Copper Market Size to Reach USD 496.8 Billion by 2032 growing at 5.1% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The global Copper Market size occupied USD 304.1 Billion in 2022 and is projected to achieve a size of around USD 496.8 Billion by 2032 rising with a CAGR of 5.1% during the forecasted years, as reported by Acumen Research & Consulting

The copper market is a vibrant and vital part of the world economy. Copper, a versatile and highly conductive metal, is essential in a variety of industries and applications. Its electrical conductivity, thermal conductivity, corrosion resistance, and malleability make it an important material in a variety of industries. The astounding growth of the global copper market can be attributed to several major factors. The ever-increasing global population and the growing demand for construction activities worldwide have driven the need for copper, making it a crucial building material. Copper sheets, particularly for roofing applications, offer excellent water resistance. Their lower density compared to lead and lightweight properties make copper an ideal choice for supporting building structures. Additionally, copper provides superior fire resistance, a high melting point, and high tensile strength compared to other materials, making it a more practical option for installation on domes and roofs.

Copper Market Value

Copper Market Statistics

  • Global copper market revenue accounted for USD 304.1 billion in 2022, with a 5.1% CAGR from 2023 to 2032
  • Asia-Pacific copper market share occupied around 67% in 2022
  • North America Cu market growth is projected to attain over 5% CAGR from 2023 to 2032
  • By application, the electrical and electronics sub-segment grabbed over 34% share in 2022
  • Among application, the building and construction occupied over USD 73 billion in revenue in 2022
  • Extensive demand in medical devices is a recent trend in copper market

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Copper Market Dynamics

Increase Economic Growth Drives the Cu Market Value

Copper consumption is primarily driven by economic growth. Copper is classified as an industrial metal, and its price is closely related to economic activity. Copper is in high demand in building, manufacturing, infrastructure projects, and consumer goods during periods of strong economic expansion. Rising GDP, urbanization, and industrialization frequently lead to increased copper use.

Rising Technological Advancement Will Boost the Copper Cu Industry Growth

Copper consumption in the electronics industry is driven by technological improvements. The miniaturization of electronics and the development of high-tech products such as smartphones, tablets, and wearable electronics drive up the need for copper in printed circuit boards (PCBs) and semiconductor production. Innovations in 5G technology and the Internet of Things (IoT) drive up copper use even further

Price Volatility and Supply Chain Disruption Will Hamper the Copper Cu Market

Copper prices can be volatile due to variables such as supply disruptions, global economic conditions, and speculative trading, posing problems to market stability and planning.

Supply disruptions, whether caused by natural catastrophes, labour strikes, or geopolitical conflicts in major copper-producing nations, can impair copper supply and cause market instability.

Renewable Energy Boom Will Generate Surplus Revenue in Copper (Cu) Market Opportunity

Copper will benefit greatly from the move to renewable energy sources such as wind and solar electricity. Wind turbines, solar panels, and energy storage systems all require significant amounts of copper in order to transmit and store energy efficiently.

Copper Market Segmentation

The global market has been categorized into type, component, application, end-user, and region.

  • By type segment includes primary copper, and secondary copper
  • By form industry is categorized into wire rods, plates, sheets and strips, tubes, bars and sections, and others
  • The application segment categorized into building & construction, electrical & electronics, industrial machinery & equipment, transportation, and consumer & general products
  • By region, the market is classified into Asia-Pacific, Latin America, North America, Europe, and the MEA

Copper Market Share

According to the copper market forecast, the type segment is projected to hold the largest market share between 2023 and 2032.

In terms of form, wire rods are expected to dominate the market in 2022 and maintain their leading position in the future based on the form of copper.

The copper industry analysis indicates that the electrical & electronics application is significantly experiencing substantial revenue growth during the projected period from 2023 to 2032.

Regarding type, the primary copper sector has expect to consistently been the highest revenue-generating segment in recent years and is expected to continue its strong performance.

Copper Market Regional Outlook

Asia-Pacific dominated the global copper market, holding over 67% of the market share in 2022, followed by North America and Europe. In Asia-Pacific, China established a significant share of the copper market in the region in terms of both volume and revenue in 2022. The presence of key copper refineries and manufacturers, along with an upsurge in demand for construction driven by urbanization, has fueled copper demand in China.

The copper market in North America, Europe, and Asia-Pacific is anticipated to experience high compound annual growth rates (CAGR) during the estimated period. Conversely, the copper market in Latin America and the Middle East & Africa is expected to grow at a slower pace during the forecast period.

According to the United States Geological Survey (USGS), international copper reserves increased by approximately 720 million tons in 2021, and undiscovered copper reserves are estimated to be around 3,500 million tons. In Europe, the total number of copper reserves is relatively small, and these reserves are insufficient to meet the demand-supply gap for copper in the region.

Copper Market Players

Some prominent copper companies covered in the industry includes Jiangxi Copper Corporation, Tongling Non-Ferrous Metals Group, BHP Bilition, Antofagasta Plc., LS-Nikko Co., Group Mexico, Aurubis, Vedanta Resources Plc, Freeport McMoRan Inc., Codelco, Rio Tinto, Glencore International AG, and Sumitomo Metal Mining Co. Ltd.

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Mr. Frank Wilson

Acumen Research and Consulting

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