The global copper market size is expected to reach over US$ 222 Billion by 2026 and forecasted to grow at a CAGR of around 4.6% over time frame 2018 to 2026.
Increasing demand for copper could be met by developments in the mining technology, well-organized designs of ore processing, and finding of new copper reserves. According to the United States Geological Survey (USGS), international copper reserves raised at approx. 720 million tons in 2017 and undiscovered copper reserves are valued to stand at approx. 3,500 million tons. In Europe, the total number of copper reserves is very small, and these reserves fail to meet the gap between demand supply for copper in the region. Copper is the only metal which does not lose its chemical and physical properties after reprocessing. Manufacturers in the region are taking advantage of this and fulling the growing demand for copper with the help of circular economy of copper. The term ‘circular economy of copper’ states to renewable nature of copper led by its reprocess and reusing. The used copper products are recycled to excerpt copper and the removed copper is re-used to manufacture new products.
The market research study on “Copper Market (By application: Building & Construction, Electrical & Electronics, Industrial Machinery & Equipment, Transportation, Consumer & General Products) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global copper market. The report also analyzes the key players operating in copper market and identifies the key strategies deployed by them along with the market share of leading players.
The global copper market is segmented as below:
Copper market by application
Copper Market by Geography
Some of the major factors driving the growth of this market include upgrading living standards and growing purchasing power of people, mostly in the developing economies, will propel the copper market. The incredible growth in the number of electronic gadgets such as laptops, cell phones, smart devicesand television sets across the globe is increasing the product demand.
By application building & construction, electrical & electronics, industrial machinery & equipment, transportation, consumer & general products. Rising application in the electrical power industry such as wire, cable, residential electric circuits, transformers, plug components, connectors, and motor manufacturing is anticipated to drive its consumption over the forecast period. Furthermore, copper brazing material and copper foils are being gradually used in vacuum electronic devices such as high-frequency tubes, magnetron, and copper printed circuits.
Asia Pacific dominated the global copper market, holding over 65% of the market share in 2017. It was followed by North America as well as Europe. In Asia Pacific, China established a significant share of the copper market in Asia Pacific, in terms of both volume as well as revenue, in 2017. Presence of key copper refineries and copper manufacturers and upsurge demand for construction led by growing urbanization in the nation are fueling the demand for copper in China. The copper market in North America, Europe, and Asia Pacific is anticipated to develop at a high CAGR during the estimated period. Subsequently, the copper market in Latin America and Middle East & Africa is expected to develop at a lethargic pace during the forecast period.
Some of the leading companies operating in the global copper market include Jiangxi Copper Corporation, Tongling Non-Ferrous Metals Group, BHP Bilition, Antofagasta Plc., LS-Nikko Co., Group Mexico, and Aurubis. Other prominent players in the copper market are Vedanta Resources Plc, Freeport McMoRan Inc., Codelco, Rio Tinto, Glencore International AG, and Sumitomo Metal Mining Co. Ltd.