Global Copper Market - Industry Trends and Forecast to 2031

Copper Market Analysis and Size

In the electrical and electronics industry, copper market plays a fundamental role due to its exceptional conductivity properties. It is extensively utilized in the production of wiring, cables, and electrical components such as motors, transformers, and generators. Copper's high electrical conductivity ensures efficient transmission of electricity with minimal energy loss, making it indispensable in powering homes, buildings, and electronic devices. Additionally, its thermal conductivity properties make copper an ideal choice for heat sinks and thermal management solutions in electronic devices. The demand for copper in this sector continues to grow with advancements in technology, driving innovation and efficiency in electrical systems and electronics manufacturing.

The rise in global production in the electronics and IT industries in 2021, reported by JEITA, signals increased demand for components such as copper, essential for electronic devices' manufacturing. This growth highlights the interdependence between electronics manufacturing and the copper market, as higher production levels drive up demand for raw materials such as copper, influencing its market dynamics and prices.

Global copper market size was valued at USD 320.33 billion in 2023 and is projected to reach USD 476.90 billion by 2031, with a CAGR of 5.1% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Copper is a ductile and malleable metal with excellent electrical conductivity, making it crucial in various industries, especially electronics and power transmission. It is reddish-orange in color, and its thermal conductivity and corrosion resistance also make it valuable for plumbing and construction materials. Copper has been used by humans for thousands of years and continues to be a vital material in modern society due to its versatility and reliability.

Copper Market Dynamics

Drivers

• Growing Demand for Electric Vehicles (EVs) Leads to the Rise in Demand for Copper

EVs require significantly more copper for their electric motors, wiring, and charging infrastructure compared to traditional internal combustion engine vehicles. Similarly, renewable energy technologies rely heavily on copper for power generation, transmission, and storage components. As governments and industries worldwide prioritize decarbonization and shift towards sustainable energy solutions, the demand for copper is expected to continue rising, making it a crucial commodity in the transition to a greener economy.

• Rising Technological Advancements Increases the Usage of Copper in Infrastructure

Rising technological advancements, particularly in areas such as renewable energy, electric vehicles, and telecommunications, drive increased usage of copper in infrastructure. For instance, the transition to renewable energy sources such as solar and wind power requires extensive copper wiring for efficient energy transmission. Similarly, the proliferation of electric vehicles necessitates substantial amounts of copper for their electrical systems and charging infrastructure. As these technological trends continue to evolve, the demand for copper in infrastructure development is expected to grow steadily, propelling the copper market forward.

Opportunities

• Increasing Adoption of Copper in Environmentally Conscious Industries

Environmental concerns, such as the push towards renewable energy and the electrification of transportation, are significant drivers of the copper market. Copper's high conductivity makes it essential for efficient energy transmission and storage in renewable technologies such as solar panels and wind turbines. Furthermore, copper's recyclability and long lifespan align with sustainability goals, increasing its attractiveness in environmentally conscious industries. As global efforts to mitigate climate change intensify, the demand for copper is expected to continue growing, driven by its pivotal role in sustainable technologies.

In November 2021, Aurubis AG initiated the construction of a multi-metal recycling plant in Georgia, USA, expanding its global recycling efforts. The plant will process circuit boards, copper cable, and other metal-containing materials to produce approximately 35,000 tons of blister copper annually. This move underscores Aurubis AG's commitment to sustainable practices and meeting the growing demand for recycled metals in various industries.

• Growing Government Policies Promotes Infrastructure Development Increases the Demand of Copper

Increased infrastructure spending typically translates to greater demand for copper due to its essential role in construction, electrical systems, and transportation infrastructure. Initiatives aimed at upgrading and expanding infrastructure require substantial amounts of copper for wiring, piping, and structural components. Consequently, as governments prioritize infrastructure development to stimulate economic growth and improve public services, the demand for copper tends to rise, exerting upward pressure on prices and driving market activity in the copper industry.

 Restraints/Challenges

• Growing Labor Strikes Impacts the Market Stability

When workers go on strike, it can lead to reduced output, delayed shipments, and supply shortages, thereby constraining the availability of copper in the market. These disruptions often result in price volatility and increased uncertainty for buyers and sellers. Additionally, labor strikes can also affect investor sentiment, leading to fluctuations in copper prices and impacting the overall stability of the market.

• Inadequate Infrastructure due to its Reliance on Efficient Transportation

Insufficient infrastructure can lead to delays in the delivery of copper ore from mines to processing facilities and hinder the distribution of refined copper to end-users. Additionally, inadequate infrastructure can limit access to remote mining sites, increasing operational costs and reducing profitability for copper producers. Poor infrastructure can also impede the development of new mining projects and limit the expansion of existing ones, constraining supply growth in the market. Furthermore, unreliable power supply and inadequate telecommunications infrastructure in certain regions can further exacerbate operational challenges for copper producers and impact market stability.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In November 2022, London-based mining company Alterian announced a significant discovery of high-grade copper and silver in its Azrar Project in Morocco. This discovery signals potential growth in the copper market, offering promising opportunities for industry expansion and stability as global demand for copper continues to rise
• In November 2021, Aurubis AG initiated the construction of a multi-metal recycling plant in Georgia, U.S. Expected to process various metal-bearing materials, including circuit boards and copper cable, the plant aims to produce 35,000 tons of blister copper annually, contributing to increased copper supply amid growing demand
• In May 2021, Glencore addressed market dynamics by announcing plans to recommence operations at the Mutanda copper and cobalt mine in 2022. This strategic move is poised to alleviate shortages in both the copper and cobalt markets, potentially mitigating constraints on price escalation and ensuring a more stable supply chain for these critical metals

Copper Market Scope

The market is segmented on the basis of type, form, mining type, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Primary Copper
• Secondary Copper

 Form

• Wire Rods
• Plates
• Sheets and Strips
• Tubes
• Bars and Sections
• Others

 Mining Type

• Underground Mining
• Surface Mining

 Application

• Construction
• Transportation
• Appliances and Electronics
• Power Generation
• Distribution and Transmission
• Others

Copper Market Analysis/Insights

The market is analyzed and market size insights and trends are provided by type, form, mining type, and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

North America is expected to dominate the market due to a surge in building and construction projects across the region. The growing momentum in this sector translates to heightened demand for copper, a key component in various construction materials and electrical wiring. As infrastructure development accelerates, driven by factors such as urbanization and infrastructure modernization initiatives, the need for copper is expected to rise significantly. This trend not only fuels market expansion but also underscores the pivotal role of copper in supporting essential infrastructure growth and development in North America.

The Asia-Pacific is expected to dominate the market, buoyed by robust demand propelled by its well-established construction sector. As infrastructure projects proliferate across the region, the need for copper remains on a steady incline. This surge in demand solidifies Asia-Pacific's pivotal role in the global copper market, with the region emerging as a significant player driving industry growth. The region's sustained economic development, coupled with ongoing urbanization initiatives, further underpins its dominance, presenting lucrative opportunities for stakeholders across the copper supply chain.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Copper Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

• 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 Metals Corporation (Japan)
•  KGHM (Poland)
•  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)
•  Vale (Brazil)

SKU-53308