Copper Market – Snapshot
The global copper market is likely to observe growth due to its growing prominence across several end use sectors. In the periodic table, copper is the 29th element and is known to be a transition metal. It comes with an atomic weight of 63.55 amu (atomic mass units) and atomic number of 29. This soft and shiny metal finds utilization in a wide array of applications. In its very basic form, copper is highly malleable, which makes it suitable for use in several applications.
Owing to its soft nature, copper is quite frequently utilized as an alloy. Brass and bronze are two of the common copper alloys. Brass is a combination of zinc and copper and bronze is a mixture of tin and copper. Brass is widely utilized in the making of various instruments, such as brass instruments. Copper is considered as a good conductor of electricity, which is highly suitable for use in electrical wiring systems. These uses of copper are likely to work in favor of the global copper market in the years to come.
Demand in the Market to Ride on the Back of its Ability to Maintain Immune System
Copper is considered as an essential trace mineral that is essential for survival. It has its presence in all of the body tissues and plays an important role in the production of red blood cells. Copper also helps in the maintenance of immune system and maintaining nerve cells, which is likely to drive the development of the global copper market in the near future.
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Copper finds use in assisting the body to
- absorb iron
- form collagen
- plays an important role in the generation of energy
Most of the copper in the body is present in the following body parts
- liver
- brain
- heart
- kidneys
- skeletal muscle
Both too little and too much copper can affect the work of brain and can lead to various diseases, such as Alzheimer’s disease, Wilson’s disease and Menkes syndrome.
Global Copper Market: Snapshot
Properties of copper have made it one of the most metal that is widely used in different industries. Moreover, it can be easily recycled among all the metals. Copper-based alloy found their application in day-to-day life. It is largely used for industrial, domestic, and high technology purpose.
Growing demand for copper is likely to meet by mining technology, discovery of new copper reserves, and efficient designs of ore processing. Most importantly, copper contributes to GDP in both developed and developing countries, which has further increased its importance across the globe. Recycling of copper, mining, and its transformation into processed metal to develop diverse range of products has created large number of jobs and contributed in the growth of the GDP of a country.
According to TMR analysis, the global copper market is expected to progress at 4.6% CAGR during the forecast tenure between 2018 and 2026. The market is expected to reach a valuation of US$222.1 bn by the end of 2026.
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Ductile Property of Copper has Boosted Its Demand for Making Wire Rods
The global copper market is categorized on the basis of form, type, and application. In terms of form, the global market is segmented into plates, wire rods, tubes, sheets and strips, bars and sections, and others. The wire rods segment held maximum share in 2017, and is likely to lead the market over the forecast period. High-energy efficiency, ductility, strength, and corrosion resistance are the properties of copper that has led its demand in making wire rods. Due to these properties, copper is widely used for manufacturing power cables, wires, and other industrial equipment.
Application of copper is seen in transportation, construction, appliances & electronics, distribution and transmission, power generation, and others industries. Of these, power generation, construction, and appliances and electronics collectively held 70% share in the global copper market in 2017. Moreover, the others segment comprising of ammunition coins, defense, machinery, etc. is leading the global copper market. High demand for copper for making taps, plumbing, valves, and fittings has augmented growth in this market. Moreover, copper tubes help in preventing bacterial infections, which has led its demand in these industries. The transportation segment is expected to hold second position in the market.
Based on type, the market is bifurcated into primary copper and secondary copper. Of these two, secondary copper is likely to witness higher growth over the projected period.
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Rising Growth in Construction and Automotive Industries to Boost Copper Demand in Asia Pacific
With respect to geography, the global copper market covers Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Among these, Europe and North America copper market is projected to rise steadily in the forthcoming years. Recent advancements seen in the transportation industry and introduction of new trains and airplanes in the region has further boosted growth in North America copper market. Europe is also contributing substantially in e expanding copper market, as large number of players are operating in this market.
Asia Pacific is expected to hold larger share in the global copper market. In 2017, Asia Pacific held 65% of share in the market. Rapid growth in the construction, automotive, and appliances industries has led dominance of this region in the global copper market. Moreover, higher demand for wiring, radiators, copper motors, connectors, heat exchange equipment, brakes, pressure vessels, and vats further boosted growth in the Asia Pacific copper market. China is expected to hold maximum share in Asia Pacific copper market.
In terms of competition, the global copper market is highly competitive due to the presence of larger number of players operating in the market. The report provides in-depth information of the leading players and the strategies used by them. The report includes BHP Bilition, Rio Tinto, Freeport McMoRan Inc., Glencore International AG, Jiangxi Copper Corporation, LS-Nikko Co., and Sumitomo Metal Mining Co. Ltd.
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