Higher Copper Load of Electric Vehicles to Emerge as a Game Changer in the Global Copper Market

Growing focus on renewable technologies including wind and solar energy, surge in production of electric vehicles and improving investment in infrastructure development are poised to drive global consumption of refined copper to reach 29 million metric tons by 2024.

One of the first metals to be discovered and used by humans, Copper enjoys wide applications across various industrial, technological and domestic sectors ranging from coins and ornaments to aerospace electronics. Copper is a naturally occurring metal in the crust of the earth and is extremely versatile. Its major advantages come from its exceptional aesthetic, chemical and physical properties including thermal and electrical conductivity. The growth in the market is driven by increasing demand from existing and niche market applications spanning various sectors including building and construction, electrical and electronic equipment, industrial machinery and equipment, transportation, and consumer products. Future growth in the market is expected to stem mainly from the expansion of copper usage in electric/battery-powered vehicles, and copper cables for digital transmission and increasing investment in renewable energy including solar and wind energy infrastructure.

Accounting for a share of over 39% of the market, the electrical and electronic segment, comprising copper-based equipment, components and cables, is the largest end-user sector for copper. Copper plays an integral role in electrical components and systems, attributed to its high conductivity and ductility features. With hybrid electric vehicles and electric vehicles requiring more copper than in-combustion engine vehicles, due to higher voltage and power requirements, the surge in EV segment is expected to significantly benefit the demand for copper. Given the government support through subsidies and tax credits, electric vehicles are increasingly finding favor among car buyers. Also with copper comprising an important component in wind turbines and photovoltaic (PV) systems, the significant growth in wind-power and solar energy installations is expected to drive demand for copper. Bound by legislations to improve efficiency, the ACR industry is increasingly reverting to copper, owing to its superiority in heat transfer applications. Advancements such as copper tubes with inner grooves are basically designed to help improve the energy efficiency in air conditioner and refrigeration applications. Copper tubes in air conditioning applications have also been found to retard growth of fungi in tubes, resulting in cleaner air and higher equipment efficiency.

As stated by the new market research report on Copper, Asia-Pacific represents the largest and the fastest growing market worldwide, led by factors such as steady expansion of manufacturing capacity, rise in infrastructure investments, burgeoning foreign investment in copper mining, and growing focus on ramping-up power generation infrastructure.

Major players covered in the report include Anglo American Plc, Antofagasta Plc, BHP Billiton Group, , Codelco, First Quantum Minerals Ltd., Freeport-McMoRan Copper & Gold Inc., Grupo México S.A.B. DE C.V, Jiangxi Copper Co. Ltd., JX Nippon Mining & Metals Corp., KGHM Polska MiedŸ S.A, KME AG, Mitsubishi Materials Corp., Mitsui Mining & Smelting Co. Ltd., Norilsk Nickel, OM Group Inc., Rio Tinto Group, Sumitomo Metal Mining Co., Ltd., Teck Resources Ltd., UMMC Holding Corp., and Vale Ltd. among others.

The research report titled “Copper: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers and strategic industry activities of major companies worldwide. The report provides market estimates and projections of consumption in thousand metric tons for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific (India, South Korea, Taiwan, and Others)), Latin America (Brazil and Rest of Latin America), and Rest of World. The global and regional markets for Copper are analyzed by the end-use sectors - Building & Construction, Electrical & Electronic, Industrial Machinery & Equipment, Transportation, and Consumer & General Products.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

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