Copper Alloy Bar Market Overview
The Copper Alloy Bar Market size is projected to reach US$ 1.3 billion by 2027, after growing at a CAGR of 5.1%
during the forecast period (2022-2027). Copper Alloy Bar such as brass and bronze offer excellent electrical conductivity,
flexibility, and are highly resistant to corrosion. All of these properties
make them ideal for use in a wide range of industries which include automotive,
construction, electrical & electronics, marine, oil & gas, power
generation, petrochemical, paper & pulp, and other industries. According to
the International Organization of Motor Vehicle Manufacturers (OICA), the total
global automobile production reached 80.2 billion units in 2021, an increase of
3% as compared to 77.7 billion units in 2020. An increase in automobile production along
with the surging demand from the oil & gas industry acts as the major driver
for the market. On the other hand, the availability of
substitutes may act as a constraint for the market.
COVID-19 Impact
There is no doubt that the COVID-19 lockdown
has significantly reduced manufacturing, and production activities as a result
of the country-wise shutdown of manufacturing sites, shortage of labor, and the
decline of the supply and demand chain all over the world, thus, affecting the
market. Studies show that the outbreak of COVID-19 sharply declined the
production of automobiles in 2020 due to a lack of operations across multiple
countries around the world. According to OICA (International Organization of
Motor Vehicle Manufacturers), the production of automobiles decreased by 16%
globally in the year 2020 as compared to 2019. However, a slow recovery in the automotive
industry has been witnessed across many countries around the world since 2021. Copper Alloy Bar is primarily used in heater cores, tubes, radiators, and tanks of an
automobile, owing to its excellent resistance to spark and corrosion. For
instance, recent insights from OICA states that the total automobile production
in 2021 in Europe, America, Asia, and Africa increased by 25%, 17%, 28%, and
37% respectively in comparison to 2020. In this way, a steady increase in the production
of automobiles is expected to increase the demand for Copper Alloy Bar for use in automotive components, owing to their durability and
corrosion resistant properties. This
indicates a steady recovery of the market in the upcoming years.
Report Coverage
The report: “Copper Alloy Bar Market Report– Forecast (2022-2027)”, by
IndustryARC covers an in-depth analysis of the following segments of the Copper Alloy Bar Industry.
By Product Type: Round Copper Bar, Flat Copper Bar,
Rectangular Copper Bar, Others.
By Alloy Type: Brass, Bronze, Copper Nickel, Others.
By Grade: C10200, C10300, C10800, C11400,
C11600, C14200, C14420, C12000, C12200.
By End-Use
Industry: Automotive,
Construction, Electrical & Electronics, Marine, Oil & Gas, Power
Generation, Petrochemical, Paper & Pulp, Others.
By Geography: North America (USA, Canada, and
Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia,
Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South
Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of
Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest
of South America), the Rest of the World (the Middle East, and Africa).
Key Takeaways
- Bronze
type held a significant share in the Copper Alloy Bar Market in 2021.
Its wide range of characteristics, corrosion resistance, and heat resistance
properties made it stand out in comparison to other types of Copper Alloy Bars
in the market.
- Electrical & electronics industry held the largest share in the Copper Alloy Bar Market in 2021, owing to the increasing demand for Copper Alloy Bars from the industry. According to recent insights published on Growth from Knowledge (GRK) in September 2021, the global consumer electronics industry obtained a total sales growth of US$ 42.8 billion during the first quarter of 2021, an increase of 18% in comparison to 2020.
- Asia-Pacific dominated the Copper Alloy Bar Market in 2021, owing to the increasing demand for Copper Alloy Bars from the electrical & electronics sector of the region. According to the Semiconductor Industry Association, China imported around US$ 378 billion in semiconductors, accumulated 35% of the world’s electronic devices, and was responsible for 30% to 70% of the global PC, TV, and mobile phone exports in 2020.
Figure: Asia-Pacific Copper Alloy Bar Market Revenue, 2021-2027 (US$ Billion)
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Copper Alloy Bar Market Segment Analysis – By Alloy Type
The bronze segment held a significant share in
the Global Copper Alloy Bar market in 2021, owing to its increasing demand due to
the characteristics and benefits it offers over other types of Copper Alloy Bars. For instance, bronze is more durable and offers superior tensile strength
in comparison to brass and other types of copper alloys. It offers excellent
resistance to corrosion even in salt water as opposed to brass and other metal
alloys. Moreover, bronze has a higher melting point which allows it to
withstand high temperatures as compared to other copper alloys. Furthermore, it
offers excellent resistance to wear and friction along with good machinability.
Thus, all of these benefits are driving its demand over other types of copper
alloy bars, which in turn, is expected to boost the market growth during the
forecast period.
Copper Alloy Bar Market Segment Analysis – By End-Use Industry
The electrical & electronics industry held
the largest share in the Copper Alloy Bar Market in 2021 and it is expected
to grow at a CAGR of 5.2% between 2022 and 2027, owing to the increasing demand
for copper alloy bars for use in electrical transmission and distribution
projects across the globe. For instance, according to NES Fircroft, the U.S has
invested around US$ 3 billion for its electrical transmission and distribution
project called the Euro-Asia Connector worth US$ 4.1 billion in 2022. The
project aims at building a cross-border electricity grid that will be connected
through bi-directional cables in order to provide a steady and sufficient
supply of electricity through national transmission operators. Similarly, it
further states the commencement of another electrical distribution project
called the Euro-Africa Connector worth US$ 4 billion. The project is expected
to begin in 2022 and aims at connecting Egypt, Cyprus, and Greece through a
2,000MW electricity interconnector by the end of 2022. This, in turn, is
expected to increase the demand for copper alloy bars for use in electrical panel board
switches and relays, along with sockets, PCB plug pins, and terminal blocks
installed in such electrical transmission and distribution facilities, owing to
its high electrical conductivity along with excellent resistance from corrosion,
spark, heat, and other properties. This is expected to drive the growth of the
market during the forecast period.
Copper Alloy Bar Market Segment Analysis – By Geography
Asia-Pacific held the largest share in the Copper Alloy Bar Market in 2021 up to 31%. The consumption of copper alloy bars
is particularly high in this region due to its increasing demand from the electrical
and electronic sectors. For instance, recent insights from NES Fircroft state
that the State Grid Corporation of China (SGCC) has started a new power
transmission and distribution project worth US$ 33.7 billion in 2020 in order
to meet the increasing electricity demands in China. The project aims at building 12 electricity
transmission lines capable of connecting the coal production and hydropower
centers to the densely populated parts of the country. According to a recent
study published in the Economic Times (Telecom) in 2021, electronic
manufacturing and production were valued at around US$ 100 billion in India. It
further states that mobile manufacturing in India surpassed INR 90000 crore
(US$ 12 trillion) in 2021 as per the statement made by the Indian IT Minister.
Likewise, according to the annual reports published by Samsung during the
fourth quarter of 2020, the total revenue of the consumer electronics division
was valued at KRW 13.6 trillion (US$ 11.3 billion) with an operating profit of
KRW 0.8 trillion (US$ 668 million).
Copper alloy bars play a vital role in the electrical and electronics sector since they are primarily used in electrical panel board switches and relays, along with sockets, PCB plug pins, terminal blocks, and other electronic components, owing to their excellent electrical conductivity, and superior resistance against heat, spark, and corrosion. Hence, an increase in demand for electricity, and electronic devices is expected to increase the use of copper alloy bars, leading to the growth of the market during the forecast period.
Copper Alloy Bar Market Drivers
An increase in automobile production is most likely to increase demand for the product
According to a recent study published by the
German Association of Automotive Industry during the fourth quarter of 2020,
the new registration of motor vehicles reached up to 16,763 units in Europe,
37,467 units in Asia, 3080 units in South America, 17,421 units in North America,
12,733 units in Western Europe, and 5180 units in other regions worldwide.
Likewise, a recent study published by the International Netherlands Group (ING)
states that the demand for the production and development of electric vehicles
has been increasing since the pandemic. It states that the global sales of new
electric vehicles have increased by 50% in 2021, and it is expected to increase
by 8% in 2022. It further states that the sales of electric vehicles have
increased by 14% in Europe, 9% in China, and 4% in the US.
Hence, an increase in demand and production of
vehicles is expected to increase the demand for copper alloy bars for use in
heater cores, tubes, radiators, and tanks of an automobile owing to its
excellent resistance to heat, spark, and corrosion. This is most likely to
drive the growth of the market in the upcoming years.
An increase in demand from the oil and gas industry is most likely to increase demand for the product
Copper alloy bars are commonly used in the valve stems, flex shafts, tanks, pump shafts, pump impellers, rock
bit bearings and bushings, wear plates, piping systems, and other components of
an oil and gas plant. For instance, the government of the USA announced the
continuation of operations of the Alaska LNG Liquefaction Plant project worth
US$ 43 billion in 2020. The Alaska LNG represents a three-train liquefaction
plant, gas treatment plant, and an 800-mile pipeline. The facility is expected
to export around 3.5 billion cubic feet of gas per day from Alaska’s North
Slope gas fields and is scheduled to begin its operations in 2025. According to
recent insights published by NS Energy in 2021, 512 oil & gas projects are
scheduled to start operations from 2021 to 2025 in China. One of the largest
projects includes the Yantai Expansion terminal worth US$ 1.1 billion which has
an overall capacity of 487 billion cup feet (bcf). Its operations are expected
to begin in 2025.
In this way, an increase in the development of
oil & gas plants in various countries across the world is expected to
increase the demand for copper alloy bars for use in the above-mentioned
components of the plant, owing to its excellent durability, along with heat,
corrosion, and abrasion resistant properties. This is expected to accelerate
the market growth in the upcoming years.
Copper Alloy Bar Market Challenges
Availability of substitutes may cause an obstruction to the market growth
The availability of substitutes such as
aluminum alloy bars may restrict the growth of the market. Moreover, the
electrical conductivity of aluminum alloy is similar to that of copper alloy.
Its resistivity is around 1.6 times higher than copper while its density is
less than copper alloy which makes them much lighter in terms of weight as
compared to copper alloys. Moreover, aluminum alloys are strong, durable, and
offer excellent corrosion and spark resistance. Furthermore, they are
non-combustible, non-toxic along with being relatively economical and cheaper
in comparison to copper alloys. Thus, such availability of other substitutes
may confine the growth of the market.
Copper Alloy Bar Industry Outlook
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Copper Alloy Bar
Market. Global Copper Alloy Bar top 10 companies are:
- Aurubis
- Jiangxi Copper
- Mitsubishi Materials
- Golden Dragon
- Wieland
- KME Group
- Jintian Group
- Mueller
- Poongsan Corporation
- Hailiang Group
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LIST OF TABLES
1.Global Copper Alloy Bar Market, by Type Market 2023-2030 ($M)2.Global Copper Alloy Bar Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
3.Global Copper Alloy Bar Market, by Type Market 2023-2030 (Volume/Units)
4.Global Copper Alloy Bar Market Analysis and Forecast by Type and Application Market 2023-2030 (Volume/Units)
5.North America Copper Alloy Bar Market, by Type Market 2023-2030 ($M)
6.North America Copper Alloy Bar Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
7.South America Copper Alloy Bar Market, by Type Market 2023-2030 ($M)
8.South America Copper Alloy Bar Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
9.Europe Copper Alloy Bar Market, by Type Market 2023-2030 ($M)
10.Europe Copper Alloy Bar Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
11.APAC Copper Alloy Bar Market, by Type Market 2023-2030 ($M)
12.APAC Copper Alloy Bar Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
13.MENA Copper Alloy Bar Market, by Type Market 2023-2030 ($M)
14.MENA Copper Alloy Bar Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
LIST OF FIGURES
1.US Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)2.Canada Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
3.Mexico Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
4.Brazil Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
5.Argentina Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
6.Peru Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
7.Colombia Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
8.Chile Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
9.Rest of South America Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
10.UK Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
11.Germany Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
12.France Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
13.Italy Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
14.Spain Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
15.Rest of Europe Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
16.China Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
17.India Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
18.Japan Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
19.South Korea Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
20.South Africa Global Copper Alloy Bar Industry Market Revenue, 2023-2030 ($M)
21.North America Global Copper Alloy Bar Industry By Application
22.South America Global Copper Alloy Bar Industry By Application
23.Europe Global Copper Alloy Bar Industry By Application
24.APAC Global Copper Alloy Bar Industry By Application
25.MENA Global Copper Alloy Bar Industry By Application