Copper

Copper

Global Copper Market to Reach US$298.4 Billion by 2030

The global market for Copper estimated at US$202.4 Billion in the year 2023, is expected to reach US$298.4 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2023-2030. Electrical & Electronics End-Use, one of the segments analyzed in the report, is expected to record a 6.8% CAGR and reach US$134.4 Billion by the end of the analysis period. Growth in the Building & Construction End-Use segment is estimated at 4.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$53.1 Billion While China is Forecast to Grow at 8.7% CAGR

The Copper market in the U.S. is estimated at US$53.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$68.4 Billion by the year 2030 trailing a CAGR of 8.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.4% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

Global Copper Market - Key Trends and Drivers Summarized

Copper is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. Its distinctive reddish-orange color is recognized widely and the metal is used extensively across a variety of industries. Primarily, copper is used in electrical wiring, plumbing, and the production of electronics due to its excellent conductive properties. Copper is increasingly recognized as a critical element in the global shift towards sustainable energy and electrification. It plays a central role in the construction of electric vehicles (EVs), efficient power grids, and renewable energy technologies such as wind and solar power systems. This wide array of applications underscores copper`s indispensable role in modern infrastructure and technology advancements. As countries and corporations increasingly commit to reducing carbon emissions, the demand for renewable energy infrastructure—such as solar panels, wind turbines, and the related grid infrastructure—has surged. Copper is essential in these technologies due to its superior electrical conductivity, which is crucial for efficient energy transfer. Additionally, the growth of electric vehicles (EVs), which use approximately four times as much copper as gasoline-powered vehicles, further bolsters copper demand. As more nations adopt policies encouraging EV usage to combat climate change, the need for copper is expected to rise significantly.

Another major factor influencing copper demand is the ongoing global expansion in construction and telecommunications. In developing countries, urbanization and industrial development drive the need for new residential and commercial buildings, all of which require extensive copper wiring and plumbing. In telecommunications, copper is a key element used in the infrastructure that supports high-speed internet and other communication technologies. As the digital economy expands, and with it the rollout of 5G networks, the demand for copper to facilitate these advancements continues to grow.

However, copper also faces challenges such as price volatility and supply constraints. The mining and extraction of copper can be significantly affected by geopolitical issues, environmental regulations, and the economic stability of producing countries, which occasionally leads to a tight supply market and price surges. Moreover, the push towards recycling and more sustainable mining practices reflects growing environmental awareness and the need to secure a stable copper supply for future technological developments. As such, the trends in the copper market are closely watched by industries and investors alike, given its critical role in both traditional infrastructure and modern technological applications.

Select Competitors (Total 122 Featured) -

• Anglo American Plc
• Antofagasta Plc
• BHP Billiton Group
• Codelco
• First Quantum Minerals Ltd.
• Grupo México S.A.B. DE C.V
• Jiangxi Copper Co. Ltd.
• JX Nippon Mining & Metals Corp.
• KGHM Polska MiedŸ S.A
• KME AG
• Mitsubishi Materials Corp.
• Mitsui Mining & Smelting Co. Ltd.
• Norilsk Nickel
• OM Group Inc.
• Rio Tinto Group
• Sumitomo Metal Mining Co., Ltd.
• Teck Resources Ltd.
• UMMC Holding Corp.
• Vale Ltd.

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