Copper Foil Market Size, Share & COVID-19 Impact Analysis, By Application (Circuit Boards, Batteries, Electromagnetic Shielding, and Others) and Regional Forecast, 2021-2028

The global copper foil market size was USD 5,703.0 million in 2020 and is projected to reach USD 10,375.6 million by 2028, exhibiting a CAGR of 7.9% during the forecast period.

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 been estimated to slow down the effect of the COVID-19 pandemic on the market. However, the development of graphene sheets for use in electronic products due to their advantageous properties is anticipated to hamper the market growth.

Antimicrobial Properties of Copper to Slow Down the Effects of COVID-19 Pandemic on the Market

The effect of the COVID-19 pandemic on the market is evaluated to be substantial on the electronics industry. All the production facilities closed abruptly and supply chain operations were due to the pandemic. As a result, manufacturers of electrical and electronic products were unable to acquire raw materials for manufacturing their products. However, the growing demand for foil products from the healthcare industry due to its anti-bacterial and anti-viral properties decelerated the impact of the COVID-19 pandemic on the market. According to the U.S. National Library of Medicine, copper and copper alloy surfaces kill bacteria and reduce the possibility of hospital-acquired infections (HAIs). Furthermore, the increase in the sales of EVs and hybrid vehicles amidst the pandemic will also help in slowing down the COVID impact on the market. According to IEA, the global car electric sales in 2020 were estimated to be 3.1 million in comparison with 2.2 million in 2019.

COPPER FOIL MARKET TRENDS

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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. The global electric car stock accounted for 4.79 million in 2019. 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.

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.

RESTRAINING FACTORS

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 of the Market in 2020

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 2020. 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.

REGIONAL COPPER FOIL MARKET ANALYSIS

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The market in Asia Pacific was USD 3,622.1 million in 2020. 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.

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.

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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.

KEY INDUSTRY PLAYERS

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. For instance, Doosan Group, a company based in South Korea, constructed a plant in 2020 in Hungary with a production capacity of 50 kilotons per annum of battery copper foil.

LIST OF KEY COMPANIES PROFILED IN COPPER FOIL MARKET:

• UACJ Foil Corporation (Japan)


• RCI Industries and Technologies Ltd. (India)


• American Elements (U.S.)


• Mitsui Mining & Smelting Co., Ltd. (Japan)


• SKC (South Korea)


• Tex Technology Inc. (Japan)


• Shanghai Metal Corporation (China)


• Doosan Group (South Korea)


• Furukawa Electric Co., Ltd. (Japan)


• ILJIN Materials Co., Ltd. (South Korea)


• Other Players

KEY INDUSTRY DEVELOPMENTS:

• In July 2021 – Rogers Corporation and Farasis formed a joint venture to use their technology and resources mutually that will contribute in product innovation and development. According to the agreement, a Rogers-Farasis materials application joint laboratory is established at Suzhou to develop advanced material solutions that will increase the safety, performance, and lifespan of battery packs. Further, focus on cyclic testing of the Farasis battery cells with that of Rogers elastomeric materials.


• In July 2021 – JX Nippon Mining & Metals Corporation established a new company named JX Metals Circular Solutions Europe GmbH to promote the recycling of used automotive lithium-ion battery materials projects and the development of battery materials project. This expansion will further contribute in the development of the company.


• In December 2020 – Doosan heavy industries & construction penetrated the market for printed circuit heat exchangers along with installing a 600-ton hot press, having the capacity to manufacture large PCHEs. Additionally, this installation of hot press has resulted in large demand in order to manufacture a PCHE for gas turbines and large-sized PCHE for International Thermonuclear Experimental Reactor.

REPORT COVERAGE

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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.

Report Scope & Segmentation