Copper Market Opportunity Potential: Estimated USD 446.7 Billion by 2030 | CAGR 4.9% Driving Growth

The Global Copper Market Size accounted for USD 291.1 Billion in 2021 and is projected to occupy a market size of USD 446.7 Billion by 2030 growing at a CAGR of 4.9% from 2022 to 2030.

Copper Market Overview

Copper is a chemical substance with 29 atomic numbers and the symbol Cu. It is a metal that frequently alloys elements with other metals. When compared to other metals, it has superior mechanical strength, electrical properties, and durability, making it a popular choice for industrial applications. To manufacture it, copper plates are wrapped or copper conductors are placed. It is a ductile, versatile material with excellent thermal and electrical conductivity. The color of a freshly exposed pure copper surface is pinkish-orange.

Copper Market Statistics:

Global copper market revenue was worth USD 291.1 billion in 2021, with a 4.9% CAGR from 2022 to 2030
Asia-Pacific Copper market share occupied around 67% in 2021
North America Copper market growth is expected to expand at a CAGR of 45.1% from 2022 to 2030
By application, electrical & electronics segment capture over 33.8% of total market share in 2021
Increasing adoption of smart city solutions, drives the Copper market value

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Copper Market Trends

A few of the major growth factors for the worldwide copper market include economic expansion, expanding urbanization, particularly in emerging nations, improvement of electricity and communication infrastructure, as well as technological advancement. Copper cabling and tubing, as well as copper alloys, are frequently employed in residential and commercial construction. Growing demands from a variety of industries, particularly in Asia-Pacific nations, are propelling worldwide copper market expansion.

Furthermore, copper & copper-based compounds are widely employed in a wide range of applications that are quite beneficial in everyday life. Brass is the name given to copper alloyed with zinc. Bronze is a copper as well as a tin alloy with trace metals such as aluminum, manganese, & nickel. Copper can acquire new properties when alloying elements with the other metals, allowing it to be used in particularly specialized applications. Copper's chemical, physical, etc aesthetic properties make it an ideal material for a wide variety of industrial, residential, and high-technology purposes.

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Copper Market Segmentation

The global copper market has been segmented by Acumen Research and Consulting based on application. By application, the segment is separated into building & construction, transportation, industrial machinery & equipment, electrical & electronics, and consumer & general products. The electrical & electronics segment is leading the global market in 2021. Rising demand for cable, wire, household electric circuits, converters, socket components, adapters, as well as motor manufacture is expected to fuel its usage throughout the projection period. Copper soldering material with copper foils is also being employed in vacuum electronic equipment such as magnetrons, high-frequency tubes, and copper-printed circuit design. According to the copper market forecast, the building & construction segment is expected to grow significantly in the market over the forecasting years.

Copper Market Regional Overview

Based on the region, the worldwide copper market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to a copper industry analysis, China established a major portion of the Asian copper market in terms of both volume and revenue in 2021. The existence of significant copper refineries as well as copper producers, as well as an increase in building demand driven by the country's rising urbanization, are driving up the market for copper throughout China. The copper market across North America, Europe, & Asia-Pacific is expected to grow at a rapid pace over the forecast period. As a result, the copper market in Latin America, the Middle East, and Africa is predicted to grow slowly throughout the projection period.

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Copper Market Players

Some of the prominent copper market companies are Jiangxi Copper Corporation, BHP Bilition, LS-Nikko Co., Freeport McMoRan Inc., Rio Tinto, Group Mexico, and Aurubis. Other prominent players in the copper market are Vedanta Resources Plc, Codelco, Glencore International AG, Tongling Non-Ferrous Metals Group, Antofagasta Plc., and Sumitomo Metal Mining Co. Ltd.

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