Global Oxygen-Free Copper Market Trends, Leading Players, Growth and Demand Forecast to 2030

The major factors in the global oxygen-free copper market are skyrocketing demand for oxygen-free copper wires in the electronics & electrical industry and electric vehicles (EVs). This surging demand is owing to their ease of welding, renowned creep resistance, high impact strength, high thermal and electrical conductivity, and high ductility. The market is predicted to grow significantly in the coming years. The outbreak of COVID-19 had disrupted the entire circular economy, significantly reducing this market's sales because of the ruptured logistical network, shutdown of electronic & electrical product factories, and reduced EV production.

Within the grade system, the oxygen-free copper market can be bifurcated into oxygen-free electronic and oxygen-free categories. The latter bifurcation generated higher revenue in the market in the past, not only in terms of value but also in terms of volume. The category will continue to exhibit this trend in the coming years as well. This can be attributed to the surging requirement of oxygen-free copper in electromagnets, magnetometers, and other superconductors. This will go hand in hand with a snowballing demand for electric vehicles.

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When segmented on end user, the electronics & electrical bifurcation will witness the faster oxygen-free copper market growth in the next eight years. Furthermore, swift adoption of technology will assist the market players to adapt to the existing market trends and the paradigm shifts in the tastes and preferences of consumers. Moreover, the category's higher revenue generation can be ascribed to the large utilization of this material in the production of superconductors and semiconductors. In addition, this is complemented by a snowballing demand for power generation all around the world.

Geographically, APAC will rule the oxygen-free copper market till at least the end of the 2020s. Being home to some of the most populous countries such as Japan, India, and China, APAC will be the protagonist of the market growth. This can be ascribed to the growing population, swift urbanization, rising disposable income, and subsequently, rising purchasing power of the consumers. Furthermore, all of these factors will go hand in hand with the skyrocketing demand for semiconductor and electronic devices in the emerging economies within this region, including India, Bangladesh, and China.

The escalating requirement for EVs will spur the oxygen-free copper market growth in the coming years. Additionally, oxygen-free copper is extensively utilized in the manufacturing of EVs, particularly in plug-in hybrid electric vehicles (PHEVs) owing to its thermal and electrical aversion. Furthermore, there is a rising awareness of automotive market players including Tesla Inc. and BMW AG, to reduce the environmental deterioration as a part of their corporate social responsibility. Therefore, there is a strong inclination toward the manufacturing of EVs to significantly reduce greenhouse gas emissions in the environment.

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The market players are continually indulging in several mergers and acquisitions to open the closed opportunities. Therefore, this will provide lucrative opportunities to the market players including Sam Dong Co. Ltd. and Mitsubishi Materials Corporation, to gain a competitive edge and launch new products in the market through the gradual adoption of technologically advanced devices.

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