Copper Market Size, Share, Growth, And Industry Analysis, By Type (Rods & Wires, Plates & Strips, Tubes and Others), By Application (Electrical, Transportation, Machinery and Metallurgy, Architecture and Art and Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Copper Market Report Overview

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global copper market size was USD 255160 million in 2022 and market is projected to touch 399245.7 Million By 2031, exhibiting a CAGR of 5.1% during the forecast period.

Copper is a versatile and widely used metal that has been valued by civilizations for thousands of years. It is a chemical element with the symbol Cu and atomic number 29, belonging to the transition metals group. Copper possesses several unique properties that make it highly desirable in various industries and applications.

First and foremost, copper is an excellent conductor of electricity and heat. Its high electrical conductivity makes it ideal for use in electrical wiring, power transmission, and electronics. Copper wires are widely employed in residential, commercial, and industrial buildings, as well as in the production of electric motors, transformers, and other electrical devices. Additionally, copper's exceptional thermal conductivity allows it to efficiently transfer heat, making it valuable for applications such as heat exchangers and cooling systems.

COVID-19 Impact: Pandemic Hamper the Demand of Lutein and Copper to Market Growth

The COVID-19 pandemic has had a significant impact on the copper market, causing disruptions and changes in supply and demand dynamics. The global economic slowdown caused by the pandemic resulted in decreased demand for copper. Industries such as construction, automotive, and manufacturing experienced significant disruptions, leading to lower demand for copper in these sectors. Lockdown measures and restrictions on economic activities in many countries further contributed to reduced consumption of copper-based products.   

Latest Trends

"Supply Chain Recovery and Production Resumption will Propel Market Growth   "

 As the global economy recovers from the impact of the pandemic, copper mining operations are resuming and ramping up production. Efforts are underway to restore and stabilize disrupted copper supply chains, ensuring a steady flow of copper to meet growing demand.  

Copper Market Segmentation

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• By Type Analysis

According to type, the copper market can be segmented into rods & wires, plates & strips, tubes, and others.  

In terms of type, rods & wires are anticipated to be the largest segment during the forecast period.  

• By Application Analysis

Based on application, the copper market can be divided into electrical, transportation, machinery and metallurgy, architecture and art and others.

In terms of application, the electrical market is projected to hold a copper market share through 2028.  

Driving Factors

"Industrial and Construction Demand Will Drive Market Growth "

 The industrial and construction sectors are major drivers of copper demand. The increasing urbanization and infrastructure development in emerging economies, coupled with ongoing industrialization, create a sustained need for copper in various applications such as wiring, plumbing, and HVAC systems.

"Electrical and Electronics Industry Will Boost Market Growth  "

 The rising demand for electronic devices, communication networks, and renewable energy systems fuels the need for copper. Its excellent electrical conductivity makes it indispensable for wiring, connectors, printed circuit boards, and other electrical components. The global push for clean energy sources, including wind and solar power, requires significant amounts of copper for power transmission, distribution, and energy storage. As countries prioritize renewable energy, the demand for copper in this sector is expected to grow significantly.

Restraining Factors

"Economic Slowdown and Uncertainty Will Hinder Market Growth "

 Economic downturns and uncertainties can have a restraining effect on copper demand. During periods of reduced economic activity or recession, industries may cut back on production and investment, leading to decreased demand for copper. Trade disputes and the implementation of protectionist policies, such as tariffs and trade barriers, can disrupt global copper markets. These measures can impede the flow of copper between countries and create market uncertainties, impacting both supply and demand.

Copper Market Regional Insights

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"The"" China ""Region will Dominate Market Due to"" ""Strong Demand"" ""Manufacturing Industry "

As the largest consumer of copper, China plays a pivotal role in the global copper market. Its rapid industrialization, urbanization, and infrastructure development drive significant copper demand. China's construction sector, manufacturing industry, and the growing electric vehicle market are key drivers of copper consumption in the country.

North America is a major consumer and importer of copper. It has a diverse range of copper applications, including construction, electrical wiring, automotive, and consumer electronics. Infrastructure investment plans, renewable energy projects, and the push for electric vehicles contribute to copper demand in the U.S.

Key Industry Players

"Adoption Recycling Services by Key Players Influencing Market Development"

The top key players in the laser crystal materials market are Aurubis, Jiangxi Copper, Golden Dragon, Wieland, KME Group, Jintian Group, IUSA. Most of the top players hold the copper market share. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the copper market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession of market shares by the key players stimulates the copper market.  

List of Market Players Profiled

• Aurubis (Germany)
• Jiangxi Copper (China)
• Golden Dragon (China)
• Wieland (Germany)
• KME Group (Italy)
• Jintian Group (China)
• IUSA (Mexico)
• Mueller (U.S.)
• Poongsan (South Korea)
• TNMG (Japan)
• MKM (Germany)
• Mitsubishi Materials (Japan)
• Hailiang Group (China)
• Luvata (UK.)
• CHALCO) (China)
• Jinchuan Group (U.S.)
• Anhui Xinke (China)
• Marmon (U.S.)
• Xingye Copper (China)
• KGHM (Poland)
• Furukawa Electric (Japan)
• Diehl Group (Germany)
• CNMC (China)
• HALCOR Group (Greece)
• Olin Brass (U.S.)
• IBC Advanced Alloy (U.S.)
• ChangChun Group (China)
• Mitsui Mining & Smelting (Japan)

Report Coverage

This report examines an understanding of the copper market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.