New York, United States , April 16, 2024 (GLOBE NEWSWIRE) -- The Global Copper Market Size is to Grow from USD 308.67 Billion in 2023 to USD 504.93 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.04% during the projected period.
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Copper is a commonly used alloying metal. It is the preferred material for industrial items due to its greater mechanical strength, endurance, and electrical conductivity when compared to other metals. It is a malleable, ductile metal that conducts heat and electricity well. The surface of freshly exposed pure copper is pinkish-orange in colour. Compared to hybrid or internal combustion engine cars, electric vehicles need almost four times as much copper. Rapid industrialization, urbanization, and infrastructure development in developing nations like China and India are driving up demand for copper. These countries use a lot of copper in their manufacturing, electrical, and building sectors. Growing Electric Vehicle (EV) Market: Copper prices are rising as a result of the shift toward electric vehicles. Electric vehicles (EVs) need a lot more copper than traditional internal combustion engine vehicles do, mostly for their electrical systems and charging infrastructure. However, lack of workforce and unstable conditions in nations that produce copper hinder production, which raises prices and causes shortages. A reduction in mine output tightens the market by affecting the global supply. The shortage affects industries that rely on copper, driving up costs even in the absence of a change in demand. Investor uncertainty may lead to market turbulence and adverse economic consequences in the affected regions.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the "Global Copper Market Size, Share, and COVID-19 Impact Analysis, By Type (Primary, Secondary), By Application (Construction, Power Generation), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The primary segment dominates the market with the largest revenue share over the anticipation timeframe.
On the basis of type, the global copper market is segmented into primary, and secondary. Among these, the primary segment is dominating the market with the largest revenue share over the anticipation timeframe. Primary production methods provide the majority of the copper produced globally. Primary copper production involves extracting copper ores from mines, crushing and grinding them to produce copper concentrates, and then smelting and refining these concentrates to produce pure copper cathodes or other refined copper products.
The construction segment is witnessing significant CAGR growth over the anticipation timeframe.
On the basis of application, the global copper market is segmented into construction, and power generation. Among these, the construction segment is witnessing significant growth over the anticipation timeframe. Because of its high electrical conductivity and resistance to corrosion, it is the preferred choice for electrical wiring in residential, commercial, and industrial buildings. Copper fittings and pipes are used extensively in plumbing systems due to their durability and antimicrobial properties.
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Asia Pacific dominates the market with the largest market share over the anticipation timeframe.
Asia Pacific dominates the market with the largest market share over the anticipation timeframe. The region's copper market is expanding due in large part to the efforts of nations like China, India, and Japan. China, in particular, is the world's biggest user of copper thanks to its thriving manufacturing and construction industries. The nation's rapidly growing electrical and electronics industries, infrastructure development, and urbanization all contribute to a significant demand for copper. China's broad copper mining operations and refining capabilities serve to further solidify its market dominance.
Middle East & Africa is expected to grow the fastest during the anticipation timeframe. These developments have culminated in a significant demand for copper, especially for uses involving electrical and plumbing wiring. On the other hand, Africa is experiencing a surge in copper production and exploration activities. Countries like Zambia, South Africa, and the Democratic Republic of the Congo are expanding their mining sectors due to their abundant copper reserves. In the Middle East and Africa, investments in renewable energy projects, such as solar and wind farms, are also surging. Because these projects demand a significant amount of copper wire and components, the increasing
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Copper Market are First Quantum Minerals Ltd., Grupo México, Jiangxi Copper Co. Ltd., JX Nippon Mining & Metals Corporation, KGHM, KME GERMANY GMBH, Anglo American, Antofagasta Plc, BHP, Codelco, Mitsubishi Materials Corporation, Mitsui Mining & Smelting Co. Ltd., Norilsk Nickel, OM Group Inc., Rio Tinto, Sumitomo Metal Mining Co., Ltd., Teck Resources Limited, UMMC Holding Corp., Vale, Glencore, and Others.
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Recent Developments
- In November 2022, The London-based mining company Alterian announced the discovery of a significant amount of high-grade copper and silver in its Azrar Project in Morocco. This research indicates that there may be more supply available to enter the copper market, which presents positive prospects for the industry's growth and stability.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Copper Market based on the below-mentioned segments:
Copper Market, Type Analysis
- Primary
- Secondary
Copper Market, Application Analysis
- Construction
- Power Generation
Copper Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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