Copper Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Copper Market is segmented By Product (Primary Copper, Secondary/Scrap Copper, Refined Copper, Others), By Mining Type (Underground Mining, Surface Mining), By Grade (Pure Coppers, Oxygen Free Coppers, Electrolytic Coppers, Free-Machining Coppers), By Form (Wire Rods, Plates, Sheets and Strips, Tubes, Bars, and Sections, Others), By End-User (Construction, Automotive, Electrical and Electronics, Power Generation, Telecommunication, Renewable Energy, Medical Equipment, Consumer Goods, Industrial Machinery, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Copper Market Overview

Global Copper Market was US$ XX million in 2022 and expected to reach up to US$ XX million in 2031 growing at a CAGR of XX% during the forecast period (2024-2031).

The demand for copper is driven by rising worldwide expenditures in infrastructure projects, including the development of roads, bridges, buildings, electrical wiring, and structural components. Because of its strength and conductivity, copper is necessary for long-lasting infrastructure.

Copper's market reach is increased by ongoing innovation in applications, such as its usage in antimicrobial surfaces and improvements in electric and hybrid automobiles. The demand for and continuous significance of the metal is facilitated by new technologies and uses.

The electronics and IT sectors collectively produced USD 3,415.9 billion in 2021, up 11% annually, according to JEITA (Japan Electronics and Information Technology Sectors Association). As a result, it is anticipated that this factor would raise demand for copper materials used in the electronics industry.

Copper Market Summary

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Copper Market Dynamics

Growing Demand for Copper in the Electronics Industry

Copper is a vital metal in the electronics sector, prized for its exceptional thermal and electrical conductivity. It finds extensive application in manufacturing wiring, connectors, printed circuit boards, semiconductors, and various other electronic components. The expanding incorporation of electronic elements in diverse consumer electronics, telecommunications, and automotive applications propels the surge in demand for copper.

For Instance, in 2023, Element Solutions acquired Kuprion, a company specializing in nano-copper Form tailored for the semiconductor, circuit board, and electronics assembly markets. Simultaneously, Element Solutions has terminated its distribution agreement with Entegris for the ViaForm electrochemical deposition products

Additionally, Innovative, and compact electronics are frequently required due to the constant development and invention in electronic devices, including smartphones, tablets, and other gadgets. Because of its superior electrical conductivity, copper is becoming more and more common in smaller electronic components.

On the other hand, Hindalco Industries, the Aditya Birla Group's metals flagship, has acquired a 100% stake in Ryker Base Pvt Ltd, a subsidiary of Polycab India, to enhance its value-added copper portfolio. The acquisition, facilitated through Hindalco's subsidiary Renuka Investments & Finance Ltd, is valued at Rs 323 crore based on the enterprise value. This strategic move aligns with Hindalco's goal of expanding its presence and capabilities in the copper sector.

Copper Market Segmentation

Wire Rods

Global Copper Market in wire rods was valued at US$ XX billion in 2023 and is estimated to reach US$ XX billion by 2031, growing at a CAGR of XX% during the forecast period from 2024-2031.

Increasing demand for electrical wiring across a range of industries, including electronics, automotive, and construction. Due to increased worldwide urbanization and infrastructure development, wire rods are essential components in electrical applications are being used more often. In addition, the demand for copper wire rods is increasing due to the development of 5G networks and the spike in the manufacturing of electric vehicles. Due to their conductivity and adaptability, wire rods are essential components that greatly support the continuous expansion of the global copper market.

The increase in the manufacturing of electric vehicles (EVs) is one of the main reasons for the expansion of wire rods in the worldwide copper industry. Wire rods and other copper-intensive components are in high demand as the automobile industry shifts to electric vehicles. With the increasing emphasis on green and sustainable technologies throughout the world, this trend is predicted to continue, making wire rods a vital component of the copper market's ongoing growth.

For Instance, in 2022, Elcowire Group completed the acquisition of KME's copper wire rod, wire, and strands business in Hettstedt, Germany, effectively doubling its annual production capacity to 300,000 tonnes. Elcowire, having streamlined operations amid the pandemic by divesting its China operations and restructuring its Mannheim production, is strategically positioning itself as a significant supplier of copper wire rod in the European market through this substantial move.

Why Purchase the Report?

• To visualize the global copper market segmentation based on product, mining type, grade, form, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of copper market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players. 

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies