The world copper market is expected to exhibit reliance on economies expanding at a fast rate and developing countries involved in a large number of infrastructure building activities. The rise in the manufacture of industrial machinery, durable goods, transportation equipment, and domestic appliances is anticipated to be nominated as a strong inducement for the global market to grow significantly. Plastic, aluminum, and other substitutes are predicted to pose a punishing effect on the advancement of the market. Howbeit, in the years to come, market vendors are foreseen to be loaded with opportunities as the novel concept of building green structures witnesses an additional development.
By 2023, as per the statistics procured in a report by Transparency Market Research (TMR), the global copper market is prognosticated to attain a colossal revenue of US$171.96 bn. This is expected to be supported by a CAGR of 4.9% prevailing for the forecast period 2015–2023. In 2014, the market was worth a US$138.05 bn.
Electrical and Electronic Products Follow Lead of Construction Market
One of the critical classifications of the international copper market is based on application, which represents vital segments such as consumer products, industrial, electrical and electronic products, construction, and transportation. However, the analysts envisage the construction and electrical and electronic products markets to make the cut in the copper industry. While construction is foretold to cash in on its faster growth to lead the global market, the latter application segment is prophesied to hold the second position. The appealing look of copper seems to have attracted a burgeoning business in various construction domains, including fittings and plumbing. The domestic and industrial purpose electrical cables and wires also employ copper in their manufacture.
Amidst a range of different forms of copper, viz. tube, powder, rods, bars, sections, plates, sheets, and strips, wire rod could count on its extensive scope of application to clasp a king’s share in the world market. Copper wire rods are used in the production of magnet wire usable for electronic parts, wire harness which is used in automobiles, and submarine, underground, large capacity, and ultra-high voltage cables. The tube and powder form markets are envisioned to trail the market for wire rod. Nonetheless, wire rod is projected to steal the glory with a whopping 55.0% volume share in the copper market.
Asia Pacific Humbles Other Regions with Paramount Share
The analysts find no doubt in predicting that the Asia Pacific copper market could be hailed for a maximum share. This is mainly due to the upgraded growth in regional markets such as China and India. Asia Pacific is also expected to rake in a propelling growth on the back of a perpetual advancement in infrastructure upgradation and building and aggressive construction and building activities.
The rapid speed of urbanization catapulting construction activities in India is anticipated to set the tone for the copper market in Asia Pacific. The demand for copper in China could be bolstered by the weighty rate of the domestic manufacturing of household appliances, motor vehicles, and industrial machinery. The need for copper in the production of electronic goods, pipe, electrical wire, and telecommunications equipment in China is due to the evolution of the electrical and electronic sector and constant boom in construction.
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While Europe could be following Asia Pacific in terms of growth, North America is predicted to secure the third position in the world copper market. Likewise, the Middle East and Africa and Latin America are envisaged to be poised for a lucrative growth.