CHICAGO, Oct. 4, 2023 /PRNewswire/ -- The report "Copper Tubes Market by Type (Straight Length, Coils, Pancakes or Flattened Tubes, U-Bends and Drawn Tubes), Thickness (Standard Gauge, Extra Heavy Gauge, Thin Walled Gauge, Capillary Tubes), Application, and Region- Global Forecast to 2028", is projected to reach USD 54.5 billion by 2028, at a CAGR of 6.3% from USD 40.1 billion in 2023.
The growth of the copper tubes market is primarily driven by global expansion of the construction industry. Expansion of the HVACR sector, coupled with ongoing technological advancements in copper tubes, further contribute to its expansion.
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"HVACR by application is projected to be the largest, in terms of value, during the forecast period."
HVACR (Heating, Ventilation, Air Conditioning, and Refrigeration) applications hold the largest market share in the copper tubes market primarily due to copper's exceptional thermal conductivity and corrosion resistance properties, which are crucial for efficient heat transfer and long-term durability in these systems. Copper tubes are widely used in HVACR systems for their ability to handle both high and low-temperature conditions, ensuring optimal performance in heating and cooling processes. Additionally, copper's antimicrobial properties make it suitable for use in air conditioning systems where maintaining indoor air quality is essential. Its reliability, versatility, and proven track record in HVACR applications have cemented copper tubes as the preferred choice, driving their dominant market share in this industry.
"Asia Pacific is expected to be the fastest growing market for copper tubes during the forecast period, in terms of value."
The Asia Pacific region is the largest and fastest-growing market for copper tubes, driven by several key factors. First, robust urbanization and industrialization, particularly in countries like China and India, have led to increased demand for copper tubes in infrastructure, construction, and manufacturing, covering plumbing, HVAC systems, and electrical networks. Second, a booming construction sector, spurred by population growth and a burgeoning middle class, has heightened the need for residential and commercial structures, intensifying demand for copper tubes in plumbing and air conditioning. Third, the automotive industry, especially in China and India, has experienced exponential growth, with copper tubes vital in applications like radiators and air conditioning, boosting demand. Additionally, government investments in infrastructure across transportation, energy, and water supply rely on copper tubes for secure plumbing and electrical systems, further fueling demand.
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The electrical and electronics industry, home to major manufacturers in the Asia-Pacific, uses copper tubes extensively for components like heat exchangers, connectors, and coils, driven by the surge in consumer electronics. The region's focus on renewable energy, such as solar and wind power, has increased copper tube usage in applications like solar thermal systems. Infrastructure upgrades in older buildings favor copper tubes for their durability. The substantial and fast-growing population migrating to urban areas sustains demand across residential, commercial, and industrial sectors.
The key players in this market are Mueller Streamline Co.(US), KME Group S.p.A (Italy), Wieland Group (Germany), LUVATA (Finaland), KOBE STEEL, LTD. (Japan), Cambridge – Lee Industries LLC (USA), Shanghai Metal Corporation (China), Qindao Hongtai Copper Co., LTD (China), CERRO Flow Products LLC (USA), MM Kembla (Australia).
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