Copper Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

The Global Copper Market Size accounted for USD 291.1 Billion in 2021 and is projected to occupy a market size of USD 446.7 Billion by 2030 growing at a CAGR of 4.9% from 2022 to 2030.

Increasing demand for copper could be met by developments in mining technology, well-organized designs of ore processing, and the finding of new copper reserves. According to the United States Geological Survey (USGS), international copper reserves rose approximately 720 million tons in 2017, and undiscovered copper reserves are valued to stand at approximately 3,500 million tons. In Europe, the total number of copper reserves is minimum, and these reserves fail to meet the gap between the demand and supply for copper in the region. Copper is the only metal that does not lose its chemical and physical properties after reprocessing. Manufacturers in the region are taking advantage of this by utilizing the circular economy of copper to meet the growing demand for copper. The term ‘circular economy of copper’ states to the renewable nature of copper led by its reprocessing and reusing. The used copper products are recycled to excerpt copper and the removed copper is re-used to manufacture new products.

Copper Market Report Statistics

• Global copper market revenue is projected to reach USD 446.7 Billion by 2030 with a CAGR of 4.9% from 2022 to 2030
• According to the Copper Org data, the copper content of world mine production was 22,681 thousand tons in 2020
• Asia-Pacific copper market share generated over US$ 195 billion revenue in 2021
• North America copper market growth will record noteworthy CAGR from 2022 to 2030
• Based on application, electrical & electronics sub-segment gathered 34% shares in 2021
• Increasing consumer electronics industry is a prominent copper market trend that fuels the industry demand

Global Copper Market Dynamics

Market Drivers

• Growing demand in electronics industry
• Increasing production from copper mine
• Rising number of construction projects in developing nations

Market Restraints

• Presence of alternatives
• Fluctuating prices

Market Opportunities

• Rising trend of electric vehicles
• Extensive demand in medical devices

Copper Market Report Coverage

Copper Market Growth Factors

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 devices and television sets across the globe is increasing the product demand.

Copper Market Segmentation

The global copper market is segmented based on application, and geography.

Copper Market By Application

• Building & Construction
• Electrical & Electronics
• Industrial Machinery & Equipment
• Transportation
• Consumer & General Products

By application, the market is categorized into building & construction, electrical & electronics, industrial machinery & equipment, transportation, and 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, magnetrons, and copper-printed circuits.

Copper Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Copper Market Regional Analysis

Asia-Pacific dominated the global copper market, holding over 67% of the market share in 2021. 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. In addition to that, the rapid development of electric vehicles is countries like China, Japan, and India are expected to boost the Asia-Pacific copper market. By the end of 2021, 10 million electric cars were on the road worldwide, according to the International Energy Agency (IEA). Despite the pandemic-related global decline in auto sales, which saw global auto sales decline 16% in 2021, electric car registrations increased by 41%. The market has expanded in this area due to factors like an expanding population and a rising demand for high-quality goods.

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.

Copper Market Players

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.