The copper market size has grown strongly in recent years, rising from $166.25 billion in 2023 to $179.84 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.2%. This historical growth is attributed to the electrical and electronics industry, the construction sector, industrial machinery manufacturing, automotive manufacturing, and infrastructure development. Looking forward, the market is expected to reach $240.52 billion by 2028, with a CAGR of 7.5%. This projected growth is driven by the renewable energy transition, increased demand for electric vehicles (EVs), urbanization and construction growth, expansion of 5G networks, and global economic recovery. Major trends in the forecast period include the use of copper in antimicrobial applications, efforts to enhance supply chain resilience and diversification, copper recycling initiatives, innovations in copper alloys, and market volatility and speculation regarding copper prices.
Major Driver In The Copper Market
The growth in the copper market is attributed to the surge in construction projects in rapidly developing countries such as China and India, fueled by the increasing population and infrastructure needs. The term "population" denotes the total number of people or inhabitants in a given country or region. As of June 2022, the current population of China stands at 1,450,341,718, according to Worldometer, a US-based reference website providing real-time statistics. This rising population continues to be a significant driver for the expansion of the copper market, with market sizes of 2023, 2024, and 2028 contributing to its sustained growth.
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Copper Market Competitive Landscape
Glencore plc, BHP Billiton, Rio Tinto Group, Vale S.A., Zijin Mining Group Co. Ltd., Tongling Nonferrous Metals Group Co. Ltd., Freeport-McMoRan Inc., Codelco, MMC Norilsk Nickel PJSC, Grupo México, Teck Resources Ltd., Newmont Corporation, Southern Copper Corporation, First Quantum Minerals Ltd., Antofagasta plc, Seacube Containers LLC, Jiangxi Copper Co. Ltd., Lundin Mining Corporation, Kaz Minerals PLC, TRITON International Ltd., Hudbay Minerals Inc., Capstone Copper Corp., KGHM Polska Miedz S.A., CAI International Inc., Textainer Group Inc., Seaco Global Holdings Corp., Ero Copper Corp., Copper Mountain Mining Corporation, Florens Containers Inc., Beacon Intermodal Group LLC, Sumitomo Metal Mining Co. Ltd., Boliden AB
Copper Market Segmentation
The copper market covered in this report is segmented –
1) By Type: Refining Industry, Metal Processing Industry, Chemical Industry, and Other Types
2) By Mining Type: Underground Mining, Surface Mining
By Geography:The regions covered in the copper market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the copper ore mining market in 2023.
The Copper Global Market Report 2024 furnishes information about the global copper market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
