Due to the surging utilization of oxygen-free copper wires in the electronics and electrical industry and electric vehicles (EVs), on account of their high thermal and electrical conductivity, ease of welding, good creep resistance, high impact strength, and high ductility, the global oxygen-free copper market is predicted to exhibit rapid expansion during 2021–2030. Furthermore, as per the estimates of the market research company, P&S Intelligence, the market revenue surged to $20.0 billion in 2020.
The soaring sales of electric vehicles are propelling the expansion of the market across the world. As oxygen-free copper has low thermal and electrical resistance, it is being increasingly used in the manufacturing of EVs including plug-in hybrid electric vehicles (PHEVs). Additionally, in order to reduce the carbonization level in the automotive industry and mitigate the emission of greenhouse gases, automobile manufacturers such as BMW AG, Tesla Inc., and Hyundai Motor Company are actively focusing on manufacturing EVs, thereby fueling the growth of the oxygen-free copper market.
Geographically, the Asia-Pacific (APAC) region contributed the highest revenue to the oxygen-free copper market in 2020, and it is predicted to retain its market dominance during the forecast period as well. This is ascribed to the availability of raw materials and cheap labor in the region, which massively reduces the production costs of various materials, and the soaring deployment of electric vehicles, on account of the increasing concerns being raised over the escalating greenhouse gas emissions in the region.
Thus, owing to the growing requirement for oxygen-free copper in the electrical and electronics industry and the mushrooming deployment of electric vehicles, the market will register substantial growth all over the world in the upcoming years.
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
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
