The oxygen-free copper market is set to witness immense growth in the coming years owing to the growing demand for consumer electronics products, electric vehicles, and rapidly increasing demand for wires in new construction projects. Oxygen-free copper is a kind of copper which has been processed into an electrically charged solution of sulfuric acid and copper sulfate. The product is mainly used for amplifier wires, video/audio connector cable assemblies, and speaker wires owing to its better capacity and higher conductivity for transferring low-frequency sounds.

Oxygen-free copper market is bifurcated in terms of material, form, application, and regional landscape.

Based on material, the oxygen-free copper market is classified into copper oxygen free (Cu-OF) and copper oxygen free electronic (Cu-OFE). Among these, Cu-OFE segment is anticipated to grow at a CAGR of more than 5.0% over the forthcoming time period. The product is generally utilized for top-quality audio and video systems.

The CU-OF material segment is likely to witness substantial growth over the coming years. In 2019,the segment accounted for nearly 59% and is set to grow at significantly rapid pace in the forthcoming years.

With respect to form, the oxygen-free copper market is classified into busbars, rods, strips, wire, and others. Among these, the wire form segment will witness considerable growth over the coming years. The segment accounted for around 40% industry share in 2019 and is expected to grow gradually owing to rising demand for wires in new constructions. Likewise, strips segment is anticipated to grow with a CAGR of around 4.7% through the forthcoming time period.

Meanwhile, rods form segment accounted for around 6% share of the global market in 2019 and is estimated to follow a lucrative growth trend over the coming years. The busbars is the second largest segment of product and accounted for nearly 35% of market share in 2019. It will further continue to exhibit appreciative growth over the coming years. The others segment is set to witness nearly 4.5% CAGR through the estimated timeframe.

In terms of application, the overall oxygen-free copper market is bifurcated into automotive, electronics & electrical, and others. Among these, the electronics & electrical application segment is slated to witness tremendous growth over the coming years. In fact, the segment accounted for nearly 68% of market share and is projected to grow at a CAGR of 5.3% over the forecast time period.

The automotive application segment is expected to grow at the highest CAGR of more than 6.6% over the forthcoming time period. This growth is attributed to the increasing demand for electric vehicles across the globe. The others segment will witness more than 4.5% CAGR over the projected time period.

From a regional frame of reference, oxygen-free copper market in North America is likely to grow at a CARG of more than 4.5% over the forecast time period. Europe oxygen-free copper market is likely to witness substantial growth over the coming years. In 2019, the region accounted for around 15% and is estimated to follow a lucrative growth trend over the coming years.

Asia Pacific oxygen-free copper market dominated the industry and is expected to grow at a CAGR of 6.0% through the forecast time frame. Likewise, oxygen-free copper market in Latin America held a market share of over 5% in 2019 and is likely grow at a CAGR of 3.8% over the estimated time period. MEA oxygen-free copper market will showcase significant growth over the coming years owing to growing demand for consumer electronic products.