Oxygen-Free Copper Market Size Worth USD 49.83 Billion by 2032 | CAGR: 5.8%

The global oxygen-free copper market size is expected to reach USD 49.83 billion by 2032, according to a new study by Polaris Market Research. The report “Oxygen-Free Copper Market Share, Size, Trends, Industry Analysis Report – By Grade (Cu-OF and Cu-OFE), Product, Application, and Region; Market Forecast, 2024–2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increase in demand for high-quality copper in a wide range of sectors such as aerospace, electronics, and automotive is significantly driving the oxygen-free copper market growth. Additionally, increasing government incentives and initiatives for end-use industries have led to their expansion. For instance, the Indian government has introduced the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme to promote the manufacturing of electric vehicles (EVs) with the goal of reaching approximately 7 million EVs by 2022. This initiative comes in response to increasing public worries about global warming. Such initiatives propel the demand for oxygen-free copper worldwide.  

Increasing investments by major players to expand manufacturing capacities and research and development to meet global demand for oxygen-free pure copper is anticipated to expand the oxygen-free copper market reach during the forecast period. In November 2023, SK Nexilis started manufacturing ultra-thin oxygen-free copper (4 microns) at its new facility located in Malaysia. This plant has a capacity of 57 KTs/annum and was built with an investment of nearly USD 690 million.

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Increasing collaboration and merger & acquisition strategies between major players for the exchange of resources and technological advancements in manufacturing would fuel the oxygen-free copper market growth during the forecast period. In October 2023, Anglo-Americans signed a Memorandum of Understanding (MoU) with Mitsubishi Materials to collaborate on producing copper products. This partnership aims to meet the rising demand for copper across various industries, reflecting the growing need for premium materials to support advanced technological applications.

Oxygen-Free Copper Market Report Highlights

• By grade, the Cu-OF segment is expected to register a higher CAGR during the forecast period due to exceptional conductivity, purity, and overall performance of Cu-OF.
• The electrical & electronics segment, based on application, accounted for the largest market share in 2023, primarily due to the increase in demand for durable and high-quality consumer electronics.
• In terms of product, the wire segment is projected to witness the highest CAGR during the forecast period, as copper wires are widely used in electrical equipment.
• The market in Asia Pacific is projected to grow significantly during the forecast period, attributable to rising investments in the electronics and automotive sectors.
• A few global market players are Copper Braid Products, Cupori, Hitachi Metals Neomaterial, and Hussey Copper.

Polaris Market Research has segmented the oxygen-free copper market report on the basis of grade, product, application, and region:

By Grade Outlook (Revenue – USD Billion, 2019–2032)

• Cu-OF
• Cu-OFE

By Product Outlook (Revenue – USD Billion, 2019–2032)

• Wires
• Strips
• Busbars & Rods
• Other Products

By Application Outlook (Revenue – USD Billion, 2019–2032)

• Electrical & Electronics
• Automotive
• Other Applications

     By Regional Outlook (Revenue – USD Billion, 2019–2032)

• North America

• US
• Canada

• Europe

• Germany
• France
• UK
• Italy
• Spain
• Netherlands
• Russia
• Rest of Europe

• Asia Pacific

• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• Australia
• Rest of Asia Pacific

• Middle East & Africa

• Saudi Arabia
• UAE
• Israel
• South Africa
• Rest of Middle East & Africa

• Latin America

• Mexico
• Brazil
• Argentina
• Rest of Latin America

Oxygen-Free Copper Market Report Scope