Copper Market COVID-19 Impact Analysis & Projected Recovery, and Market Sizing & Forecast

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NikhatS 09 Jul 2024

Global Copper Market was valued at US $ 3.19 Bn in 2023, and it is expected to reach US $ 4.26 Bn by 2030 with a CAGR of 4.21% during the forecast period.

Copper Market Growth or Demand Increase or Decrease for what contain:

Building construction spending is expected to rise, which is expected to increase the consumption of copper wire, tube, and other mill products in applications including building wire and plumbing. As updates to national power grids drive the production of wire and cable, increased infrastructure investment, particularly in developing countries, is expected to be beneficial for the copper market major players even more. Also, improvements in global manufacturing output are expected to increase the consumption of copper metal in transportation equipment, industrial gear, household appliances, and other long-lasting goods.

Copper CAGR Estimation:

Aluminum is a less expensive alternative to copper, and while its price has fluctuated over the last year, it only increased by 24% from the first quarter of 2022 to the first quarter of 2022, remaining much less expensive than copper. (US $2,091/ton vs. US $8,477/ton, for example). As a result, the market's growth is likely to be hampered by aluminum's simple availability and low price over the forecast period.

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Copper Market Segmentation:

by Product

Wire and cable
Electronics and related devices
Electric motors
Renewable energy production
Architecture
Antibiofouling
Antimicrobial
Speculative investing
Folk medicine

Based on Application, the global copper market is segmented as follows, wire and cable, electronics and related devices, electric motors, renewable energy production, architecture, anti-biofouling, antimicrobial, speculative investing, and folk medicine.
by Mining Type

Underground Mining,
Surface Mining

Copper Market Overview:

Copper is metal that is used as a raw material for manufacturing Lithium-ion batteries, Cutting tools, magnetic materials, petrochemical catalysts etc. 98 % of Copper is a by-product of nickel. In 2023 the Copper world trade was US $ 4.83 Bn in that top exporter is Democratic Republic of Congo holding the market of US $ 1.91 Bn and Top Importer were China (the US $ 2.13 Bn). The ranking of Copper in the Product Complexity Index is 875th. The Copper industry has been criticized for the high societal cost of upstream extraction, particularly in the Democratic Republic of Congo. In 2023, the DRC is estimated to contribute around 69 % of mined Copper .

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Copper Market Growth or Demand in which regions??

In 2022, Asia Pacific led the copper market with a market share of more than 37%, followed by North America and Europe. The growth of the Copper market in these regions has been supported by an increase in end-use sectors such as automotive and electronics, as well as increasing per capita income. According to the International Energy Agency (IEA), after a decade of tremendous growth, there were 10 million electric cars on the road around the world by the end of 2022, despite the pandemic-related global decline in car sales, which saw global car sales decline 16.2% in 2022, electric car registrations increased by 41.3%. An increasing population and greater demand for high-quality items have also supported the market's expansion in this region.

Copper Market Scope and Methodology:

The report has covered the market trends from 2018 to forecast the market through 2029. 2022 is considered a base year however 2022's numbers are on the real output of the companies in the market. Special attention is given to 2022 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

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Copper Market Key Players

1. Anglo American Plc
2. ntofagasta Plc
3. BHP Billiton Group
4. Codelco
5. First Quantum Minerals Ltd.
6. Grupo México S.A.B. DE C.V
7. Jiangxi Copper Co. Ltd.
8. JX Nippon Mining & Metals Corp.
9. KGHM Polska MiedY S.A
10. KME AG
11. Mitsubishi Materials Corp.
12. Mitsui Mining & Smelting Co. Ltd.
13. Norilsk Nickel
14. OM Group Inc.
15. Rio Tinto Group
16. Sumitomo Metal Mining Co., Ltd.
17. Teck Resources Ltd.
18. UMMC Holding Corp.
19. Vale Ltd.
20. Others

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Key questions answered in the Market are:

• What is Copper Market ?
• What is the growth rate of the Copper Market?
• Which are the factors expected to drive the Copper market growth?
• What are the different segments of the Copper Market?
• What growth strategies are the players considering to increase their presence in Copper ?
• What are the upcoming industry applications and trends for the Copper Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Copper Market?
• What major challenges could the Copper Market face in the future?
• What segments are covered in the Copper Market?
• Who are the leading companies and what are their portfolios in Copper Market?
• What segments are covered in the Copper Market?
• Who are the key players in the Copper market?

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