Copper Market Report 2025

The copper market size has grown strongly in recent years. It will grow from $176.88 billion in 2024 to $190.72 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to electrical and electronics industry, construction sector, industrial machinery manufacturing, automotive manufacturing, infrastructure development.

The copper market size is expected to see strong growth in the next few years. It will grow to $253.82 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to renewable energy transition, electric vehicles (EVs) demand, urbanization and construction growth, 5G network expansion, global economic recovery. Major trends in the forecast period include copper in antimicrobial applications, supply chain resilience and diversification, copper recycling initiatives, copper alloy innovations, copper price volatility 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.

The increasing popularity of electric vehicles (EVs) is projected to drive the growth of the copper market in the future. EVs are powered by one or more electric motors, using electricity as their primary energy source. Copper plays a crucial role in electric vehicles, contributing to enhanced performance, efficiency, sustainability, effective energy storage, charging infrastructure, durability and reliability, weight reduction, and minimal energy loss during electric power transmission within the vehicle. For example, in March 2024, the Electric Vehicle Council, an Australia-based organization representing the electric vehicle industry, reported that 98,436 new EVs were sold in 2023. This represents more than a twofold increase in EV purchases compared to 2022, resulting in over 180,000 electric vehicles on Australian roads. Consequently, the growing popularity of electric vehicles is propelling the expansion of the copper market.

Major companies in the copper market are increasingly adopting a strategic partnership approach to enhance technology integration and broaden their market reach. A strategic partnership generally involves a collaborative relationship between two or more organizations, allowing them to combine their resources, expertise, and efforts to achieve shared goals. For example, in October 2024, Schneider Electric, a France-based energy management and automation firm, partnered with Glencore plc, a Switzerland-based commodity trading and mining company, to transform its copper supply chain and promote decarbonization initiatives. Through this collaboration, Schneider directly sources responsibly sourced, recyclable copper from Glencore, distributing it to its European factories. This partnership also allows Glencore to implement sustainable procurement practices for low-carbon capital equipment, in line with Schneider’s Zero Carbon Project. Additionally, Schneider assists Glencore by enhancing energy reporting systems, which include fuel-switching options and improvements in energy efficiency.

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 include 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, Norilsk Nickel, Grupo México, Teck Resources Ltd., Southern Copper Corporation, First Quantum Minerals Ltd., Antofagasta plc, Jiangxi Copper Co. Ltd., Lundin Mining Corporation, Kaz Minerals PLC, Hudbay Minerals Inc., Capstone Copper Corp., KGHM Polska Miedz S.A., Ero Copper Corp., Copper Mountain Mining Corporation, Sumitomo Metal Mining Co. Ltd., Boliden AB.

Asia-Pacific was the largest region in the copper ore mining market in 2024. 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.

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 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 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.

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