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Antitrust Guidelines for Copper Industry Trade Association Meetings The following guidelines with respect to compliance with antitrust laws of the United States, Japan and European Community 1 are intended to govern the conduct of participants in copper industry trade association meetings, both at the meeting itself and in informal discussions before or after the formal meeting. Price: Competitors should not discuss future prices (including terms of sale) of their products. There is no blanket prohibition against the mention of or reference to current or past prices but limits must be observed. Such references or mentions should occur only when necessary in connection with the development of association programs. For example, reference to a particular price level in comparing the cost of a copper product to a competing product is permitted. Whenever possible, such references should be discussed in advance with legal counsel. Competitive Information: Competitors should not discuss the market share of a particular copper producer or copper fabricator’s products. Furthermore, nothing should be said at a meeting which could be interpreted as suggesting prearranged market shares for such products or producer production levels. The overall market share of copper products may be discussed with regard to competition with non-copper products and general market acceptance. New Products: Competitors should not encourage or discourage the introduction of a new product by another competitor or reveal a particular copper company’s plans to change the production rate of an existing product or to introduce a new product. No company should disclose to another company whether it is in a position to make or market a new product. New products may be discussed in a technical manner or from the standpoints of competition with non-copper products and general market acceptance. In addition, proposed methods for and results of field and laboratory testing can be considered. The Role of Legal Counsel: Legal counsel attends association meetings to advise association staff and other meeting attendees regarding the antitrust laws and to see that none of the matters discussed or materials distributed raise even the appearance of antitrust improprieties. During the course of a meeting, if counsel believes that the discussion is turning to a sensitive or inappropriate subject, counsel will express that belief and request that the attendees return the discussion to a less sensitive area. A paper entitled ‘Copper Industry Trade Associations and Antritrust Laws’ is available upon request. 10/92, 5/93, 10/10 1. Other foreign competition laws apply to International Copper Association, Ltd. (ICA)’s activities worldwide.
Transcript
Page 1: Antitrust Guidelines for Copper Industry Trade Association ... · Antitrust Guidelines for Copper Industry Trade Association Meetings The following guidelines with respect to compliance

Antitrust Guidelines for Copper Industry

Trade Association Meetings

The following guidelines with respect to compliance with antitrust laws of the United States, Japan and European Community1

are intended to govern the conduct of participants in copper industry trade association meetings, both at the meeting itself and

in informal discussions before or after the formal meeting.

Price: Competitors should not discuss future prices (including terms of sale) of their products. There is no blanket prohibition

against the mention of or reference to current or past prices but limits must be observed. Such references or mentions should

occur only when necessary in connection with the development of association programs. For example, reference to a particular

price level in comparing the cost of a copper product to a competing product is permitted. Whenever possible, such references

should be discussed in advance with legal counsel.

Competitive Information: Competitors should not discuss the market share of a particular copper producer or copper

fabricator’s products. Furthermore, nothing should be said at a meeting which could be interpreted as suggesting prearranged

market shares for such products or producer production levels. The overall market share of copper products may be discussed

with regard to competition with non-copper products and general market acceptance.

New Products: Competitors should not encourage or discourage the introduction of a new product by another competitor or

reveal a particular copper company’s plans to change the production rate of an existing product or to introduce a new product.

No company should disclose to another company whether it is in a position to make or market a new product. New products

may be discussed in a technical manner or from the standpoints of competition with non-copper products and general market

acceptance. In addition, proposed methods for and results of field and laboratory testing can be considered.

The Role of Legal Counsel: Legal counsel attends association meetings to advise association staff and other meeting

attendees regarding the antitrust laws and to see that none of the matters discussed or materials distributed raise even the

appearance of antitrust improprieties. During the course of a meeting, if counsel believes that the discussion is turning to a

sensitive or inappropriate subject, counsel will express that belief and request that the attendees return the discussion to a less

sensitive area.

A paper entitled ‘Copper Industry Trade Associations and Antritrust Laws’ is available upon request.

10/92, 5/93, 10/10

1. Other foreign competition laws apply to International Copper Association, Ltd. (ICA)’s activities worldwide.

Page 2: Antitrust Guidelines for Copper Industry Trade Association ... · Antitrust Guidelines for Copper Industry Trade Association Meetings The following guidelines with respect to compliance

• ThepurposeoftheinformationinthispresentationistoguideICAprogramsandprovidememberswithinformationtomake

independentbusinessdecisions.

• TheinformationcontainedinthispresentationhasbeenpreparedusinginformationavailabletoDMMAdvisoryLtd.atthe

timeofpreparationandthroughcarefullyselectedexternalinformationsources,butmakesnowarrantyastotheaccuracyof

theinformationfromthesesources.

• Anyforward-lookingstatementsinthispresentationhavebeenpreparedonthebasisofanumberofassumptions,whichmay

provetobeincorrectinthefuture.Forwardlookingstatements,bynature,involveriskanduncertainty,andDMMAdvisory

Ltd.specificallywarnsagainstbusinessdecisionssolelyrelieduponrecommendationorforecastsDMMAdvisoryLtd.presents

inthisdocument.

• Thepurposeofthispresentationistoprovideaneducatedviewonlikelyfuturescenarios,whichneedtobefurtherexplored

bytheusersoftheinformationprovided.

Disclaimer

2

Page 3: Antitrust Guidelines for Copper Industry Trade Association ... · Antitrust Guidelines for Copper Industry Trade Association Meetings The following guidelines with respect to compliance

SubstitutionSurvey2020

KrisztinaKalman-Schueler

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Summary

4

• In2019,substitutionremainedstablewithnetsubstitutionat0.83%ofthecopperuse.

• Newtrendssupportingcopperasopposedtoalternativematerialsbecameimportantinthematerialselectionincluding:

• Energyefficiencyregulationsasforthemajorityofapplicationsitisdifficulttoreduceelectricallossbyusingaluminium,

• Aluminiumheatexchangersfacedtechnicalissuesinmanycountries,and

• Criticalapplicationsarerelyingoncopperandcopperalloysforperformance.

• Miniaturisationhasincreasedslightlyin2019asnewtechnologiesofferedopportunitiesforcostreductionwithoutsubstituting copper.The

copperproductswiththelargestcontributiontominiaturisationwere:

• IndustrialTubesassmallerdiametercoppertubesenabledcostreductionwhilekeepingthemanyadvantagesofcopper,and

• WindingWiresinElectricalMotorsasnewmotordesignssuchasthebrushlessmotors,hairpinmotorsetc.usecopperbutachieve a

reductionofthecoppervolume.

• Keyfactorsimpactingsubstitutionarerelativematerialcosts,regulations/standards,newtechnologiesandpressurefromcompetitorsto

reducecostsespeciallyinmarketswithstagnatingordecliningdemand.

• China,thelargestcopperuseregion,continuespreferringcopperasthereliablematerialandduetoregionalmaterialspecifications.

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5

Examplesofcompaniesincludedinthe100+interviewsandsurveys

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Netsubstitutionstabilizedat0.83%ofcopperuse,includingminiaturization1.23%

6

• The relative cost of copper and aluminum have not significantly

changed over 2019 with a stable impact on substitution.

• While substitution is ongoing, in some copper applications

developments favoring copper such as energy efficiency regulations,

and advanced technologies in electric motors supported substitution

gains.

• Many copper applications have limited exposure to substitution as

copper and alloys still provide the best cost-performance

combinations, especially where conductivity, heat and corrosion

resistance is required.

• Miniaturization is technology driven and 2019 further implemented

new technologies for electric motors, and heat exchanger.

InterviewQuote:“Substitutionhasnotchangedin2019but

wearepreparingforhighcopperprices.”LosstoMiniaturization

Substitution

SubstitutionGain

NetSubstitutionas

%ofCopperUse

TotalLossas

%ofCopperUse

-3.00%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

-700

-600

-500

-400

-300

-200

-100

0

100

200

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

CopperSubstitutionandMiniaturization

- inktand%ofCopperUsein2010-2019

Net Substitution as % of Copper :Use 0.83%

Total Loss as % of Copper Use : 1.23%

-1.23%

-0.83%

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

-700

-600

-500

-400

-300

-200

-100

0

100

200

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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Stabilityin2019

7

LowVoltage

EnergyCables

RBS,BareWire

Cu/AlloyPSSFs

CopperTubes

WindingWire

PowerCables

Alloyand

OtherProducts

TelecomData

Cables

NetMaterialSubstitutionbyproducts

2018-2019- inkt

Netsubstitutionin2019wasdrivenby

Alloys,PowerCablesandWindingWires

2018:242kt 2019:244kt

Miniaturizationbyproducts

2018-2019- inkt

2018:114kt 2019:116kt

Miniaturizationin2019wasdrivenby

Tubes,PSSF,AlloysandWindingWire

LowVoltage

EnergyCables

RBS,BareWire

Cu/AlloyPSSFs

CopperTubes

WindingWire

PowerCables

Alloyand

OtherProducts

TelecomData

Cables

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0

2000

4000

6000

8000

10000

12000

Jan-05

Jun-05

Nov-05

Apr-06

Sep-06

Feb-07

Jul-07

Dec-07

May-08

Oct-08

Mar-09

Aug-09

Jan-10

Jun-10

Nov-10

Apr-11

Sep-11

Feb-12

Jul-12

Dec-12

May-13

Oct-13

Mar-14

Aug-14

Jan-15

Jun-15

Nov-15

Apr-16

Sep-16

Feb-17

Jul-17

Dec-17

May-18

Oct-18

Mar-19

Aug-19

CopperLMEcashsettlementpricemonthlyaverage

AluminiumLMEcashsettlementpricemonthlyaverage

Volatilitywasraisedasakeyissueinthesurvey

8

CopperandaluminummonthlyaverageLMEcashsettlementpricein$

InterviewQuote:“Relativematerialcostsarealwaysimportant,butcurrentcopperpricedoesnot

promptsubstitution.”

• Manufacturersoftenneedtokeepconstant

pricesforyearsafterlaunchinganew

product.Thismeansforecastingmaterial

prices2-3yearsaheadatthetimeofthe

productdesignandmaterialselection.

• Volatilepricescouldlockinmanufacturersin

potentiallyunprofitablepricecommitments

overalongtime.

• Materialpricescanbehedgedontheopen

markettoacertaindegree,butthisaddsto

thematerialcosts.

• Insteadusingmaterialswithvolatileprices,if

thereisanalternativematerial,many

manufacturersselectthealternative

materialwithamorestableprice.

StandardDeviation

Mean

=23.04%

StandardDeviation

Mean

=18.66%

Pricesused:MonthlyaverageLMECopperandAluminiumCash-SettlementPrice,

StainlessSteel3042BSheetUSaveragepriceaccordingtoMetalMiner

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Forecast:Verylowimpact

9

*Forecast

LosstoMiniaturization

Substitution

SubstitutionGain

NetSubstitutionas%ofCopperUse

TotalLossas%ofCopperUse

-1.30%

-1.10%

-0.90%

-0.70%

-0.50%

-0.30%

-0.10%

0.10%

-500

-400

-300

-200

-100

0

100

2019 2020* 2021* 2022* 2023* 2024*

CopperSubstitutionandMiniaturization

- inktand%ofCopperUsein2019-2024-1.30%

-1.10%

-0.90%

-0.70%

-0.50%

-0.30%

-0.10%

0.10%

-500

-400

-300

-200

-100

0

100

• Overthenextfiveyearsaverylowimpact:

o Thesubstitutiongaindrivenbystricterregulationsand

energyefficiency,and

o Miniaturizationdrivenbytechnologyadvancementsto

reducematerialcostsandframesize.

• Atthesametime,copperusewillincreaseduetoelectrification,

theuseofmoreelectricdevicesandtheelectricmobility

revolution.Therefore,the%shareofthenetsubstitutiononthe

copperusewilllikelydecline.

• Moresubstantialchangeinsubstitutionisexpectedfrom2024

onwardsascopperusepattern(especiallyinChina)mightchange

andtechnologymightbringmoreinnovationswithimpact.

• Caveat:Thisforecastisbasedontheinformationcollectedbefore

theoutbreakofthecoronavirus.Weexpectthatthe2020

copperuseneedstobedownwardcorrectedandsubstitution

mightbeupwardcorrectedasmanufacturers,OEMsandend

userswillbefacingproductioninterruptionsandlowerdemand.

Theextendofthiscorrectioniscurrentlyuncertain.

• Furthermore,theforecastassumesnosignificantbarriersto

tradeandnounforeseeablepolitical,economicalandregulatory

challengesoverthenextfiveyears.

InterviewQuote:“TheChineseeconomy

ismovingfromaninvestmentto

consumer-orientedeconomy.Thiswill

likelyleadtostrongercostpressurefor

utilitieswithapotentialimpactontheir

materialprocurementpolicy.”

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10

RegionalOverview:Chinaisstillmostloyaltocopper,otherregions’substitutionismainly

influencedbythecompetitivecostpressurelocalcompaniesface

SubstitutionandMiniaturizationbyGeographic

Regions2019– inktand%ofCopperUse

LosstoMiniaturization

SubstitutionLoss

SubstitutionGain

NetSubstitutionas

%ofCopperUse

TotalLossas

%ofCopperUse

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

-145

-125

-105

-85

-65

-45

-25

-5

15

• Chinaisstilltheregionwiththelargestabsolute

substitutionandminiaturizationbutthelowestnet

substitutionas%ofcopperuse,askeycopperproducts

generallyexposedtosubstitutionunderlyprocurement

policiesofstate-controlledcompanies,andthesestayed

loyaltocopper.

• OtherAsia/AustraliadrivenbyIndiaexperiencedstrong

economicgrowthandmaterialsubstitutionisdelayeddue

tostrongdemandintheutilitiessector(powercablesand

transformers)andthestilltobeacquiredsubstitutionskills.

• Europe,North-EastAsiaandNorthAmericaexperienced

ongoingsubstitution,whereitwaspossibletobe

implemented,drivenbystrongcompetitivecostpressure

anddecliningoveralldemand.

• LatinAmericahasthehighest%substitutionandtotalloss

oncopperuse.Herepoliticalandeconomicalissuesofthe

region,togetherwiththeentryofverycompetitiveFar-East

producerscreatedastrongneedtoreducecosts.

Politicalandeconomical

issuestogetherwithlow-

costimportsincreasedthe

pressuretosubstitute.

China’sNetSubstitution

as%ofCopperUseis

at0.5%,thelowestacross

allregions

Largestate-driven

electrificationprojects,

economicgrowthdelayed

substitution.

0.5%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

-145

-125

-105

-85

-65

-45

-25

-5

15

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11

Substitutiondrivers

InterviewQuotes:“Cablesareacommodityand1-2%pricedifferencecanwinthe

contract,buttheChineseimportswere20%cheaperthantheUSproducedcables.”

Very important Important Relevant Applicable Not relevantColorcode:

Relative

material

costs

Relative

weight

Relative

Footprint

Relative

Material

Flexibility

and Strengh

Relative

Material

Strenght

Relative

Conductivity

Technology/

Connectivity

with other

Systems

Regulatory

pressure

Cost

pressure

from other

manufacture

rs in the

market

Pressure

from

OEMs/end

users

Low Voltage Energy Cable

Building Wire

Automotive Wire

Equipment Wire

Power Cable

Industrial Power Cable

Utility Power Cable

Telecom / Data Cable

External Telecom Cable

Internal Telecom/Data Cable

Winding Wire

Electric Motors

Transformers

Other Winding Wire

Factors influencing material decisisons

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12

Substitutionisdrivenbyarangeoffactors

Maindriversorinhibitorsof

substitutionandminiaturization

• RBS/BareWire:Relativecosts,

standards,functionality.

• Electrical/ElectronicPSSF:Relative

conductivity,flexibilityandworkability.

• OtherPSSF:Costs,application-specific

requirementsonthematerial,design.

• PlumbingTube:Technologychange,relativecostsandinstallation

knowledgeofendusers.

• IndustrialCopperTube:Relativecosts,

weight,repairability,andtechnology.

• AlloysandOtherProducts:Relativecosts,regulationsandtemperature

andcorrosionresistancerequirements

oftheapplication.

InterviewQuote:“CopperalloyapplicationsinOil&Gas,Aerospace,ElectricalandBearingsarenotchallengedbysubstitution.”

Very important Important Relevant Applicable Not relevantColorcode:

Relative

material

costs

Relative

weight

Relative

Footprint

Relative

Material

Flexibility

and Strengh

Relative

Material

Strenght

Relative

Conductivity

Technology/

Connectivity

with other

Systems

Regulatory

pressure

Cost

pressure

from other

manufacture

rs in the

market

Pressure

from

OEMs/end

users

Bare Cu Wire & RBS

Copper Rods Bars and Sections

Bare Wire

Cu / Alloy Plate, Sheet, Strips and Foil

Electrical / Electronic PSSF

Other PSSF

Copper Tube

Plumbing Tube

Industrial Tube

Other Products

Alloy RBS

Alloy Tube

Alloy Wire

Foundry Products

Other Non Mill Products

Factors influencing material decisisons

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-4.00%

-3.50%

-3.00%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

-8% -6% -4% -2% 0% 2% 4% 6% 8%

Netsubs- Cuusegrowthrate

13

Themajorityofcopperproductsexperiencedlownetsubstitutionin2019,andexpecta

growingcopperuseoverthenextfiveyears

Sizeofthebubble:

CopperUsein2019

Expectedfutureannualgrowthofthecopperuse(CAGR2019-24)in%

NetSubstitutionlossasa%of

CopperUsein2019

Telecom&

DataCables

PlumbingTubeWindingW.in

Transformers

Building

Wire

E&E

PSSF

Foundry

Ind.

Tube

Expectedfuturegrowth

ofcopperusewithlow

netsubstitutionin2019

Adversegrowth Stronggrowth

Power

Cables

Lower

substitution

in2019

Higher

substitution

in2019

BareW.

RBS

EPSSF WWfor

E.MotorsAut.

Wire

Other

PSSF

Alloy

Wire

Alloy

RBS

Stagnatingmarketsand

withhighsubstitution

Shrinkingmarketswith

highsubstitution

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Substitutionhasdeclinedforthemajorityofcopperproducts2009to2019

14

Strong stable substitution

Recentlyslightly

increasingsubstitution

Decliningnetsubstitution

Netsubstitutionbycopperproducts2009-2019– inkt

LowVoltage

EnergyCables

CuAlloyPSSF

RBS,BareWires

CopperTube

WindingWires

PowerCables

Alloysand

OtherProducts

TelecomDataCables

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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Challengesinthecompetitivemarketofrefrigeration- FrigusBohn

• FrigusBohn’smaterialstrategyisbasedoncopper.Thecompanyjustinvestedinaproductionlineusing5mmcoppertubes

forheatexchangers.

• Refrigerationandairconditioningareverycompetitivemarketswherecostreductionis

obligatoryinordertoremaincompetitive:

– Reducingthetubediameterto5mmleadingtomaterialcostreductionandlessgascharge

– Minichannelcopperaluminumvs.aluminummicrochannel

• Repairable

• Highefficiency

• Lowergascharge

– A/Cindustryusingmicrochannelinresidentialproducts

• Non-repairable

• Lowestgascharge

• Goodefficiency

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Challengesinrefrigeration– FrigusBohn

• Furtherwaystolowercost:

– Fromthecopper-aluminumcoiltoaluminum–aluminumcoil

o Costreduction

o Lessefficient

o Morelabor

– Fromaluminum–aluminumcoil(withreturnbends)tothezero

weldscoilaluminum–aluminum

o Lowercostandpropanegasasrefrigerantleakreduction

– Shadedpolemotorsvs.ECM(brushless)motors

o Efficiencyandmorevalueadded

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17

BuildingWire– lowsubstitutioncontinuesdrivenbybuildingregulationsandphysical

characteristicsofcopperSubstitutionimpact- lowandstable• Substitutioninthemainfeederuptothemeterinresidentialandinsome

non-criticalcommercialapplicationsespeciallyifthemainfeederisowned

bytheutility.

Substitutiongain– low• Stricterbuildingregulationsinruralareasleadtooldaluminiumwiring

substitutedbycopper.

Miniaturisation– minimal• Theoretically,miniaturisationpossibleasmoreenergyefficientdevicesin

buildings,andsmarttechnologyisused,buttechnicallydifficulttoimplement.

• PowerovertheInternetdidnotgainrealtraction.

Substitutionfactors• Buildingstandardsrestrictsubstitutioninbuildingwiresespeciallyin

residential,urbanareas,butevenifnorestrictioninplace,oftencopperused.

• Flexibility: Aluminumwireistoobrittletobeusedforsmalldiameterwires.

• CAPEX:nosignificantcostsavingsthroughsubstitutionofcopperwires.• Firesafety:Althoughnewevidencedoesnotclearlysupporthigherfiresafety

forcopper,constructioncompaniesdonotriskusingalternativematerials.

• Connectionswithothersystems:Connectingcopperandaluminiumis

problematic.

• Buildingcodechanges:Initiativesalwaysexittomoreincludealuminiumin

buildingcodes,butthesehavenotractionyet.

-0.20%

-0.15%

-0.10%

-0.05%

0.00%

0.05%

0.10%

-10

-8

-6

-4

-2

0

2

4

6

2015 2016 2017 2018 2019

SubstitutionandMiniaturization

inBuildingWire

- inktand%ofCopperUsein2015-2019

InterviewQuote:“Aluminiumis

brittleandisonlygoodifthe

cablehasthethicknessofa

wrist.”

LosstoMiniaturization

Substitution

SubstitutionGain

NetSubstitutionas%of

CopperUse

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18

WindingWireinElectricMotors:substitutiondeclinedduetoincreasedenergyefficiency

requirementsofmotorsSubstitutionimpact– declining

• Aluminiumisonlyusedinsmallermotorswhereefficiencyisnotrelevant,andinthe

automotivesectorwherelowweightisparamount.

Substitutiongain–ongoing

• Increasedenergyefficiencygenerallydrivesusingmorecopperwindingwiresand/or

usingcopperasopposedtoaluminiumbars(40-60%ofnewdesigns).

• Moreefficientpermanentmagnetandhairpinmotorsuseonlycopperwindingwires.

Miniaturisation– increasing• Highpowerdensity,controllablebrushlessandpermanentmagnetmotorsuse20-30%

lesscopper– wideutilisationisslowedbythehighpriceofneodymiummagnets.

• Flatconductorcanreducethevolumeofconductorrequiredforthesameperformance

Substitutionfactors

• Combinationofcostpressure,load,footprintandenergyefficiency:Eachmotor

designandmaterialselectionisassessedbasedonthecombinationofrequiredload,

spaceavailable,costpressureandenergyefficiencystatusrequired.Thematerial

choiceismadeinvestigatingtheperformancerequirementsandthecostsofdifferent

materialsrequiredforspecifictypesofmotors.

• EnergyEfficiency:Increasingefficiencyandperformanceofmotorsinthesamesize

frameisatrend.tisnotpossibletoincreaseefficiencywithusingaluminiumwinding

wires.

Futureoutlook:

• Reluctancemotorsefficientandcheaper,expectedtogainmarketshare.

• Oxygen-freehigh-gradecoppercouldsupportcopper-basedmaterialstrategies.

• Innovations,e.g.highefficiencycopper,diecastrotororaxialfluxmotors.

LosstoMiniaturization

Substitution

SubstitutionGain

NetSubstitutionas%of

CopperUse

-1.0%

-0.9%

-0.8%

-0.7%

-0.6%

-0.5%

-0.4%

-0.3%

-0.2%

-0.1%

0.0%

-50

-40

-30

-20

-10

0

10

20

2015 2016 2017 2018 2019

SubstitutionandMiniaturization

inWindingWiresforElectricMotors

- inktand%ofCopperUsein2015-2019

InterviewQuote:“Itispractically

impossibletoincreaseenergy

efficiencywithaluminum

windingwire.”

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19

Currentandfuturecopper-basedinnovations

• Theindustryawaitsthenewhighefficiency,oxygen-freecoppertolowerelectricallosses

• Smalldiametercoppertubes1-4mmarebecomingfeasible

• Copperinkfor3DPrintedCircuitBoard(PCB)printingisindevelopment

• FlexiblePCB

• Newhigh-efficiencymotordesignse.g.

• withmorecopperinstatorandrotor,

• ZeroPorosityRotor.

Copperinkbased

3DPCBprintingZeroPorosityRotorby

breuckmanneMobility

FlexiblePCB

Verysmalldiameter

coppertubes


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