Copper Global Market Report 2024

Copper ore mining is a intricate procedure involving the extraction of copper, starting with the mining of ore containing less than 1% copper and culminating in the production of cathodes. These cathodes consist of sheets with 99.99% pure copper, ultimately destined for the manufacturing of everyday items. The predominant forms of copper ores are copper oxide and copper sulphide.

The primary categories of copper ore mining are associated with the refining industry, metal processing industry, chemical industry, and various other types. The refining industry pertains to the production and distribution of oil and oil products. Mining methods include both underground mining and surface mining.

The copper market research report is one of a series of new reports from The Business Research Company that provides copper market statistics, including copper industry global market size, regional shares, competitors with a copper market share, detailed copper market segments, market trends and opportunities, and any further data you may need to thrive in the copper industry. This copper global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The copper market size has grown strongly in recent years. It will grow from $166.25 billion in 2023 to $179.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The expansion observed in the historical period can be ascribed to factors such as the electrical and electronics industry, the construction sector, the manufacturing of industrial machinery, automotive production, and infrastructure development.

The copper market size is expected to see strong growth in the next few years. It will grow to $240.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be linked to the transition to renewable energy, the increasing demand for electric vehicles (EVs), urbanization, growth in the construction sector, expansion of 5G networks, and the global economic recovery. Prominent trends expected in the forecast period include the utilization of copper in antimicrobial applications, initiatives for supply chain resilience and diversification, the promotion of copper recycling, innovations in copper alloys, as well as the volatility of copper prices and market speculation.

The surge in the copper market is attributed to the increasing number of construction projects in rapidly developing nations such as China and India, driven by population growth and infrastructure demands. Population, denoting the total number of inhabitants in a country or region, plays a crucial role in this trend. Copper minerals and ores are present in both igneous and sedimentary rocks. As of June 2022, with China's population reaching 1,450,341,718, the expanding populace is a key factor propelling the growth of the copper market.

Anticipated growth in the copper market is fueled by the increasing popularity of electric vehicles, especially in the context of rising sales in countries such as China and India. Electric vehicles (EVs), relying on electric motors for propulsion, utilize copper for various purposes such as enhanced performance, efficiency, sustainability, energy storage, charging infrastructure, durability, weight reduction, and minimal energy loss during power transmission within the vehicle. Notably, according to the International Energy Agency's data from July 2023, global sales of electric vehicles nearly doubled to 6.6 million in 2021, underscoring the impact of this trend on the copper market.

Copper industries are adopting autonomous drilling systems to improve safety, efficiency, and productivity. This technology enables precise identification of drill locations and more effective drilling of production blast holes through advanced leveling technologies.

Innovations in the copper market include the development of recycled copper tubes by major companies aiming to gain a competitive advantage. Recycled copper tubes, sourced from post-industrial materials rather than newly mined copper ore, offer a sustainable alternative. For example, in March 2023, Germany-based Wieland-Werke AG introduced "Cuprolife," a sustainable option for the building sector. Utilizing a mass balance technique, Cuprolife tubes, constructed entirely of pure copper Cu-DHP, are flexible, easy to install, and suitable for applications such as solar systems, heating, gas, liquid gas, heating oil/biofuel oil B10, and household hot and cold water delivery. This environmentally conscious innovation aims to mitigate the adverse environmental effects of copper manufacturing and promote sustainability in the industry.

Major companies operating in the copper market report are 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 Mexico, 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

Asia-Pacific was the largest region in the copper ore mining market in 2023. The regions covered in the copper market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the copper market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The copper ore mining market includes revenues earned by entities by building construction, transportation, electronics and consumer goods. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Copper Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on copper market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for copper ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The copper market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Refining Industry; Metal Processing Industry, Chemical Industry; and Other Types
• 2) By Mining Type: Underground Mining; Surface Mining
• Companies Mentioned: Glencore plc; BHP Billiton; Rio Tinto Group; Vale S.A.; Zijin Mining Group Co. Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.