Oxygen-Free Copper Market Size, Business Strategies, Regional Outlook, Challenges and Analysis Through 2030

Due to the surging utilization of oxygen-free copper wires in the electronics and electrical industry and electric vehicles (EVs), on account of their high thermal and electrical conductivity, ease of welding, good creep resistance, high impact strength, and high ductility, the global oxygen-free copper market is predicted to exhibit rapid expansion during 2021–2030 (forecast period). Furthermore, as per the estimates of the market research company, P&S Intelligence, the market revenue surged to $20.0 billion in 2020.

The soaring sales of electric vehicles are propelling the expansion of the market across the world. As oxygen-free copper has low thermal and electrical resistance, it is being increasingly used in the manufacturing of EVs including plug-in hybrid electric vehicles (PHEVs). Additionally, in order to reduce the carbonization level in the automotive industry and mitigate the emission of greenhouse gases, automobile manufacturers such as BMW AG, Tesla Inc., and Hyundai Motor Company are actively focusing on manufacturing EVs, thereby fueling the growth of the oxygen-free copper market.

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For example, Tata Motors Limited developed Tata Nexon EV, an electric sports utility vehicle (SUV), in December 2019. In India, the company recorded sales of nearly 4,000 units till March 2021. In these vehicles, intelligent connectivity solutions such as oxygen-free copper cables and busbars, are required for electrically powered systems. Depending on grade, the market is divided into oxygen-free electronic and oxygen-free categories. Between these, the oxygen-free category held the larger share in the market in 2020.

This was because of the large-scale use of oxygen-free copper wires in the automotive industry, owing to the burgeoning need for excellent formability and good conductivity of the wires used in vehicles. When product is taken into consideration, the oxygen-free copper market is categorized into stripes, rods, busbars, and wires. Amongst these, the wires category dominated the market in 2020, owing to the durability and high conductivity of the wires and their ability to transmit low-frequency sounds.

Geographically, the Asia-Pacific (APAC) region contributed the highest revenue to the oxygen-free copper market in 2020, and it is predicted to retain its market dominance during the forecast period as well. This is ascribed to the availability of raw materials and cheap labor in the region, which massively reduces the production costs of various materials, and the soaring deployment of electric vehicles, on account of the increasing concerns being raised over the escalating greenhouse gas emissions in the region.

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Thus, owing to the growing requirement for oxygen-free copper in the electrical and electronics industry and the mushrooming deployment of electric vehicles, the market will register substantial growth all over the world in the upcoming years.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.