Copper Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Copper Usage by Industry and 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 (kilo tons) for all the above segments.

Copper Market Size

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Copper Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 6.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Copper Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Copper Market Analysis

During the time frame of the forecast, the copper market is expected to register a CAGR of more than 6%.

The COVID-19 pandemic resulted in lockdowns and shutdowns of industrial activities worldwide. Also, the mining of metals, including copper, slowed down in 2021. These factors negatively impacted the copper market.

  • Increasing demand from the construction, electronics, and telecommunication industries is boosting the market's growth.
  • On the other hand, strict rules about mining could make it harder for the market to grow.
  • Still, the growing demand for electric vehicles is likely to soon give the global market a chance to grow in a good way.
  • During the forecast period, Asia-Pacific is expected to grow the fastest. This is mostly because the electrical and electronics industries in India and ASEAN countries are growing.

Copper Market Trends

This section covers the major market trends shaping the Copper Market according to our research experts:

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 has 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 the JEITA (Japan Electronics and Information Technology Industries Association), the total global production by the electronics and IT industries rose by 11% year over year in 2021 to reach USD 3,415.9 billion. Thus, this factor is expected 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. According to the Consumer Technology Association (CTA), the US consumer technology sector is expected to grow to USD 505 billion in retail sales revenue by the end of this year, with a 2.8% rise in sales over 2021's growth of 9.6% over 2020. An increase in the demand for new technological products is expected to help expand the market in the future.
  • The aforementioned factors are contributing to the increasing demand for copper market during the forecast period.
Copper Market : Production by Electronics and IT Industry, in USD billion, Global, 2016-2021

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 telecommunications 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 number of 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 market for medical devices saw a rise in demand, and the size of the market grew quickly.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 part of many medical devices, it is expected that the rising demand will help the copper market in India.
  • Such factors are boosting the demand for copper in various sectors.
Copper Market- Growth Rate by Region, 2022-2027

Copper Industry Overview

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.

Copper Market Leaders

  1. Glencore

  2. BHP

  3. Codelco

  4. KGHM

  5. Aurubis AG

*Disclaimer: Major Players sorted in no particular order

Copper Market  Concentration
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Copper Market News

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

Copper Market Report - 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 (Market Size in Volume)

    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 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Aurubis AG

      2. 6.4.2 BHP

      3. 6.4.3 Chinalco Shanghai Copper

      4. 6.4.4 Codelco

      5. 6.4.5 Glencore

      6. 6.4.6 Group Mexico

      7. 6.4.7 KGHM

      8. 6.4.8 Southern Copper Corporation

      9. 6.4.9 Xstrata Plc

      10. 6.4.10 Freeport-McMoRan Copper & Gold

    5. *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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Copper Industry Segmentation

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 a 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 (kilo tons).

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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Copper Market Research FAQs

The Copper Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

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

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Copper Market.

The report covers the Copper Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Copper Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Global Copper Market is segmented by a) Product: Primary and Secondary Coppers b) Application: Construction and Power Generation

Copper Industry Report

The global copper market is experiencing significant growth, driven by its extensive applications across various industries and the increasing demand from emerging markets. The market is segmented into primary and secondary copper, with primary copper leading due to its extensive use in mining and processing, while secondary copper is growing rapidly due to its role in recycling and sustainability efforts. Key applications include construction and power generation, with construction being the largest sector, utilizing copper for electrical wiring, plumbing, and infrastructure needs. The power generation sector leverages copper's excellent conductivity for efficient energy production. Regionally, the Asia Pacific dominates in production and consumption, driven by China's industrial activities, with the Middle East and Africa emerging as fast-growing markets. Market dynamics are influenced by urbanization, technological advancements, and environmental considerations, driving innovation in copper usage and production techniques. Trends in copper futures outlook suggest a continued reliance on this versatile metal, with shifts in market segments and consumer behavior influencing its global demand and supply chain. For detailed statistics on copper market share, size, and revenue growth rate, refer to Mordor Intelligence™ Industry Reports, which include market forecasts, historical overviews, and free report PDF downloads.

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Copper Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)