Copper Market to Grow by USD 70 Billion from 2024-2028, Driven by High Demand in APAC and AI-Driven Market Transformation – Technavio

NEW YORK, Jan. 13, 2025 /PRNewswire/ — Report with the AI impact on market trends – The global copper market size is estimated to grow by USD 70 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.78% during the forecast period. High demand for copper from APAC is driving market growth, with a trend towards technological innovations driving the demand for copper. However, fluctuation in copper prices poses a challenge. Key market players include ABC Gas International Ltd., Anglo American plc, Antofagasta plc, Aurubis AG, Baroda Extrusion Ltd., Bhagyanagar India Ltd., BHP Group Ltd., Corporacion Nacional del Cobre de Chile, First Quantum Minerals Ltd., Freeport McMoRan Inc., Glencore Plc, Grupo Mexico S.A.B. De C.V., Hindalco Industries Ltd., Hindustan Copper Ltd., KGHM Polska Miedz SA, Madhav Copper Ltd., Rio Tinto Ltd., Vale SA, and Vedanta Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Market Driver

The global copper market is experiencing significant growth due to technological advancements in various industries. Copper’s excellent electrical conductivity and heat transfer properties make it an essential component in electronics, construction, transportation, and renewable energy. In the electronics industry, the increasing complexity and miniaturization of devices require copper for efficient electrical conductivity. Advancements in technology have led to the development of smaller, more powerful electronic devices, such as smartphones, tablets, and wearable technology, which heavily rely on copper wiring and components. The transition to 5G networks and the Internet of Things (IoT) further amplifies the demand for copper in telecommunications. In addition, advancements in copper extraction technology are enhancing mining efficiency, reducing costs, and minimizing environmental impacts. New techniques, such as bioleaching and solvent extraction-electrowinning (SX-EW), enable the extraction of copper from previously untapped or low-grade deposits, expanding copper reserves. Technology is also driving innovations in copper recycling, creating a circular economy for copper and reducing environmental impact. These factors are expected to fuel the growth of the global copper market during the forecast period. 

Copper, the red-hydroxide colored metal, is in high demand due to its excellent conductivity and corrosion resistance. Key industries like electrical wiring, telecommunications, and plumbing, rely heavily on copper for network layouts. Its malleability makes it ideal for use in transformers, printed circuit boards, and even in the manufacturing sectors for machinery and wind turbines. The transportation sector also utilizes copper extensively in electric vehicles and IoT devices. With increasing carbon emission regulations, the demand for copper in power generation applications, such as generators and thermal power plants, is surging. Mining primary copper from ores and concentrates, followed by smelting and refining processes, results in pure copper cathodes. Refined copper products are then used in various applications, including electrical wiring systems, roofing materials, and in infrastructure projects. Copper’s antimicrobial properties make it a preferred choice for plumbing systems and housing. The metal’s role in power transmission, from electricity grids to transmission lines, is crucial for modern society’s functioning. Copper’s thermal conductivity is also essential in hydroelectric and nuclear power plants. In summary, copper’s versatility and properties make it an indispensable component in numerous industries, including manufacturing, transportation, power generation, and construction. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

• Copper prices can be unpredictable due to global supply and demand dynamics. Economic growth, industrial production, infrastructure investments, and government policies impact copper demand, causing price fluctuations. Mining disruptions, such as labor, geological difficulties, and geopolitical issues, can create supply shortages and increase prices. Conversely, increased mining activities or new copper discoveries can lead to a surplus, decreasing prices. Macroeconomic factors, including interest and inflation rates, currency exchange rates, and speculation, also influence copper prices. External events, like economic and political developments in major copper-consuming countries, can significantly affect prices through trade disputes, tariffs, and policy changes. These factors create uncertainties in the copper market, making it challenging for participants to manage risks effectively.
• Copper is a versatile metal essential for various industries, including plumbing systems, infrastructure projects, power generation, and electronic devices. However, copper market faces challenges from increasing carbon emission regulations. Mining primary copper from ores and concentrates involves high energy consumption and greenhouse gas emissions. Manufacturing sectors, including machinery, wind turbines, and solar panels, also rely heavily on copper for their production. The refining process from smelting to producing pure copper cathodes and refined copper products requires significant energy and resources. Power generation applications, such as generators, transmission lines, and hydroelectric and nuclear power plants, use copious amounts of copper for electrical wiring systems and thermal conductivity. However, aging mines and declining ore grades pose challenges to meeting the growing demand for copper. The housing and commercial building sectors also utilize copper for architectural applications. Copper’s electrical conductivity and thermal conductivity make it an ideal choice for power generation systems. To mitigate environmental concerns, the industry must adopt sustainable mining practices and invest in recycling secondary copper.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview

This copper market report extensively covers market segmentation by

1. Application 
• 1.1 Electrical and electronics
• 1.2 Construction
• 1.3 Telecommunication
• 1.4 Transportation
• 1.5 Others
2. Type 
• 2.1 Primary
• 2.2 Secondary
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Electrical and electronics- The copper market is an essential sector in the global economy, with significant demand from various industries such as construction, electronics, and power generation. Copper’s unique properties, including conductivity and durability, make it a preferred choice for numerous applications. Prices in the copper market are influenced by supply and demand dynamics, production costs, and geopolitical factors. Major producers include Chile, China, and Peru, while key consumers are the United States, China, and Europe. Copper’s role as a critical industrial metal ensures its continued importance in the global economy.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

Copper, a red-brown metal known for its excellent conductivity, plays a crucial role in various industries. In the electrical sector, it is widely used in wiring due to its ability to conduct electricity efficiently. Copper’s corrosion resistance and malleability make it ideal for plumbing systems and infrastructure projects. Telecommunications networks rely on copper wires for their reliable and stable connections. Copper’s antimicrobial properties also make it a popular choice in various applications, including transformers, printed circuit boards, and electronic devices. Copper’s conductivity is essential in power generation, transmission, and distribution. Electric vehicles, IoT, and electric grids all require large amounts of copper for their batteries, wiring, and components. Carbon emission regulations drive the demand for copper in renewable energy sources such as wind turbines and solar panels. Primary and secondary copper are used extensively in manufacturing sectors, machinery, and transportation. Copper’s versatility and unique properties make it an indispensable metal in our modern world.

Market Research Overview

Copper is a red-brown metal known for its exceptional conductivity, making it an essential component in various industries. Its high malleability and corrosion resistance make it ideal for use in electrical wiring, plumbing, telecommunications, and network layouts. In the electrical sector, copper is used in transformers, printed circuit boards, and power generation applications such as generators, transmission lines, and hydroelectric and nuclear power plants. Copper’s thermal conductivity makes it an excellent choice for cooling systems in electronic devices, electric vehicles, IoT, and electric grids. Copper’s antimicrobial properties add an extra layer of protection in various applications. Copper exists in two forms: primary and secondary. Primary copper comes from mining copper ores and concentrates, while secondary copper is recycled from scrap. The mining, smelting, and refining processes are crucial in producing pure copper cathodes and refined copper products. Copper’s versatility extends to various sectors, including manufacturing, machinery, wind turbines, and solar panels. However, declining ore grades and aging mines pose challenges to the copper industry. Carbon emission regulations also impact the mining sector, pushing for more sustainable and efficient mining practices. Copper’s applications are vast, from infrastructure projects and power generation to housing, commercial buildings, and architectural applications. Its unique properties make it an indispensable element in our modern world.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application

• Electrical And Electronics
• Construction
• Telecommunication
• Transportation
• Others

• Primary
• Secondary

• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio