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.
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.
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.