June 24, 2020
According to the research report titled ‘Global Copper Products Market Size study with COVID-19 Impact, by Product Type (Copper Plates, Copper Strips, Copper Foils, Copper Tubes, Copper Rods, Copper Wires and Copper Profiles), by Application (Corrosion Resistance Part, Electrical Conductivity Part and Structural Part) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global copper products market is expected to showcase a healthy growth rate through 2026.
Copper-based products are widely adopted in various industry verticals including electrical & electronics devices, building & construction, architecture, wire & cable, transportation and industrial machinery among others. Besides, rapid industrialization and urbanization in developing countries along with booming electronics & electrical industry are major factors driving the copper products market growth.
Advancements in technology and strategic collaborations between key industry players are further aiding the market expansion. For instance, Weiland Group acquired Global Brass & Copper in April 2019. This acquisition allowed Weiland Group to expand its footprints by improving manufacturing and distributing processes in over 90 facilities and serving industries across regions such as Europe, Asia and North America.
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The recent COVID-19 pandemic has forced worldwide governments to impose strict lockdowns. This has not only halted production and constrained supply chain processes but also has compelled industrial staff to stay home in order to reduce the spread of the disease, which in turn will hamper the growth of global copper products market. Additionally, easy availability of copper substitutes such as aluminum and PVC among others may act as restraining factor to the overall market expansion.
Based on product type, global copper products market is split into copper profiles, copper wires, copper rods, copper tubes, copper foils, copper strips and copper plates. Considering application scope, the market is bifurcated into structural part, electrical conductivity part and corrosion resistance part.
As per the regional analysis, copper products market is divided into North America, Asia-Pacific, Latin America, Europe and Rest of the World. North America market is predicted to expand significantly during the forecast period. Meanwhile, Asia-Pacific copper products industry is also set to record remunerative growth in the forthcoming years.
Hailiang Group Co. Ltd., Jiangxi Copper, Aurubis AG, Premier Copper Products, ASARCO LLC, E&M Copper Products, First Quantum Ltd., Gulf Copper & Manufacturing Corp. and Weiland Copper Products LLC are the major contenders in global copper products industry.