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The copper market size is forecast to increase by USD 57.8 billion, at a CAGR of 6% between 2022 and 2027. The market's expansion hinges on multiple factors, notably the substantial demand for copper originating from the Asia-Pacific (APAC) region, driven by its exceptional properties and the increasing need for copper within the electric vehicle (EV) industry. APAC's robust demand for copper underscores its vital role in various sectors, including construction, electronics, and renewable energy. The superior conductivity, durability, and corrosion resistance of copper make it indispensable for modern infrastructure and technology. Additionally, the accelerating adoption of EVs worldwide further propels the demand for copper, as it is a crucial component in electric motors, batteries, and charging infrastructure, highlighting its pivotal position in sustainable transportation solutions.
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This market report extensively covers market segmentation by application (electrical and electronics, construction, telecommunication, transportation, and others), type (primary and secondary), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is driven by its exceptional conductivity which is crucial for various applications like electrical wiring and power generation. In transportation, copper plays a key role in electric vehicles and infrastructure for charging stations. A growing trend is the use of copper in solar panels and wind turbines for renewable energy generation. However, challenges such as carbon emission regulations and fluctuating demand in manufacturing sectors pose hurdles. Adapting to technological advancements like IoT integration and maintaining corrosion resistance are pivotal for the market's growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The high demand for copper from APAC is notably driving the market growth. The high demand for copper from APAC has become a significant factor driving the market growth. APAC countries, including China, India, Japan, and South Korea, have experienced significant growth in sectors such as infrastructure development, electronics manufacturing, and renewable energy, resulting in an augmented demand for copper to support industries in the region. The growing construction and real estate sectors, coupled with huge government investments, contribute to the substantial demand for copper in APAC. The need for copper in this sector remains consistently high in APAC with the continuous advancement of technology and the increasing demand for consumer electronics.
Moreover, APAC has been at the forefront of renewable energy adoption, especially in solar and wind power sectors. In APAC, China and India have significantly developed their renewable energy capacities, propelling the demand for copper in the construction of solar panels, wind turbines, and electrical transmission infrastructure. In addition, the ambitious renewable energy targets set by various countries in the region further drive the demand for copper in the region which potentially has a positive impact on the market size. These factors are anticipated to drive the growth of the global market during the forecast period.
High demand for copper in green buildings is an emerging trend shaping the market growth. Residential and nonresidential buildings currently account for 33% of global energy consumption which has generated the demand for high energy consumption for buildings where the population base is larger. More than 68% of the population will be residing in cities where urban growth is anticipated to be high by 2050. The significant material used while building a green building is copper to lower the carbon footprint of green buildings.
In addition, copper is used in sustainable and healthy buildings in applications such as basic electricity, heating and cooling requirements, high-performance HVAC systems, state-of-the-art building automation, rooftop solar panels, and EV charging stations. Moreover, the durability of copper has been used for more than 50 years in building and construction projects. Consequently, it is largely used in buildings and construction. Growth in the emergence of green buildings will fuel the use of copper in different forms. These factors are anticipated to boost the growth of the global market during the forecast period.
The presence of numerous substitutes is a significant challenge hindering the market growth. There are various substitutes for copper that are used in similar applications to copper, such as aluminium, optical fibres, titanium, steel, and plastics. For instance, aluminium is preferred for use as a substitute for copper in power cables, electrical equipment, automobile radiators, and cooling and refrigeration tubes owing to the former's low cost, lightweight, malleability, and easy operability. Also, titanium and steel can be used as a substitute for copper in heat exchangers as titanium is less prone to environmental attack.
However, as optical fibre transmission is faster, transmits less attenuation, and does not break easily, it can be used as a replacement for copper in telecommunication. Plastics are used to replace copper in water pipes, drainage pipes, and plumbing fixtures. Such factors are anticipated to lower the consumption of copper in major applications, consequently hindering the growth of the global market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anglo American plc - The company offers copper from its mining locations of Quellaveco copper project, Los Bronces open pit copper and moly mine, El Soldado is a copper mine and Collahuasi mine.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market growth and forecasting analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a cornerstone in various sectors due to its exceptional properties and extensive applications. Its conductivity is paramount in electrical wiring, making it indispensable for powering homes, offices, and industrial facilities. Additionally, copper's corrosion resistance ensures longevity in plumbing systems and infrastructure projects. In transportation, copper is integral to electric vehicles and infrastructure for charging stations. Its role extends to telecommunications and network layouts, providing reliable connections for communication networks. Copper's malleability enables its use in intricate components like transformers and printed circuit boards in the electrical and electronics sector. Furthermore, copper contributes significantly to power generation and transmission, powering everything from wind turbines to solar panels. Its antimicrobial properties make it ideal for applications where hygiene is crucial.
The electrical and electronics segment is estimated to witness significant growth during the forecast period. Copper is the most conductive base metal with distinct applications such as high strength, ductility, corrosion resistance, and high energy efficiency. Therefore, it is mainly used in electric wires, power cables, and other electronic equipment.
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The electrical and electronics segment was the largest segment and was valued at USD 70.46 billion in 2017. Due to their excellent electrical and thermal conductivity, electrical products and power utilities use copper. Also, copper alloys are used in electrical and electronics applications such as terminals and connectors, springs for relay contacts and switchgear, integrated circuits (IC), bush bars, rotor bars, armatures, commutators, spot welding electrodes, seam welding wheels, and heavy electrical switchgear. Consequently, an upsurge in the manufacturing of electrical and electronic products is expected to boost the demand for copper. These factors are anticipated to fuel the growth of the electrical and electronic segment of the global market during the forecast period.
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APAC is estimated to contribute 72% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, the market size is witnessing substantial growth. Copper is critical industrial metal used in different sectors such as construction, electronics, and transportation, has experienced a continuous rise in demand in APAC. Such demand can be attributed to the rapid economic development, urbanization, and infrastructure projects taking place in prominent countries like China, India, Japan, and South Korea. China, being the largest consumer of copper globally, plays a critical role in the market in APAC.
In addition, copper production in the region is mainly centralised in countries like China, Indonesia, India, and Australia. Any disruptions in supply, such as changes in government policies, environmental regulations, or labour strikes, can influence the overall availability and price of copper. Improved infrastructure with proper transportation facilities also plays a vital role in assuring the efficient supply and distribution of copper across the region. These factors are anticipated to boost the growth of the market in the region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
The market is integral to various industries due to its versatile properties and applications. In the electrical and electronics sector, copper is indispensable for electrical wiring, transformers, and printed circuit boards. Its electrical conductivity and antimicrobial properties make it ideal for use in electronic devices, telecommunications, and IoT infrastructure. Moreover, copper plays a crucial role in power generation, being used in generators, transmission lines, and power generation systems across hydroelectric and nuclear power plants.
In the construction industry, copper is vital for plumbing systems, heating systems, roofing materials, and architectural applications due to its durability and corrosion resistance. The automotive and machinery sectors also rely on copper for electric vehicles and manufacturing equipment. The market encompasses both primary copper sourced from copper ores and secondary copper from copper concentrates, with refining processes yielding pure copper cathodes and refined copper products. However, challenges such as declining ore grades and aging mines impact the market, necessitating sustainable practices and technological advancements to meet the demand across various sectors amidst carbon emission regulations and evolving power generation needs.
Furthermore, the market serves as a cornerstone in several industries, driven by its remarkable properties and extensive applications. This reddish-brown metal finds widespread use in network layouts, providing conductivity and reliability crucial for telecommunications and electrical infrastructure.In the realm of electric grids and power generation, copper plays a pivotal role. Its conductivity and durability make it indispensable for manufacturing sectors where it's used in various applications ranging from electrical wiring systems to plumbing and heating systems.Copper's versatility extends to power generation applications across hydroelectric power plants and other energy facilities. It's an essential component in the construction industry, employed in housing and commercial buildings for electrical wiring, plumbing, and heating systems. Moreover, the electrical and electronics industry heavily relies on copper due to its conductivity and reliability, making it an ideal choice for manufacturing electrical components and devices.
Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
Market growth 2023-2027 |
USD 57.8 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.55 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 72% |
Key countries |
US, China, South Korea, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABC Gas International Ltd., Anglo American plc, Antofagasta plc, Aurubis AG, Baroda Extrusion Ltd., Bhagyanagar India Ltd., BHP Group plc, Corporacion Nacional del Cobre de Chile, First Quantum Minerals Ltd., Freeport McMoRan Inc., Glencore Plc, Grupo Mexico SAB de CV, Hindalco Industries Ltd., Hindustan Copper Ltd., KGHM Polska Miedz SA, Madhav Copper Ltd., Rio Tinto Ltd., Vale SA, and Vedanta Ltd. |
Market dynamics |
Parent market analysis, market trends and analysis, market research and growth, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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