Global Copper Market

Global Copper Market Size, Share, Growth Analysis, By Product Type(Primary and Secondary), By Application(Construction and Power Generation) - Industry Forecast 2024-2031

Report ID: SQMIG15K2003 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 59 | Figures: 75

Global Copper Market News

  • 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.
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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 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. 'Anglo American (U.K.)', 'Antofagasta Plc (U.K.)', 'BHP (Australia)', '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)'

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.

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.

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.

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