Copper Market to Reach US$ 221.6 Billion by 2026
The global copper market is highly concentrated with just few prominent players in the market. However, there are several small players in the market, making it to be a highly competitive market, says Transparency Market Research (TMR) report.
An increasing number of laying of electrical poles across cities and rural areas are expected to boost the demand in the global copper market. The global copper market is expected to register a growth of CAGR 4.6% during the forecast period 2018 to 2026. Simultaneously, the global copper market is estimated to reach the valuation of US$ 221.6bn by the end of 2026.
In terms of geography, the Asia Pacific is projected to rule over the global copper market during the forecast period. The growth in this region can be attributed to increasing demand from automotive, appliances, and construction sectors. On application basis, the global copper market is segmented into construction, power generation, appliances and electronics, transportation, and distribution and transmission. Of these, the global copper market is predicted to be dominated by the construction sector during the forecast period.
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Construction Sector to be the Pillar for Global Copper Market
The global copper market is largely driven by the construction sector. Rapid urbanization and increasing number of commercial, industrial, and residential constructions will supposedly create a huge demand for the copper. This factor is expected to bolster the expansion of the global copper market during the forecast period. Alternatively, rising consumer preference for appliances such as induction gas, water heaters, utensils, etc. And electronic goods are expected to propel the global copper market in the upcoming years.
Furthermore, there is a high demand for valves, plumbing, and electrical fittings are projected to augment the global copper market to expand in the upcoming years. This trend is projected to continue throughout the forecast period. Hence, the global copper market is anticipated to expand in the coming years.
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Automotive Industry to Provide Impetus to Growth
Copper is widely being used in automotive sector. This is said to be the second largest industry that provides a huge market for copper. This provides an array of growth opportunities to the global copper market in the upcoming years. Additionally, in the upcoming years there are possibilities of electric vehicles taking over the automotive market. Hence, the global copper market is expected to see a healthy growth during the forecast period. Copper has many properties such as anti-corrosion, ductility, and enhanced strength that makes it as a viable product for industrial equipment, power cables, and wires. Such properties increases the demand for copper and paves way for the global copper market to grow during the forecast period. Moreover mining industry is also predicted to provide growth opportunities to the global copper market during the forecast period.
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Copper prices are stagnant due to economic conditions such as GDP, financial index, and Sensex. Price stagnancy may slow down the global the global cooper market.
However, the development in the field of copper market is anticipated to be playing a key role in the growth of the global copper market. New copper applications are expected to have properties such as copper touch surfaces, antimicrobial properties, lead free brass plumbing, heat exchangers, and high tech copper wires. Such factors are expected to drive the global copper market during the forecast period.
This review is based upon the TMR report titled, “Copper Market (Type - Primary Copper, Secondary Copper; Form - Wire Rods, Plates, Sheets and Strips, Tubes, Bars and Sections, Others (Ingots, Powder etc.); Application - Construction, Transportation, Appliances and Electronics, Power Generation, Distribution and Transmission, Others (Ammunition Coins Machinery, Defense, etc.)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026”
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