The Indian Copper Industry Market Outlook
Copper is known to be one of the first metal ever extracted and used by humans, and it has made an important contribution to sustaining and improving them since the dawn of civilization. The copper industry has been a major contributor to the global economy. Copper is not only just a mined metal, it also provides jobs and promotes a higher standard of living. Only one ton of copper brings functionality in 40 cars, powers 60,000 mobile phones, enables operations in 400 computers, and distributes electricity to 30 homes.
Uses of Copper in Different Industries
Copper plays an important role in addressing critical issues to society such as contributions to the food supply, infrastructure, CO2 reduction, and sustainable development. The copper works in engaging employees, communities, and governments in acknowledging the challenges encountered in providing essential materials for society. The international copper association members and stakeholders with the copper value chain know their responsibility to the environment and the community in which they operate. The industry of copper shares benefits to more than just the companies mining copper and fabricating products from it. The copper industry spurs employment in both local and regional economies for a high range of jobs, from plumbers and electricians to automotive workers and electronic equipment manufacturers. The downstream sectors employ a big number of people and represent a larger part of the local, regional, and world economies.
Copper & Copper Manufactured Products Market Overview:
Globally, the market of copper and copper manufactured products is anticipated to reach $147,631 million by the year 2023, recording a CAGR of 0.8% during the forecasted period. The growth in urbanization has raised the consumer lifestyle and shifted their preference towards copper products for architecture, including plumbing, wall cladding, roofs, and others. Additionally, the imitation of green buildings is probably to supplement the copper and copper manufactured products' market growth. Whereas, the major use of copper substitutes, namely PVC, optical fiber, metal substitutes, and cross-linked polyethylene can hamper the copper and copper manufactured products market growth. The market of copper and copper manufactured products is segmented on the basis of product type and geography. The copper market is broadly classified into industrial machinery, transportation, wire & cable, architecture, building construction, electrical & electronic devices, and others. In the year 2016, the electrical and electronic devices generated the highest revenue with a share of more than 25%.
The usage of copper in the wire in power transformers reduced the chances of failure in comparison to aluminum wire terminations. Additionally, copper is soft electrically conductive, and breaks easily, hence it prevents non-mechanical connections like soldering with less expansion. It has also resulted in the top revenue from transformers under electrical and electronic devices. The demand for metal substitutes is increasing every year. Copper has been in use for decades and is still in lead in the global market. For example, lead is a naturally occurring metal and is commonly found in scientific equipment, building materials, and car batteries. Moreover, lead recycling is a process of energy efficiency and therefore acts as the major contributor to sustainable development by lessening CO2 emissions.
NIIR project consultancy services (NPCS) project report on ‘Copper and Copper Products and Projects” where all the details regarding the copper industry have been discussed. The researchers at NPCS have done detailed research and have provided the latest details about the market; the clients from India and worldwide have taken the advantage of the project report in knowing the market and their completion industry as well. The project report made by NPCS covers all the major aspects of the industry from analyzing the market, confirming the availability of various necessities such as plant & machinery, raw materials to forecasting the financial requirements.