Copper Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Copper Market is segmented by End-user Industry (Automotive and Heavy Equipment, Construction, Electrical and Electronics, Industrial, and Other End-user Industries) and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecast for the copper market in volume (kiloton) for all the above segments.

Market Snapshot

Copper Market Summary
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >6 %
Copper Market Major Players

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Market Overview

The copper market is expected to record a CAGR of more than 6% during the forecast period.

The COVID-19 pandemic resulted in lockdowns and shutdowns of industrial activities worldwide. Due to this, electronics production was halted temporarily in many countries. Also, the mining of metals, including copper, slowed down in 2021. These factors negatively impacted the copper market.

  • Increasing demand from construction, electronics, and telecommunication industries is boosting the market’s growth.
  • Asia-Pacific is expected to witness the fastest growth during the forecast period, primarily due to the increasing electrical and electronics sector in India and ASEAN countries.

Scope of the Report

Copper is the third-most-consumed metal in the world. It is also known as a highly electrically conductive material. The properties of copper include good electrical conductivity, excellent thermal conductivity, corrosion resistance, high ductility, recyclability, and non-magnetic nature. The copper market is segmented by end-user industry (automotive and heavy equipment, construction, electrical and electronics, industrial, and other end-user industries). The report also covers the market size and forecast for the market in 15 countries across major regions, in volume (kiloton).

End-user Industry
Automotive and Heavy Equipment
Construction
Electrical and Electronics
Industrial
Other End-user Industries (Consumer Products, Medical Devices, Etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Growing Demand for Electrical and Electronics Segment

  • Copper is being used for many applications due to its properties. Electronic applications of copper are wires and cables, dynamos, transformers, motors, electromagnets, switches, communication cables, residential electrical circuits, etc.
  • Recently, the growth of electric vehicles increased the demand for copper. Foils, stators, rotors, shaft heads, hollow wires, and motors are used in electrical vehicles consisting of heavy copper.
  • According to JEITA ( Japan Electronics and Information Technology Industries Association), the total global production by the electronics and IT industries was expected to rise by 11% Y-o-Y in 2021 to reach USD 3,360.2 billion. Thus, this factor is excepted to increase the demand for copper materials used in the electronics segment.
  • In North America, especially in the United States, the electronics industry is expected to grow moderately. An increase in the demand for new technological products is expected to help market expansion in the future.
Copper Market, Volume (%), by End-user Industry, Global, 2021

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is expected to dominate the global market due to China’s highly developed construction and power generation sectors and the continuous investments in the region for advancements in the telecommunication and electronics sectors through the years.
  • Copper is the oldest known metal still used in the construction industry. The unique combination of copper's physical properties, conductivity, corrosion resistance, durability, flexibility, and strength makes it suitable for almost any construction project. Thus, growth in construction activities in Asia-Pacific may boost the copper market in the region.
  • According to the National Development and Reform Commission, China, the growing demand for housing is likely to drive residential construction in the country, both in the public and private sectors. The new hotel projects in the country increased by about 19% in 2021. The increase in the construction of tall buildings and hotels is driving the market in the region.
  • China is the largest consumer of electric vehicles. In 2021, China's electric vehicle sales increased by more than 50% after the modest growth seen in 2020. Thus, increased electric vehicle sales in China are estimated to fuel the Chinese copper market.
  • In India, the medical devices market witnessed a growth in demand, with market size increasing rapidly. In September 2021, the Indian government sanctioned a proposal worth INR 5,000 crore (USD 674.36 million) to build a medical devices park in Himachal Pradesh’s industrial township, Nalagarh, in the Solan district. Since copper is a key ingredient in medical devices, the increasing demand is anticipated to boost the copper market in India.
  • Such factors are boosting the demand for copper in various sectors.
Copper Market - Growth Rate by Region, 2022 - 27

Competitive Landscape

The copper market is partially consolidated, with a few major players dominating a significant portion of the market. Some of the major players (not in any particular order) include Glencore, BHP, Codelco, Aurubis AG, and KGHM.

Major Players

  1. Glencore

  2. BHP

  3. Codelco

  4. KGHM

  5. Aurubis AG

Copper Market Concentration

Recent Developments

  • In May 2021, Glencore announced its plans to restart operations at the Mutanda copper and cobalt mine in 2022. The restarted operations from Mutanda could help the company ease shortages in the copper and cobalt markets, which are potentially capping further price gains.
  • In November 2021, Aurubis AG further expanded its activities in recycling metal-bearing materials internationally. It started the construction of a multimetal recycling plant in the US state of Georgia. Circuit boards, copper cable, and other recycling materials containing metals will be processed into 35,000 ton of blister copper annually.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from Electronics and Construction Industry

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Stringent Regulations Associated with Mining

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 End-user Industry

      1. 5.1.1 Automotive and Heavy Equipment

      2. 5.1.2 Construction

      3. 5.1.3 Electrical and Electronics

      4. 5.1.4 Industrial

      5. 5.1.5 Other End-user Industries (Consumer Products, Medical Devices, Etc.)

    2. 5.2 Geography

      1. 5.2.1 Asia-Pacific

        1. 5.2.1.1 China

        2. 5.2.1.2 India

        3. 5.2.1.3 Japan

        4. 5.2.1.4 South Korea

        5. 5.2.1.5 Rest of Asia-Pacific

      2. 5.2.2 North America

        1. 5.2.2.1 United States

        2. 5.2.2.2 Canada

        3. 5.2.2.3 Mexico

      3. 5.2.3 Europe

        1. 5.2.3.1 Germany

        2. 5.2.3.2 United Kingdom

        3. 5.2.3.3 France

        4. 5.2.3.4 Italy

        5. 5.2.3.5 Rest of Europe

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 South Africa

        2. 5.2.5.2 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Share **/Ranking Analysis

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Aurubis AG

      2. 6.3.2 BHP

      3. 6.3.3 Chinalco Shanghai Copper

      4. 6.3.4 Codelco

      5. 6.3.5 Glencore

      6. 6.3.6 Group Mexico

      7. 6.3.7 KGHM

      8. 6.3.8 Southern Copper Corporation

      9. 6.3.9 Xstrata Plc

      10. 6.3.10 Freeport-McMoRan Copper & Gold

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Demand from Electric Vehicles

**Subject to Availability
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Frequently Asked Questions

The Copper Market market is studied from 2017 - 2027.

The Copper Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Glencore, BHP, Codelco, KGHM , Aurubis AG are the major companies operating in Copper Market.

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