Copper Foil Market Size, Share & Trends Analysis Report By Product (Electrodeposited, Rolled), By Application (Circuit Boards, Batteries, Solar & Alternative Energy, Medical), By Region, And Segment Forecasts, 2024 - 2030

Copper Foil Market Size & Trends

The global copper foil market size was estimated at USD 10.58 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 11.9% from 2024 to 2030. The market is expected to be driven by increasing emphasis on digitalization and clean energy. Copper plays a very important role in infrastructure development. Industry output and electricity generation are responsible for 40% of the world’s greenhouse gas emissions. Decarbonization involves the usage of renewable resources for electrification. Copper is a key material for transmission, and foil is essential for the manufacturing of batteries used in renewable energy systems, including solar and wind power storage.

Growing need for sustainable and eco-friendly energy production is boosting demand for solar energy in the U.S., which is expected to have a positive impact on the market. According to the Solar Energy Industries Association, more than 162.8 gigawatts (GW) of solar power is installed in the U.S., enough to power 29.6 million homes. Over the last decade, the solar market in the region has grown at an average rate of 24% each year.

Key foil producers have been investing in the U.S. copper foil market. For instance, in July 2022, Denkai America, a manufacturer of electrodeposited copper foils used in printed electronics, invested USD 150.0 million to establish a new production facility in Richmond County, Atlanta. The new plant will focus on EV battery foil production. As a result of rising demand for renewable energy, usage of copper foil has increased in various applications, and key industry players are adopting strategic initiatives to stay ahead in a competitive market.

Market Concentration & Characteristics

Market growth stage is high, and pace of market growth is accelerating. The demand for copper foil is rising due to growing adoption of clean, renewable energy in power generation and electrification applications. Industry experiences a moderately low level of merger and acquisition activities by key industry companies owing to market concentration. Partnerships and collaborations among emerging players are growing in popularity. They have a shared commitment to work towards common objectives, using each other's expertise and strengths for mutual benefit. This is due to several factors, including a desire to maintain market share and a need for a highly competitive, and growing market.

The market is also moderately impacted by regulations & standards pertaining to copper foil production. For instance, the Occupational Safety and Health Administration (OSHA) provides standards for processing various materials, including copper, zinc, aluminum, and others.

Unlike aluminum foils, copper is used solely for electrical and electronic applications. Hence, there are no substitutes for foils in end-use applications. Hence, threat of substitutes is low. End-user concentration is high in industry owing to its limited applications such as electrical appliances, circuit boards, medical, batteries, and solar & alternative energy.

Product Insights

The rolled segment accounted for a maximum revenue share of more than 55.0% in 2023 and is anticipated to grow at a lucrative pace owing to high demand from applications such as lithium-ion batteries, IoT-enabled services, and solar photovoltaic panels. Further, increasing emphasis on technology upgrades is expected to be a key driver during the forecast period.

It is extensively used in printed circuit board industry owing to its granular structure and smooth surface that is optimal for flexible and dynamic circuitry applications. In addition, it is a preferred choice in production of high-frequency printed circuit boards due to its smooth surface.

Electrodeposited copper foils are obtained when a high-grade copper is dissolved in acid to produce an electrolyte, which is pumped into partially immersed rotating drums that are charged electrically. A thin film of copper is electrodeposited on these drums. These are used in circuit boards for conduction as they easily bond with an insulating layer and are capable of being printed with a protective layer and forming a circuit pattern after etching.

Application Insights

Circuit boards accounted for a maximum revenue share of over 62.0% in 2023. The advent of automation, 5G, and electronic gadget upgrades has been increasingly resulting in higher PCB production, and this trend is expected to continue over the forecast period.

It is used as an anode in lithium-ion batteries, a source of power in electric vehicles. It is used as a current collector due to its excellent electrical conductivity and workability. A lithium-ion battery structure consists of anode, cathode, separator, and electrolyte. Electrodes are fabricated by applying coating slurry onto metallic foils.

Its application in batteries helps in reducing amount of wrinkling, folding, fracturing, and deformation at high pressure during cell manufacturing. Additionally, ultra-thin copper foil is beneficial, due to requirement for lightweight and compact design in batteries.

The growth in electric vehicles industry has resulted in a flurry of activity amongst copper foil producers, who have been increasing their production capacities and setting up new plants. For instance, in December 2023, Voltas announced that it would be setting up Canada’s first EV battery copper foil plant in Granby, Quebec, at an investment worth USD 750.0 million. New manufacturing plant is expected to be commissioned in 2026 and will have an initial production capacity of 23,0 kilotons, which will be ramped up to 57.0 kilotons in 2027.

Regional Insights

Asia Pacific dominated the global market in 2023 and accounted for a revenue share of more than 77.0%. It is witnessing rapid development in manufacturing sector, which is attributable to rising demand from various applications under study, cheap labor, government initiatives, and FDI inflow. Investments concerning battery production and energy projects are key growth drivers for the market, which are expected to boost copper foil consumption in the region over coming years.

U.S. Copper Foil Market

The U.S. was largest copper foils market in North America in 2023. According to the U.S. Energy Information Administration (EIA), the percentage of U.S. solar electricity capacity additions grew from 45% in 2022 to 56% in 2023 and is further likely to grow to 62% in 2024. Implementation of the U.S. Inflation Reduction Act (IRA), solar panel manufacturing has been given a boost in the country.Through 2023, solar panel manufacturers, such as Trina Solar, Canadian Solar, and Longi, announced construction of a total of 5 GW of solar module manufacturing facilities which would add 15 GW to the solar capacity.

China Copper Foil Market

China is largest copper producer and consumer in world. According to latest statistics published by East Asia Forum, it accounted for a share of 60.0% of total electric vehicle production in the world in 2022. It stated that 8.0 million EVs have been produced in China during 2023. Growth in EV production in China is anticipated to continue to increase consumption of copper foil in China over the forecast period.

Germany Copper Foil Market

Germany has one of the largest manufacturing sectors and ranks third globally in terms of goods and services exports. Improving industrial outlook, presence of renowned automotive players restructuring the market, and significant demand for electronic products are expected to fuel demand for copper foil. Moreover, increasing emphasis on solar energy is anticipated to boost consumption as Germany is among leading photovoltaic installers in global solar energy market.

Brazil Copper Foil Market

Increasing demand for copper foil in Brazil is mainly due to growth of renewable energy industry. In 2023, almost 93% of country's electricity was generated from clean energy sources, according to the National Electric Energy Agency (Aneel). Solar energy sector has been main source of renewable power growth, contributing to over a 75.0% increase in electricity output in 2023 compared to same period in 2022. Total photovoltaic solar capacity in Brazil was 30.0 GW during same period, with an addition of 4.4 GW since January 2023.

Taiwan Copper Foil Market

Taiwan is an important hub for producing printed circuit boards in Asia Pacific. As such of several semiconductor and printed circuit board manufacturers have announced production expansion plans in Taiwan. In March 2023, JX Nippon Mining & Metals Group announced plans to expand its semiconductor production capacity in the country. This is expected to directly and positively impact demand for copper foils used in electronics and printed circuit boards in Taiwan in the coming future.

Key Copper Foil Company Insights

Some of the key players operating in the market include Furukawa Electric Co., Ltd. and Nippon Denkai, Ltd.

• Furukawa Electric Co., Ltd is a manufacturer of electrical & electronics equipment. Key end-use industries of the company are telecommunications, electronics, construction, and automobiles. The company offers its products in Japan, China, North America, and remaining Asia Pacific. Japan represents over 50.0% of overall sales of company. It focuses on maintaining its leadership position in copper foil industry through continuous investment in R&D.

• Nippon Denkai, Ltd. develops, manufactures, and sells electrodeposited copper foils. They are used for in-vehicle batteries. It offers high-strength foils, ultrathin copper foils with microcircuit substrates, carriers, and general-purpose foils. The company also offers materials for use in circuit boards mounted on electronic devices, including 5G communication devices such as mobile phones.

Lingbao and Circuit Foils are some of the emerging market participants.

• Lingbao offers high-precision and alloy-rolled copper foils. They invest in advanced manufacturing technologies and process optimization to enhance productivity and reduce production costs. Lingbao has leading production equipment and technology, it can produce all kinds of foils with a thickness of 4-100μm and a maximum width of 660mm.

• Circuit Foils is a Europe-based manufacturer of copper foil. Although it was acquired by The Doosan Group in 2014, Circuit Foils continues to operate independently. It sells products for use in Internet of Things (IoT) applications, high-speed digitals, 5G devices, smart cards, smartphones, autonomous vehicles, and IC substrates. Also promotes innovations through its R&D centers. It has recently been certified with ISO 9001:2015 standards.

Recent Developments

• In January 2024, Hungary-based Volta Energy Solutions announced its geographic expansion into North American market by building a new battery copper foils plant in Quebec, Canada to cater to a fast-growing EV segment. It is a developer of the world's first electrodeposited copper foils for batteries.

• In December 2023, U.S.-based C4V, a LiB company, entered into a MoU with Hindalco Industries for collaboration in development and anode-copper foils to cater to the growing EV industry in the U.S.

• In November 2023, South Korea-based SK Nexilis, started manufacturing of ultrathin copper foils (4 microns) in its new facility in Malaysia. This plant has a capacity of 57.0 kilotons per annum and was built with an investment of KRW 900.0 billion (~USD 690.0 million). It consists of world’s largest production lines of copper foils in the world.

• In May 2023, China-based Nuode New Materials announced its plans to build a copper foils plant that caters to EV batteries in Russia for an investment of EUR 500.0 million (~USD 533.0 million), with a capacity of 30,000 tons per annum. Commissioning year remains unspecified.

• In July 2022, South Korea-based SK Nexilis commenced the construction of its copper foils plant in Stalowa Wola, Poland with an investment of Zloty 3 billion (~USD 627.0 million). New plant will have a capacity of 50.0 kilotons per annum and is due to be commissioned in mid-2024.

Copper Foil Market Report Scope

Copper Foil Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global copper foil market report based on product, application, and region:

• Product Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

  • Electrodeposited

  • Rolled

• Application Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

  • Circuit Boards

  • Batteries

  • Electrical Appliances

  • Solar & Alternative Energy

  • Medical

  • Other Applications

• Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Taiwan

  • Central & South America

    • Brazil

  • Middle East and Africa