According to a new report published by Acumen Research and Consulting titled “Copper Market (By application: Building & Construction, Electrical & Electronics, Industrial Machinery & Equipment, Transportation, Consumer & General Products) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”, the global market for copper is estimated to grow at a significant rate and reach the market value of over $222 billion by 2023. Among the major factors responsible for this astounding growth are ever increasing population and the need to meet their demand for rising construction activities all around the world are expected to upsurge copper demand as it is one of the important building materials. For roofing applications, copper sheet provides good water resistance. Less density than lead and light in weight makes copper perfect material to support building structures. In addition, better fire resistance, high melting point, and high tensile strength of copper as related to other materials makes it calmer to install on domes and roof.
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Asia Pacific dominated the global copper market, holding over 65% of the market share in 2017. It was followed by North America as well as Europe. In Asia Pacific, China established a significant share of the copper market in Asia Pacific, in terms of both volume as well as revenue, in 2017. Presence of key copper refineries and copper manufacturers and upsurge demand for construction led by growing urbanization in the nation are fueling the demand for copper in China. The copper market in North America, Europe, and Asia Pacific is anticipated to develop at a high CAGR during the estimated period. Subsequently, the copper market in Latin America and Middle East & Africa is expected to develop at a lethargic pace during the forecast period.According to the United States Geological Survey (USGS), international copper reserves raised at approx. 720 million tons in 2017 and undiscovered copper reserves are valued to stand at approx. 3,500 million tons. In Europe, the total number of copper reserves is very small, and these reserves fail to meet the gap between demand supply for copper in the region.
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By application building & construction, electrical & electronics, industrial machinery & equipment, transportation, consumer & general products. Rising application in the electrical power industry such as wire, cable, residential electric circuits, transformers, plug components, connectors, and motor manufacturing is anticipated to drive its consumption over the forecast period. Furthermore, copper brazing material and copper foils are being gradually used in vacuum electronic devices such as high-frequency tubes, magnetron, and copper printed circuits.
In addition, the key players operating in copper market and identifies the key strategies deployed by them along with the market share of leading players. Moreover, leading players are now targeting to increase their footprint in the domestic as well as in the international market. Some of the leading companies operating in the global copper market include Jiangxi Copper Corporation, Tongling Non-Ferrous Metals Group, BHP Bilition, Antofagasta Plc., LS-Nikko Co., Group Mexico, and Aurubis. Other prominent players in the copper market are Vedanta Resources Plc, Freeport McMoRan Inc., Codelco, Rio Tinto, Glencore International AG, and Sumitomo Metal Mining Co. Ltd.
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