The global copper foil market size is projected to reach USD 10,375.6 million by 2028, exhibiting a CAGR of 7.9% during the forecast period. This information is shared by Fortune Business Insights™ in its report, titled “Copper Foil Market, 2021-2028”. In 2020, as per the report, the global market value was USD 5,703.0 million.

Resilient Demand for Electric Vehicles amid COVID-19 to Foster Market Growth

Electric vehicles (EVs) have steadily expanded their presence and share in the global car market as awareness about vehicular emissions has grown over the past few years. In 2019, for instance, according to the International Energy Agency (IEA), global EV sales stood at 2.1 million and global EV stock rose to 7.2 million. The outbreak of the COVID-19 pandemic has also not been able to thwart the EV market, with electric car deployment reaching 10 million, as per estimates released by the IEA. Copper foils are a critical component in electric cars to efficiently conduct electrical signals and ensure the smooth running of the lithium-ion battery in the EV. Thus, the increasing adoption of EVs, even amidst such an unprecedented economic emergency, will create ideal conditions for the copper foil market growth.

Electromagnetic Shielding Segment to Showcase Promising Growth

On the basis of application, the market has been divided into circuit boards, batteries, electromagnetic shielding, and others. Among these, the electromagnetic shielding segment is predicted to make considerable gains over the forecast period as this technology is essential in preventing interference of components with each other. In 2020, this segment held a share of 9.7% in the global market and a share of 7.3% in the China market. In terms of geography, the market has been clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Robust Presence of Electronic Product Manufacturers to Power the Asia Pacific Market

Asia Pacific is well-positioned to lead the copper foil market share during the forecast period due to the widespread presence and robust operations of electronic product companies and manufacturers in the region. In addition, the emergence of China as a major hub for the manufacturing of printed circuit boards will further propel regional market growth. In 2019, the Asia Pacific market size stood at USD 3,622.1 million.

In North America, the market is set to enjoy a stimulating period of growth owing to the increasing production of EVs and the development of battery storage solutions in the US and Canada. In Latin America, on the other hand, the rising demand for consumer electronics will boost the regional market for copper foil products.

Key Players to Concentrate on Engineering Innovative Solutions

As the adoption of electronic devices expands worldwide, key players in this market are stepping up their R&D spending to engineer innovative solutions to harness the capabilities of copper foils. The introduction of such innovations is enabling companies to widen their portfolios, enlarge their market share, and broaden their business horizons.

Information source: https://www.fortunebusinessinsights.com/copper-foil-market-104925