From 2021 to 2026, the global oxygen-free copper market will grow at a compound annual rate of 5.53%

According to a report released by Technavio, an international market research institution, it is expected that the market share of oxygen-free copper will increase by $5.
87 billion from 2021 to 2026, and the market growth momentum will accelerate
at a compound annual growth rate of 5.
53%.

Increasing demand for electricity is one of
the key drivers supporting the growth of the oxygen-free copper market.
According to the International Energy Agency, global electricity demand grew by 4.
5%
in 2021.
This is almost five times the decline in 2020, which results in electricity's share of total energy demand exceeding 20%.

Nearly 80% of demand growth in 2021 came from emerging market and developing economies, with China alone accounting for half
of global growth.

Global electricity demand is expected to grow by more than 25% by 2040, with power plants, including fossil fuels and renewables, requiring oxygen-free copper wires, strips and busbars
.
Thus, the demand for oxygen-free copper is expected to increase during the forecast period as the demand for energy and new power plant installations continues to
grow.

The growing demand for oxygen-free copper in the aviation industry is another factor
supporting the growth of the market.
For example, in October 2021, Stratolaunch, a U.
S.
-based aerospace vehicle and technology designer and manufacturer, announced that the company would launch its new Talon-A hypersonic test vehicle in 2022
.
The company has completed a design review
of the aircraft.

In addition, the U.
S.
Department of Defense signed a research contract with Stratolaunch in December 2021 to conduct hypersonic technology research to build such an aircraft
.
Therefore, as the global aviation industry grows, so will the number of aircraft, which will directly drive the demand
for oxygen-free copper.
These factors will drive the growth of the global oxygen-free copper market during the forecast period
.

On the other hand, the slowdown in the global automotive industry is one of
the factors hindering the growth of the oxygen-free copper market.
For example, in Germany, Canada and Slovenia, the production of cars and light commercial vehicles in 2021 was down 3%, 16% and 32%,
respectively, compared to 2020.
Compared to the previous year, vehicle production in the United States, Poland and Mexico decreased by 16%, 12% and 23%,
respectively, in 2021.
Meanwhile, heavy-duty commercial vehicle production in China and Canada both declined by 9 percent
.
Therefore, the slowdown in global automotive production has had a certain negative impact
on the growth of oxygen-free copper in the world.
These factors are likely to pose challenges
to market vendors during the forecast period.

74% of the market growth will come from Asia Pacific
during the forecast period.
China, Japan, and India are the major markets
for the oxygen-free copper market in the Asia-Pacific region.
The market growth in this region will be faster than that in other regions
.
Meanwhile, increasing demand for copper from the E&E, HVAC, and automotive industries will boost the growth of the oxygen-free copper market in Asia Pacific during the forecast period
.