Market Size of Copper Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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).
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| Automotive and Heavy Equipment | |
| Construction | |
| Electrical and Electronics | |
| Industrial | |
| Other End-user Industries (Consumer Products, Medical Devices, Etc.) |
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Copper Market Size Summary
The copper market is poised for significant growth, driven by increasing demand from the construction, electronics, and telecommunications sectors. Despite challenges posed by the COVID-19 pandemic, which led to industrial slowdowns and mining disruptions, the market is expected to recover and expand. The rising demand for electric vehicles is particularly noteworthy, as it presents a substantial opportunity for market growth. Asia-Pacific is anticipated to be the fastest-growing region, fueled by the burgeoning electrical and electronics industries in India and ASEAN countries. The unique properties of copper, such as its conductivity and corrosion resistance, make it indispensable in various applications, including wires, cables, and components in electric vehicles.
The Asia-Pacific region is expected to dominate the global copper market, largely due to China's advanced construction and power generation sectors, along with ongoing investments in telecommunications and electronics. The construction boom in China, driven by increased residential and commercial projects, is a significant factor boosting copper demand. Additionally, the surge in electric vehicle sales in China further fuels the copper market. In India, the growing medical devices sector, which heavily relies on copper, is also contributing to market expansion. The copper market is partially consolidated, with major players like Glencore, BHP, and Codelco holding significant market shares. Recent developments, such as Aurubis AG's expansion in metal recycling and Glencore's plans to restart operations at the Mutanda mine, are expected to influence market dynamics positively.
Copper Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand from Electronics and Construction Industry
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Stringent Regulations Associated with Mining
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 End-user Industry
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2.1.1 Automotive and Heavy Equipment
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2.1.2 Construction
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2.1.3 Electrical and Electronics
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2.1.4 Industrial
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2.1.5 Other End-user Industries (Consumer Products, Medical Devices, Etc.)
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 France
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2.2.3.4 Italy
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2.2.3.5 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 South Africa
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2.2.5.2 Rest of Middle-East and Africa
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Copper Market Size FAQs
What is the current Copper Market size?
The Copper Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Copper Market?
Glencore, BHP, Codelco, KGHM and Aurubis AG are the major companies operating in the Copper Market.
