Electrical Sector to Illuminate Copper Market is Projected to Reach around US$ 221.6 Bn by 2026

The global copper market is highly concentrated with just few prominent players in the market. However, there are several small players in the market, making it to be a highly competitive market, says Transparency Market Research (TMR) report.

An increasing number of laying of electrical poles across cities and rural areas are expected to boost the demand in the global copper market. The global copper market is expected to register a growth of CAGR 4.6% during the forecast period 2018 to 2026. Simultaneously, the global copper market is estimated to reach the valuation of US$ 221.6bn by the end of 2026.

In terms of geography, the Asia Pacific is projected to rule over the global copper market during the forecast period. The growth in this region can be attributed to increasing demand from automotive, appliances, and construction sectors. On application basis, the global copper market is segmented into construction, power generation, appliances and electronics, transportation, and distribution and transmission. Of these, the global copper market is predicted to be dominated by the construction sector during the forecast period.

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Construction Sector to be the Pillar for Global Copper Market

The global copper market is largely driven by the construction sector. Rapid urbanization and increasing number of commercial, industrial, and residential constructions will supposedly create a huge demand for the copper. This factor is expected to bolster the expansion of the global copper market during the forecast period. Alternatively, rising consumer preference for appliances such as induction gas, water heaters, utensils, etc. And electronic goods are expected to propel the global copper market in the upcoming years.

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Furthermore, there is a high demand for valves, plumbing, and electrical fittings are projected to augment the global copper market to expand in the upcoming years. This trend is projected to continue throughout the forecast period. Hence, the global copper market is anticipated to expand in the coming years.