Global Copper Market: Overview
The global copper market is highly concentrated with just few prominentplayers in the market. However, there are several small players in the market,making it to be a highly competitive market, says Transparency Market Research(TMR) report.
An increasing number of laying of electrical poles across cities andrural areas are expected to boost the demand in the global copper market. Theglobal copper market is expected toregister a growth of CAGR 4.6% during the forecast period 2018 to 2026.Simultaneously, the global copper market is estimated to reach the valuation ofUS$ 221.6bn by the end of 2026.
In terms of geography, the AsiaPacific is projected to rule over the global copper market during the forecastperiod. The growth in this region can be attributed to increasing demand fromautomotive, appliances, and construction sectors. On application basis, theglobal copper market is segmented into construction, power generation,appliances and electronics, transportation, and distribution and transmission.Of these, the global copper market is predicted to be dominated by theconstruction sector during the forecast period.
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Construction Sector to be the Pillar for GlobalCopper Market
The global copper market is largely driven by the construction sector.Rapid urbanization and increasing number of commercial, industrial, andresidential constructions will supposedly create a huge demand for the copper.This factor is expected to bolster the expansion of the global copper marketduring the forecast period. Alternatively, rising consumer preference forappliances such as induction gas, water heaters, utensils, etc. And electronicgoods are expected to propel the global copper market in the upcomingyears.
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Furthermore, there is a high demand for valves, plumbing, and electricalfittings are projected to augment the global copper market to expand in theupcoming years. This trend is projected to continue throughout the forecastperiod. Hence, the global copper market is anticipated to expand in the comingyears.
Automotive Industry to Provide Impetus toGrowth
Copper is widely being used in automotive sector. This is said to be thesecond largest industry that provides a huge market for copper. This providesan array of growth opportunities to the global copper market in the upcomingyears. Additionally, in the upcoming years there are possibilities of electricvehicles taking over the automotive market. Hence, the global copper market isexpected to see a healthy growth during the forecast period. Copper has manyproperties such as anti-corrosion, ductility, and enhanced strength that makesit as a viable product for industrial equipment, power cables, and wires. Suchproperties increases the demand for copper and paves way for the global coppermarket to grow during the forecast period. Moreover mining industry is alsopredicted to provide growth opportunities to the global copper market duringthe forecast period.
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Copper prices are stagnant due to economic conditions such as GDP,financial index, and Sensex. Price stagnancy may slow down the global theglobal cooper market.
However, the development in the field of copper market is anticipated tobe playing a key role in the growth of the global copper market. New copperapplications are expected to have properties such as copper touch surfaces,antimicrobial properties, lead free brass plumbing, heat exchangers, and hightech copper wires. Such factors are expected to drive the global copper marketduring the forecast period.
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