Dublin, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Copper Market (by Mined Copper Production, Refined Copper Production, Consumption, First-Use, End-Use, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global mined copper market by production is expected to reach 24.48 megatons in 2023, growing at a CAGR of 4.5% over the projected period.
Similarly, refined copper market by production is expected to reach 28.04 megatons by the year 2023 progressing at a CAGR of 4.0% during the forecasted period. On the other hand, the global copper consumption is estimated to reach 27.60 megatons in 2023, growing at a CAGR of 2.3% during the forecasted period.
Copper is crucial to a sustainable future because it enables e-mobility and renewable energy sources, accelerates green buildings, electrifies cutting-edge power networks, and reduces hazards in hospitals through antimicrobial surfaces. As a result, an increase in copper demand in the future years is projected to fuel the expansion of worldwide mined and refined copper output.
Driver: Rising Copper Annual Capacity in Renewable Energy
The renewable energy sector, particularly solar and wind farms, is experiencing rapid growth. These green energy sources rely heavily on copper due to its superior conductivity, making it essential for efficient electricity generation and distribution.
Unlike less effective conductive materials, copper offers exceptional performance in this regard. As copper usage in solar and wind applications continues to increase, the annual capacity of copper in renewable energy is on the rise. This expansion is expected to drive growth in the global copper market.
Challenge: Decline in Copper Ore Grades
The demand for copper has surged in recent decades, leading to concerns about future availability. Currently, the global average copper ore grade for mining is approximately 0.62% Cu content. However, this figure is expected to decline as mines with higher ore grades are depleted. This decline poses challenges for the industry.
Lower ore grades result in more complex copper concentrates with higher levels of impurities and gangue materials. This complexity impacts smelters, which must increase throughput to maintain copper metal production. As a result, operating costs rise due to processing larger quantities of secondary products like slag and acid, as well as managing waste streams. These challenges can hinder overall copper mine production and potentially affect the copper market.
Trend: Upsurge in Copper Consumption in Passenger Vehicles
Copper consumption in passenger vehicles is on the rise globally, with both electric vehicles (EVs) and internal combustion engine (ICE) cars contributing to this trend. Copper plays a crucial role in various components of both EVs and ICE cars, including motors, inverters, and electrical wiring.
However, the consumption of copper is expected to increase at a faster rate in EVs compared to ICE cars due to the growing market share of electric vehicles. With no viable alternatives to copper for these applications, its consumption is projected to expand significantly in the EV sector between 2020 and 2025.
This upsurge in copper usage in passenger vehicles, especially in the EV segment, is poised to drive growth in the global copper market.
Segment Covered
Chile is the world's largest producer of copper and has the largest copper reserves. Chile's production is expected to grow in the coming years owing to the increasing investment in new technologies.
In Asia, companies are spending funds on expansion exploration activities to increase copper mine production. Also, significant investment in capacity in Indonesia is expected to boost copper production growth over the outlook period. High global copper prices and rising demand are reigniting investment in exploration in Africa's copper hotspots, with the DRC and Zambia both attracting significant capital funding. These factors are expected to further increase copper production in Africa.
Asia held the largest share of around three-fifth of the market, followed by Europe and Latin America. Latin America has been further analyzed based on the following regions: Chile and the rest of Latin America. Chile holds the largest market share for refined copper while, the rest of Latin America is expected to experience the fastest growth, with a significant CAGR in the forthcoming years.
In Asia, refined copper production has been examined based on the following regions: China, Japan, India, and Rest of the Asia. India is expected to experience the fastest growth, with highest CAGR in the coming years. Moreover, African government is taking several initiatives which are supporting domestic smelting capacity and mining output, which are likely to help in the growth of African copper production during the forecasted period.
Many companies are shifting to copper by replacing aluminum in producing robots' internal parts, high-speed computers, home appliances, and telecommunication applications, which is contributing to copper consumption.
China held the maximum share in the market, while the rest of Asia is expected to be the fastest-growing region in the coming years. China's switch to renewable energy systems is likely to be a key driver of the copper demand. In the US, the demand for EVs is on an increasing trend. Since, electric vehicles (EVs) contain more copper than conventional vehicles due to additional wiring, the electric motor, and the battery, the consumption of copper is expected to be increasing in the coming years.
The wire rods held the major share of the global copper market consumption. Copper rod is intended for the production of electrical products. The rolled wire is produced according to modern technology by continuous casting and rolling. Owing to the increasing manufacturing of electrical products, the consumption of wire rods is expected to increase in the coming years.
Construction held the highest share of the global copper market consumption owing to the increasing construction activities around the world. Copper and its alloys, such as architectural bronze, are used in a variety of settings to build facades, canopies, doors, and window frames.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 177 |
| Forecast Period | 2021 - 2025 |
| Estimated Market Value (Tonnes) in 2021 | Tonnes24.59 Million |
| Forecasted Market Value (Tonnes) by 2025 | Tonnes27.61 Million |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Global |
The global copper market is fragmented with many players holding an insignificant share of the market.
Competitive Landscape
- Global Copper Mine Production Players by Market Share
- Global Copper Mine Market Players By Production Capacity
- Global Refined Copper Production Players by Market Share
- Global Refined Copper Market Players By Production Capacity
Company Profiles: Business Overview, Revenues by Product, Business Strategy
- Anglo American Plc
- Antofagasta Plc
- Aurubis AG
- BHP Group Limited
- Codelco
- First Quantum Minerals Ltd.
- Freeport-McMoRan Inc
- Glencore
- Grupo Mexico (Southern Copper Corporation)
- Jiangxi Copper Company Limited
- KGHM Polska Miedz S.A
- Norilsk Nickel
- Rio Tinto Group
Market Dynamics
Growth Drivers
- Rising Copper Annual Capacity in Renewable Energy
- Growing Use of Copper in Smart Home Applications
- Expansion of Construction Industry
- Growing Demand From Power Electronics
- Growth in Scrap Copper Supply
- Increasing Manufacturing of Electrical Equipment
Challenges
- Decline in Copper Ore Grades
- Challenges of More Mineral Waste from the Copper Industry
Market Trends
- Upsurge in the Copper Consumption in Passenger Vehicles
- New Copper Mine Projects in Pipeline
For more information about this report visit https://www.researchandmarkets.com/r/17rmpt
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