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Copper Foil Market Size, Share & Industry Analysis, By Application (Circuit Boards, Batteries, Electromagnetic Shielding, and Others) and Regional Forecast, 2024-2032

Last Updated: July 08, 2024 | Format: PDF | Report ID: FBI104925



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The global copper foil market size was USD 7.11 billion in 2023 and is projected to grow from USD 7.67 billion in 2024 to USD 14.11 billion by 2032, exhibiting a CAGR of 7.9% during the forecast period. Asia Pacific dominated the copper foil market with a market share of 63.71% in 2023.

The increasing demand for electronic devices such as laptops, tablets, and mobile phones is the primary factor driving market growth. The demand for copper foil in developing countries is estimated to grow at a rapid pace owing to rising disposable incomes, low-cost internet usage plans, and the various digitization initiatives by governments in these countries. The increasing penetration of electric vehicles in the U.S., Germany, and the UK is expected to fuel the consumption of foils made from copper. Regulations on carbon emissions, along with the rise in awareness regarding environmental concerns, will further boost the demand for electric vehicles (EVs). The anti-bacterial properties of copper have estimated to slow down the effect of the COVID-19 pandemic on the market. However, the development of graphene sheets for uses in electronic products due to their advantageous properties is anticipated to hamper the market growth.

Copper Foil Market Trends

Incorporation of Lithium-ion Batteries in Automobiles to Positively Impact the Market

With rising environmental concerns, consumers are opting for EVs as they have zero carbon emissions. EVs use lithium-ion- batteries as a source of power due to their high energy density and lower self-discharge rate. According to the International Energy Agency (IEA), the demand for electric vehicles is surging at an unprecedented rate in countries such as the U.S., China, and Japan. Favorable policies and regulations by countries, including zero-emissions and fuel economy standards, will boost the demand for electric vehicles in the near future, thereby increasing the consumption of these foils. In addition, automotive manufacturers such as Renault and MG Motors have introduced hybrid vehicles in developing countries, which are expected to further augment demand.

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Copper Foil Market Growth Factors

Rising Demand for Electronic Products to Drive Growth

The exponential rise in population and increasing disposable incomes are prominent factors driving the demand for electronic products, such as smartphones, laptops, electronic security devices, and guidance control systems. Electronic items incorporate copper foil as conducting medium due to its excellent thermal and electrical properties. The use of copper in circuit boards improves their heat transfer capacity and minimizes the stress caused by the uneven heating of the circuit board. With the rise in digitization, online education platforms, and the internet of things (IoT), the demand for electronic products is expected to grow during the forecast period, thereby augmenting the market growth.

Growing Demand for Copper Foil in the Medical Industry for Diagnostic Equipment to Propel the Market Growth

Copper foil is becoming continuously more popular in the healthcare industry, particularly for diagnostic devices. The excessive electrical conductivity of copper makes it a best possible material for medical equipment, allowing for correct readings and reliable output. Additionally, copper has in-built antimicrobial characteristics, making it an ideal choice for devices where reducing the risk of infection is critical. As the healthcare market continues to raise and pioneer, the demand for copper foil is expected to increase in the near future. Moreover, the distinct properties of copper, which make it a crucial component in various medical equipment’s, including X-rays, MRI machines, and other diagnostic tools. In addition, copper material is also used in medical infix and other tools, where its biocompatibility and capability to combine with human tissue make it a suitable material.


Development of Graphene Sheets to Hinder Growth

Graphene sheets are considered to be the most promising substitute for silicon, copper, and other conducting materials. Graphene is a very flexible and resistant material with abilities such as self-cooling and self-healing. Sheets of graphene can be folded on a large scale to produce shapes similar to origami, which can then be applied in flexible circuits. The graphene sheet is the most sought-after material for applications in flexible displays. Several companies have invested in the development of conductive inks made from graphene, which are used to print circuits and in the conduction of electricity. The use of graphene in computers allows them to run at a much faster rate with less amount of power consumption. Therefore, the development of graphene sheets will restrict the copper foil market growth.

Copper Foil Market Segmentation Analysis

By Application Analysis

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Circuit Boards Segment Held Major Share Owing to its Huge Consumption in Electronics Industry

Based on application, the market is segmented into circuit boards, batteries, electronic shielding, and others. The circuit board segment held the dominant share for this market in 2023. Almost every electronic product manufactured contains circuit boards. The improvements in printed circuit board manufacturing technology have permitted manufacturers to produce small and complex products. The rapid growth in demand for consumer electronics, such as smartphones, laptops, tablets, and wearable smart devices will fuel the growth of the circuit boards segment.

The batteries segment is estimated to be the fastest-growing segment during the forecast period. The rising demand from electric and hybrid vehicle manufacturers, along with advancements in energy storage applications, will boost the segment’s growth. Consumers have a preference for electric or hybrid vehicles due to the minimum amount of carbon pollution emitted from them. China, the U.S., and European countries are the foremost countries driving the demand for EVs, which further results in the growth of this application segment.

The electromagnetic shielding segment is projected to grow at a substantial rate during the forecast period. The need to block electromagnetic induction to avoid interference of components with each other will drive the growth of the segment.


Asia Pacific Copper Foil Market Size, 2023 (USD Billion)

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The market in Asia Pacific was USD 4.53 billion in 2023. The region held the largest copper foil market share in 2020 and is estimated to maintain its leading position throughout the forecast period. The dominance is primarily attributed to the presence of some major electronic product manufacturers in the region. China is the major country contributing to the growth of the regional market due to the country being the manufacturing hub for printed circuit boards (PCBs) manufacturing. Additionally, the entry of Tesla, Inc. in India is anticipated to boost the demand for these foils in the region.

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The increasing production of EVs in the U.S. will drive product demand in North America. Initiatives by the US and Canadian governments and automotive manufacturers to develop and expand existing charging infrastructure in order to accommodate the rising demand for electric vehicles will lead to the growth of the market.

Countries such as France, Germany, and the U.K. are the major contributors to the growing product demand in Europe. The rising demand for electric vehicles and energy storage will surge the consumption of copper foils in the region. In addition, regulations on carbon emissions, combined with the initiatives by the European Union to achieve a circular economy by 2030, will support the regional market growth.

The market in Latin America contributed substantially to the copper foil market growth on account of the rising disposable incomes, thus resulting in high demand for electronic products.

The deployment of public transportation services running on electric power in the Middle East & Africa will drive the market in the region.

List of Key Companies in Copper Foil Market

Partnerships with EV Manufacturers has Augmented the Presence of Key Players in the Market

The competitive landscape of this market is fragmented. Some of the key players are adopting strategies such as acquisitions and joint ventures to increase their presence in the market. Companies in this market are expected to acquire small-scale and medium-scale manufacturing facilities to serve the surging demand. Furthermore, the leading players are aiming to increase their production capabilities in different regions to increase their market presence



  • January 2024 - Volta Energy Solutions (VES) is constructing a new copper foil battery plant in Quebec, Canada. This plant addresses the gap in the North American electric vehicle (EV) supply chain. This move is in response to increased demand for sustainable transport solutions. VES is committed to playing a significant role in the growth of the EV market in North America and promoting the wider adoption of clean energy solutions globally.

  • December 2023 - LS Cable & System, a leading cable manufacturer headquartered in South Korea, has created a new raw material for manufacturing copper foil. The material, called CuFlake, uses copper metal pieces instead of copper wire, typically used to manufacture copper foil. Copper foil is widely used in various applications, such as electric vehicles and mobile gadgets. The company has completed sample testing with its copper foil manufacturer, showcasing its dedication to rare earth elements and green business initiatives.

  • September 2023 - Lotte Energy Materials Corp. has announced its plans to build a copper foil plant in the US to fulfill North America's growing demand for battery components from electric vehicle makers. The South Korean battery materials manufacturer has applied to the Delaware state government to establish its US subsidiary, and the application review is expected to be processed within weeks. After approval, Lotte will start building the copper foil plant, with potential locations in Kentucky, Michigan, Tennessee, and Georgia. The move aims to expand Lotte's operations and meet the growing demand for electric vehicles in the US.

  • May 2020 - SKC’s wholly-owned subsidiary KCFT decided to invest in the expansion of its fifth factory. The expansion involves an investment of USD 108.4 million at its Jeongeup Factory, with an additional copper foil production capacity of 10 kilotons per annum, which is expected to be completed by 2022.

  • July 2019 - Doosan Group constructed an electric vehicle (EV) copper foil plant in Hungary to capitalize on the rising demand for battery materials. The plant will have a capacity to produce 50 kilotons of copper foil per year for batteries used in about 2.2 million electric vehicles.


An Infographic Representation of Copper Foil Market

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The copper foil market report provides a detailed analysis of the market and focuses on key aspects, such as profiles of product types, leading companies, and leading product applications. Besides this, it offers key insights into the current market trends and highlights significant industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Volume (Million Tons); Value (USD Billion)


CAGR of 7.9% from 2024 to 2032


By Application

  • Circuit Boards

  • Batteries

  • Electronic Shielding

  • Others

By Geography

  • North America (By Application, By Country)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Application, By Country)

    • Germany (By Application)

    • U.K (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Application, By Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Rest of Asia Pacific (By Application)

  • Latin America (By Application, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)

  • Middle East & Africa (By Application, By Country)

    • GCC (By Application)

    • Rest of Middle East & Africa (By Application)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 7.11 billion in 2023 and is projected to reach USD 14.11 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 4.53 billion.

Registering a CAGR of 7.9%, the market will exhibit decent growth in the forecast period (2024-2032).

The circuit boards segment is expected to lead this market during the forecast period.

The rising demand for electronic products is the major factor driving the growth of the market.

SKC, Furukawa Electric Co. Ltd., and ILJIN Materials Co., Ltd. are the major players operating in the market.

Asia Pacific dominated the market in terms of share in 2023.

Rising demand for electric vehicles and regulations on carbon emissions are the factors expected to drive product adoption.

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