Global Copper Market Size By Type (Wire and Cables, Bars), By End-Use (Automotive, Construction), By Geographic Scope And Forecast

Copper Market Size And Forecast

Copper Market size was valued at USD 3,126.90 Million in 2022 and is projected to reach USD 4,355.68 Million by 2030, growing at a CAGR of 3.61% from 2024 to 2030.

Copper is used in many applications. Electrical applications of copper include wire and cable, generators, transformers, motors, electromagnets, switches, communication cables, home panels, etc. takes place. The recent increase in electric vehicles has also increased the demand for copper. Foil, stator, rotor, core, hollow metal, and motors are used in electric cars made of heavy copper. According to JEITA (Japan Electronics and Information Technology Industries Association), the total value of the global electronics and IT industry will increase by 11% annually to $3,415 in 2021. Therefore, this factor should increase the demand for copper products in electrical household appliances. In North America, especially in the United States, the electronics industry needs to grow in the middle. According to the Consumer Technology Association (CTA), revenue from the U.S. tech industry is expected to grow to $505 billion by the end of this year, with sales increasing 9 percent and 2.8 percent in 2022.

Global Copper Market Definition

Copper is made by rolling copper or depositing copper electrodes. Its excellent electrical properties, strength, and durability compared to other metals make it the first choice for commercial products. It is a malleable and malleable metal with excellent electrical and thermal conductivity. The newly exposed pure copper surface is pinkish-orange in color. Copper is used to make components of electrical and electronic equipment, household goods, and many metal alloys, including pure silver for jewelry, copper-nickel for marine equipment and companions for coins, thermocouples for measuring temperature, and copper strain gauges.

Global Copper Market Overview

Construction spending should increase, which should increase the use of copper wire, pipes, and other corrosive materials in the manufacture of steel and water pipes. Increasing investment in infrastructure, especially in developing countries, should benefit the major players in the copper market because upgrading national grid drivers produces wires and cables. In addition, the increase in global production is expected to increase the use of copper in transportation equipment, appliances, household appliances, and other durable goods.

Countries such as Canada, Mexico, and Zambia are expected to see rapid growth in annual output, and continued copper production in these countries is expected to support economic growth over the forecast period. Peru, which is an important copper ore and concentrate producer in the region, is expected to increase its copper mine production in Central and South America. Chile will produce more than 40% of the world’s copper ore and concentrate production by 2022, but growth will be slower due to the country’s aging mines.

As the population and per capita income increase, so does the demand for electronic devices such as laptops, phones, and tablets. Printed circuit boards (PCBs) are used in electronic devices to connect components, transmit electrical signals, and control electronic devices. The growth of the copper market is due to the growing PCB market due to the increasing demand for electronic products.

Global Copper Market Segmentation Analysis

The Global Copper Market is segmented on the basis of Type, End-Use, and Geography.

Copper Market, By Type

• Wire and Cables
• Bars
• Others

Based on the Type, the Global Copper Market has been segmented into, Bars, Wire and Cables, and Others. The demand for copper wires and cables is mainly driven by the increasing electrification of the economy, renewable energy, urbanization, and technology. Copper’s excellent electrical conductivity, durability, and corrosion also make it important for electrical conduction, communications, electricity, and transportation. The importance of renewable energy and electric vehicles has increased the need for efficient transmission of electricity, as well as the importance of copper. In addition, the growth in digital infrastructure and Internet of Things (IoT) increases the need for reliable data transmission. Together, these trends are driving global demand for copper wire and cables.

Copper Market, By End-Use

• Automotive
• Construction
• Others

Based on the End-Use, the Global Copper Market has been segmented into Automotives, Construction, and Others. The transition to the electric vehicle (EV) and increasing integration of electronic components is increasing the demand for copper in automotive applications. Copper is important for electric cars as it plays an important role in the generator, battery, charging system and electrical wiring. Also, today’s cars rely on electronics for safety, entertainment, and connectivity, and those electronics also need copper for efficient data transmission. Copper’s high electrical and thermal conductivity properties make it indispensable as automotive technology advances, leading to a strong demand for metal in the automotive industry.

Copper Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Based on the Regional Analysis, the Global Copper Market is classified into North America, Europe, Asia Pacific, Middle East And Africa, and Latin America. The Asia Pacific region is expected to dominate the world economy as China has continuously invested in the region over the years to support progress in the construction and power generation industry and telecommunications and electronic commerce.

Copper is the oldest metal still used in the construction industry. The combination of copper’s unique physical properties (conductivity, corrosion resistance, toughness, flexibility and durability) makes it suitable for almost any design project. Therefore, increased construction activity in Asia Pacific is likely to boost the copper industry in the region. According to China’s National Development and Reform Commission, rising housing demand will support the country’s public and private sector housing construction. The number of new hotels in the country will increase by 19 percent in 2021.

The increase in the construction of high-rise buildings and hotels is driving the economy in this area. China’s electric car sales will increase by more than 50% in 2021 after a small increase in 2020. Therefore, increasing electric car sales in China are expected to stimulate the copper market in China. The market demand for medical equipment is increasing in India and the market is growing rapidly. In September 2021, the government of India approved an application worth INR 50 billion ($674.36 million) to build a medical park in Himachal Pradesh, the industrial city of Nalagarh in Solan district. Increasing demand is expected to help the copper market in India as copper is an essential component of many medical devices.

Key Players

The “Global Copper Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Aurubis AG, BHP, Chinalco Shanghai Copper, Codelco, Glencore, Group Mexico, KGHM, Southern Copper Corporation, Xstrata Plc, Freeport-McMoRan Copper & Gold, Others. 

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Copper Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Copper Market gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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