo Holding Group (China), Mitsubishi Materials Corporation (Japan), Metrod Holdings Berhad (Malaysia), Aviva Metals (US), KME Germany GmbH (Germany), and Sam Dong (South Korea).

 

Northbrook, IL -- (SBWIRE) -- 01/19/2021 -- The report "Oxygen-Free Copper Market by Grade (Cu-OF, Cu-OFE), Product Form (Wire, Strips, Busbar & Rod, Others), End-use Industry (Electronics & Electrical, Automotive, Others), & Region - Global Forecast to 2025" The oxygen-free copper market is projected to grow from USD 19.9 billion in 2020 to USD 25.9 billion by 2025, at a CAGR of 5.3% during the forecast period.

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Increasing demand for oxygen-free copper from the electronics & electrical end-use industry, especially in the Asia Pacific region, is expected to drive the demand for oxygen-free copper in the near future. The requirement for high-quality copper with high electrical conductivity has accelerated the demand for oxygen-free copper in the electronics & electrical end-use industry.

The Cu-OF segment is projected to lead the global oxygen-free copper market through 2025
The Cu-OF segment acquired the largest share in the oxygen-free copper market in 2019, in terms of value, and is projected to grow at the highest CAGR during the forecast period. Cu-OF (C10200) is 99.95% pure copper with 0.001% oxygen content. Its conductivity rating is equivalent to electrolytic tough pitch (ETP) with minimum 101% IACS electrical conductivity. It generally has a liquidus and solidus melting point of 1,9810 Fahrenheit. Its density is 8.94 g/cm3. It is used in cutting-edge scientific equipment, such as magnetometers, electromagnets, and other superconductors.

The automotive segment is projected to grow at the highest CAGR in the oxygen-free copper market during the forecast period
The automotive segment is projected to grow at the highest CAGR in the oxygen-free copper market from 2020 to 2025. The automotive industry, is getting momentum with the advent of electric vehicles (EVs) in emerging countries, for instance, India. Due to their high electrical conductivity, they are also increasingly being used in battery components of EVs. In addition, the rising demand from the automotive and aerospace industries will also drive the growth of this copper type.

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The Asia Pacific is projected to hold the largest share in the oxygen-free copper market during the forecast period
The Asia Pacific is the most attractive market for oxygen-free copper due to the rapid socio-economic development in the region. This region is a prospective market for the growth and demand of electronics & electrical and automotive, among other industries. Countries in this region such as Japan, China, Korea, Taiwan, India, and Singapore are primary centers for manufacturing and sale of electrical & electronic goods, which are the major end-users of oxygen-free copper. The Asia Pacific region is a lucrative market for automobiles and is witnessing a shift toward EVs, such as Hybrid Electric Vehicles (HEVs).

Key players operating in the oxygen-free copper market are KGHM Polska Miedz SA (Poland), Hitachi Metals Neomaterials Ltd. (Japan), Zhejiang Libo Holding Group (China), Mitsubishi Materials Corporation (Japan), Metrod Holdings Berhad (Malaysia), Aviva Metals (US), KME Germany GmbH (Germany), and Sam Dong (South Korea). These players have adopted various growth strategies to expand their global presence and increase their market share.

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COVID-19 impact on global oxygen-free copper market

According to the International Copper Study Group (ICSG), after a small decline of 0.2% in the world copper mine production in 2019, it is expected that 2020 will be the second consecutive year of decline. The world copper mine production is expected to decline by 1.5% in 2020. The expected fall is principally a consequence of the COVID-19 related lockdowns that resulted in temporary mine closures or reduced production levels in many countries, most notably, Peru. The output from new projects, such as Tominskoye and Deziwa, ramp-up mines, such as Cobre de Panama and a significant recovery in Indonesian output will partially offset the reductions resulting from the pandemic. However, despite this additional output, the current ICSG mine production forecast for 2020 is lower than the output of 2019. In 2021, a growth of 4.5% is expected, which will mainly be dependent on global efforts to control the virus. This increase in output is also expected from ramp-up of recently commissioned mines and expansions as well as from the planned start-up of larger projects, such as Kamoa-Kakula (Democratic Republic of Congo) and the State Government Operation (SGO) (Chile).

Although the production and demand for refined copper is expected to remain unchanged, the demand for oxygen-free copper is expected to decrease due to the reduction in demand from the electronics & electrical industry, mainly in the second quarter of 2020. This reduction in demand is expected to steadily recover in the third and fourth quarter of 2020 as the demand for electronics, such as smartphones, gaming consoles, and medical equipment is increasing. According to a recent survey conducted by Electronics Components Industry Association (ECIA), there is a large shift toward 'no impact' & 'minimal impact' in all components segments and expects no disruption in the supply chain in the second half of 2020. Hence, the demand for oxygen-free copper will decrease only slightly by about 2%-3% due to the COVID-19 pandemic according to MarketsandMarkets Analysis.market.

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