USD 290 billion
Copper Market Size, Share, Growth Analysis, By Product Type(Primary and Secondary), By Application(Construction and Power Generation), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15K2003 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Copper Market Insights
Copper Market size was valued at USD 290 billion in 2021 and is poised to grow from USD 304.79 billion in 2022 to USD 476.90 billion by 2030, at a CAGR of 5.1% during the forecast period (2023-2030).
The global copper market plays a crucial role in the global economy and is an essential component of various industries worldwide. The global demand for copper is driven by multiple factors. Economic growth and infrastructure development in emerging markets, such as China and India, have significantly contributed to the increased consumption of copper. The construction industry utilizes copper extensively in electrical wiring, plumbing systems, and infrastructure projects, while the electrical and electronics sector relies on it for power generation and transmission, telecommunications, and electronic devices. Copper's exceptional conductivity and heat transfer properties make it a preferred choice in manufacturing sectors such as automotive, machinery, and appliances. Additionally, renewable energy technologies, including wind turbines and solar panels, rely on copper for their efficient operation. Copper is a highly recyclable metal, which plays a significant role in the circular economy and sustainability efforts. Recycling helps reduce the reliance on primary copper production, conserves natural resources, and mitigates environmental impacts. Understanding the global copper market is crucial for investors, industry participants, policymakers, and researchers. Accurate analysis of supply and demand trends, price fluctuations, and market dynamics enables stakeholders to make informed decisions and develop strategies for sustainable development and growth. In conclusion, the global market is a vital component of the global economy, driven by its extensive applications across various industries. Its unique properties, combined with increasing demand from emerging markets and technological advancements, contribute to its continued significance in the modern world.
US Copper Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Primary
Fastest Growth
Primary
Growth Rate
5.1% CAGR
Global Copper Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Copper Market Segmental Analysis
The global Copper market is segmented on the basis of product, application, and region. By product, the market is segmented into primary and secondary. By application, the market is segmented into construction and power generation. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Copper Market Analysis By Product
The global Coppers market can be segmented based on product types, including primary and secondary. Primary copper is the dominating segment in the global copper market. It refers to copper that is obtained from primary sources, primarily through mining and subsequent processing of copper ores. The majority of the world's copper supply comes from primary production methods. Primary copper production involves extracting copper ores from mines, crushing and grinding them to obtain copper concentrates, and then subjecting these concentrates to smelting and refining processes to produce pure copper cathodes or other refined copper products.
The secondary copper segment represents the fastest-growing segment in the global copper market. Secondary copper refers to recycled copper obtained from various post-consumer and post-industrial sources. As sustainability and environmental concerns gain prominence, there is an increasing focus on recycling and circular economy practices. Secondary copper plays a vital role in this context, as it significantly reduces the demand for primary copper production and conserves natural resources.
Copper Market Analysis By Application
The global Copper market can also be segmented based on the type of application, including construction and power generation. The construction industry is the dominating segment in the global market. Copper plays a crucial role in various construction applications, making it one of the most significant consumers of copper globally. In construction, copper is widely used for electrical wiring systems, plumbing and heating systems, and roofing materials. Its excellent electrical conductivity and corrosion resistance make it the preferred choice for electrical wiring in residential, commercial, and industrial buildings. Copper pipes and fittings are extensively used for plumbing systems due to their durability and antimicrobial properties.
The power generation segment represents the fastest-growing application in the global copper market. Copper is indispensable in power generation due to its exceptional electrical and thermal conductivity properties. In power generation, copper is extensively used in power plants for various applications, including generators, transformers, and transmission lines. Large generators in thermal, hydroelectric, and nuclear power plants use copper windings in their stators and rotors to ensure efficient electricity production. Copper also plays a critical role in transformer coils for step-up and step-down voltage transmission.
Global Copper Market By Type
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Copper Market Regional Insights
Asia Pacific dominated the global copper market. The region holds a significant share in both copper production and consumption. Countries like China, India, and Japan are major contributors to the growth of the copper market in this region. China, in particular, is the largest consumer of copper globally, driven by its robust construction and manufacturing sectors. The country's rapid urbanization, infrastructure development, and expanding electrical and electronics industry contribute to substantial copper demand. China's dominance in the market is further strengthened by its extensive copper mining operations and refining capabilities.
The Middle East and Africa region represent the fastest-growing segment in the global copper market. The region is witnessing significant growth in copper production and consumption due to various factors. In the Middle East, countries like Saudi Arabia, Iran, and Oman are investing heavily in infrastructure development, construction projects, and industrial activities. These initiatives drive the demand for copper, especially in electrical wiring and plumbing applications. Africa, on the other hand, is experiencing a surge in copper production and exploration activities. Countries like Zambia, the Democratic Republic of Congo, and South Africa have abundant copper reserves and are expanding their mining operations. The growing mining activities, coupled with favorable investment policies and improved infrastructure, are propelling the copper market in the region. Additionally, the Middle East and Africa are also witnessing increased investments in renewable energy projects, such as solar and wind farms. These projects require significant copper wiring and components, contributing to the growing demand for copper in the region.
Global Copper Market By Geography
- Largest
- Fastest
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Copper Market Dynamics
Copper Market Drivers
Urbanization and Construction Sector
- Rapid urbanization and population growth contribute to increased demand for housing, commercial buildings, and infrastructure projects. Copper is widely used in electrical wiring, plumbing systems, heating and cooling systems, and architectural applications in the construction sector.
Electrical and Electronics Industry
- The expanding electrical and electronics industry relies heavily on copper for its excellent electrical conductivity. Copper is used in power generation, transmission, and distribution systems, as well as in various electronic devices such as smartphones, computers, and home appliances.
Copper Market Restraints
Stringe Supply Constraints
- Declining ore grades and aging mines in many major copper-producing regions can lead to supply limitations. It becomes increasingly challenging to discover and develop new copper deposits, which may result in production constraints and potential supply shortages.
Environmental Regulations
- Stricter environmental regulations and increased scrutiny on the mining industry pose challenges for copper producers. Compliance with environmental standards and mitigating the environmental impacts of mining operations require significant investments and can lead to higher production costs.
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Copper Market Competitive Landscape
The key companies, along with several other smaller players, competed in the global copper market, vying for market share and positioning themselves based on factors such as production capacity, geographical diversification, technological advancements, and sustainable mining practices. The competitive landscape in the copper market is subject to changes influenced by fluctuations in global demand, commodity prices, geopolitical factors, and advancements in mining technologies.
Copper Market Top Player’s Company Profiles
- Codelco (Chile)
- First Quantum Minerals Ltd. (Canada)
- Grupo México (Mexico)
- Jiangxi Copper Co. Ltd. (China)
- JX Nippon Mining & Metals Corporation (Japan)
- KGHM (Poland)
- KME GERMANY GMBH (Germany)
- Mitsubishi Materials Corporation (Japan)
- Mitsui Mining & Smelting Co. Ltd. (Japan)
- Norilsk Nickel (Russia)
- OM Group Inc. (U.S.)
- Rio Tinto (U.K.)
- Sumitomo Metal Mining Co., Ltd. (Japan)
- Teck Resources Limited (Canada)
- UMMC Holding Corp. (Russia)
- Vale (Brazil)
- Glencore (Switzerland)
Copper Market Recent Developments
- In November 2022, a significant announcement was made by the mining company Alterian, based in London, regarding the discovery of high-grade copper and silver in its recently purchased Azrar Project, which is situated in Morocco's western Anti-Atlas Mountains. The results of the samples taken from the project site are very positive, showing considerable copper and related silver mineralization. Several project target regions have been verified to contain high-grade copper and silver mineralization.
- In November 2021, the recycling of metal-containing items by Aurubis AG has continued to grow internationally. In the US state of Georgia, work on a multi-metal recycling facility began. 35,000 tonnes of blister copper will be produced each year by processing circuit boards, copper cable, and other metal-containing recycled materials.
Copper Key Market Trends
- Shift Increasing Demand from Emerging Markets: Rapid industrialization, urbanization, and infrastructure development in emerging markets like China and India continue to drive the demand for copper. These countries are major consumers of copper for construction, electrical, and manufacturing sectors.
- Growing Electric Vehicle (EV) Industry: The shift towards electric vehicles is fueling the demand for copper. EVs require a significantly higher amount of copper compared to traditional internal combustion engine vehicles, primarily for their electrical systems and charging infrastructure.
Copper Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global copper market analysis, demand for copper is driven by economic growth, infrastructure development, and the manufacturing sector. The construction industry extensively uses copper in wiring and plumbing systems, while the electrical and electronics sector relies on it for power generation and transmission. Copper also plays a crucial role in renewable energy technologies. The market is influenced by factors like geopolitics, supply disruptions, technological advancements, and environmental concerns.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 290 billion |
| Market size value in 2031 | USD 476.90 billion |
| Growth Rate | 5.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Copper Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Copper Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Copper Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Copper Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Copper Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Copper Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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