NEW YORK, July 27, 2021 /PRNewswire/ -- The surging requirement for high-quality materials in the defense, transportation, and aerospace industries, soaring usage of oxygen-free copper in high-end audiovisual systems, and the high electrical conductivity of the material are some of the major factors driving the expansion of the global oxygen-free copper market. Additionally, the mushrooming deployment of electric vehicles (EVs) and the soaring requirement for oxygen-free copper in the electronics & electrical industry are also predicted to propel the expansion of the market. Because of these factors, the market reached nearly $20.0 billion revenue in 2020 and it is expected to exhibit huge expansion during 2021-2030, says market research firm P&S Intelligence.
The COVID-19 pandemic has massively hampered the operations of several industries, because of the imposition of lockdowns and travel bans and the closing down of factories and offices in several countries for mitigating the spread of the infection. Moreover, the lockdowns and social distancing protocols imposed by several governments caused disruptions in the supply chain, which, in turn, affected the sales of end products, thereby hindering the progress of the market.
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The oxygen-free copper market is divided into oxygen-free electronic and oxygen-free categories, depending on grade. Between these, the oxygen-free category held the larger share in the market in 2020, because of the large-scale use of oxygen-free copper wires in the automotive industry, on account of the soaring requirement for wires having high formability and good conductivity in automobiles.
The oxygen-free copper market is also categorized into strips, wires, rods, and busbars, based on product. Out of these, the wires category dominated the market in 2020, due to the ability of the wires made from oxygen-free copper to transmit low-frequency sounds and exhibit high conductivity and durability. Additionally, the surging requirement for these wires in the automobile and electronics & electrical industries is also contributing to the expansion of the category in the market.
Browse detailed report with COVID-19 impact analysis on Oxygen-Free Copper Market Research Report: By Grade (Oxygen-Free, Oxygen-Free Electronic), Product (Wires, Strips, Busbars, Rods), End user (Electrical and Electronics, Automotive) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/oxygen-free-copper-market
Globally, Asia-Pacific (APAC) held the largest share in the oxygen-free copper market in 2020, and this trend is predicted to continue in the forthcoming years as well. This will be due to the lower manufacturing costs, on account of the availability of cheap raw materials and labor, and the rising adoption of EVs, due to the increasing concerns being raised over the escalating greenhouse gas emissions, in the region.
The players operating in the global oxygen-free copper market are focusing on acquisitions for enhancing their geographical presence. For example, KME SE announced in July 2019 that it has finished the transaction with ECT-European Copper Tubes Limited and completed the acquisition of Tréfimétaux SAS. With this acquisition, KME SE obtained 100% control of Tréfimétaux SAS at $2.3 million.
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Mitsubishi Materials Corporation, Libo Group, KME Germany GmbH, Metrod Holdings Berhad, Hitachi Metals Neomaterials Ltd., Farmer's Copper Ltd., KGHM Polska Miedz SA, Hussey Copper Ltd., Sam Dong Co. Ltd., Aviva Metals Inc., and Citizen Metalloys Ltd. are some of the major players in the global oxygen-free copper market.
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