Global Copper Market (by Mined Copper Production, Refined Copper): Insights and Forecast (2022-2027)

The global refined copper market by production has been bifurcated based on the following regions: Asia, Europe, Latin America, North America, Africa, and Oceania.
By: Koncept Analytics
DELHI, India - Oct. 23, 2023 - PRLog -- Copper is a metallic element that is malleable and ductile. It is a great heat and electrical conductor. Copper is antimicrobial and corrosion resistant.

As a result, an increase in copper demand in the future years is projected to fuel the expansion of worldwide mined and refined copper output. The global mined copper market by production is expected to reach 24.48 megatons in 2023, growing at a CAGR of 4.5% over the projected period. Similarly, refined copper market by production is expected to reach 28.04 megatons by the year 2023 progressing at a CAGR of 4.0% during the forecasted period. On the other hand, the global copper consumption is estimated to reach 27.60 megatons in 2023, growing at a CAGR of 2.3% during the forecasted period.

Top Impacting Factors:

Growth Drivers
  • Rising Copper Annual Capacity in Renewable Energy
  • Growing Use of Copper in Smart Home Applications
  • Expansion of Construction Industry
  • Increasing Manufacturing of Electrical Equipment      

  • Decline in Copper Ore Grades
  • Challenges of More Mineral Waste from the Copper Industry        

  • Upsurge in the Copper Consumption in Passenger Vehicles
  • New Copper Mine Projects in Pipeline      

Analysis of Key Players:

The global copper market is fragmented with many players holding an insignificant share of the market. The key players in the global copper market are:
  • Glencore
  • Codelco
  • Anglo American Plc
  • Freeport-McMoRan Inc.
  • BHP Group Limited
  • First Quantum Minerals Ltd.
  • KGHM Polska Miedź S.A.
  • Rio Tinto Group
  • Aurubis AG
  • Antofagasta Plc
  • Jiangxi Copper Company Limited
  • Grupo México (Southern Copper Corporation)
  • Norilsk Nickel

Some of the strategies among key players in the market are mergers, acquisitions, and collaborations. For instance, in 2022, Codelco and Rio Tinto signed a collaboration agreement that would focus on the accumulated experience of both companies in the design, construction, and operation of underground mines. Whereas, BHP announced that the company would expand its presence in Peru as the company continues to increase its exposure to 'future-facing' minerals. Moreover, Codelco dominated the copper mine market with a share of around 7.9%. On the other hand, Codelco and Jiangxi Copper Company dominated the refined copper market with each company holding a share of around 5.3%.

For more Information:

Koncept Analytics

Vikas Gupta

(Business Development Manager)

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Vikas Gupta
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