Copper Global Market Report 2024 - By Growth, Share, Size, Drivers, Forecast To 2033

The copper market size has grown strongly in recent years. It will grow from $166.25 billion in 2023 to $179.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to electrical and electronics industry, construction sector, industrial machinery manufacturing, automotive manufacturing, infrastructure development.

The copper market size is expected to see strong growth in the next few years. It will grow to $240.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to renewable energy transition, electric vehicles (evs) demand, urbanization and construction growth, 5g network expansion, global economic recovery. Major trends in the forecast period include copper in antimicrobial applications, supply chain resilience and diversification, copper recycling initiatives, copper alloy innovations, copper price volatility and market speculation.

Market Overview -
Copper ore mining refers to the complex process of processing copper which starts with the mining of the ore, which contains less than 1% copper, and concludes with cathodes, which are sheets of 99.99% pure copper that will eventually be turned into everyday items. Copper oxide and copper sulphide are the two most prevalent forms of ores.

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The Impact Of Rapid Urbanization On The Copper Market
The growth in the copper market is due to increasing construction projects in rapidly developing countries such as China and India owing to the rising population and infrastructure. Population refers to the whole number of people or inhabitants in a country or region. Copper minerals and ores are found in both igneous and sedimentary rocks. For instance, In June 2022, according to Worldometer, a US-based reference website that provides counters and real-time statistics for diverse topics, The current population of China is 1,450,341,718. Therefore, the rising population is driving the growth of the copper market.

Competitive Landscape -
Major companies operating in the copper market report are Glencore plc, BHP Billiton, Rio Tinto Group, Vale S.A., Zijin Mining Group Co. Ltd., Tongling Nonferrous Metals Group Co. Ltd., Freeport-McMoRan Inc., Codelco, MMC Norilsk Nickel PJSC, Grupo México, Teck Resources Ltd., Newmont Corporation, Southern Copper Corporation, First Quantum Minerals Ltd., Antofagasta plc, Seacube Containers LLC, Jiangxi Copper Co. Ltd., Lundin Mining Corporation, Kaz Minerals PLC, TRITON International Ltd., Hudbay Minerals Inc., Capstone Copper Corp., KGHM Polska Miedz S.A., CAI International Inc., Textainer Group Inc., Seaco Global Holdings Corp., Ero Copper Corp., Copper Mountain Mining Corporation, Florens Containers Inc., Beacon Intermodal Group LLC, Sumitomo Metal Mining Co. Ltd., Boliden AB

Revolutionizing Copper Mining Through The Integration Of Autonomous Drilling Systems
Autonomous drilling systems are being implemented by the copper industries to enhance safety, efficiency, and productivity. This technology is being used to accurately identify drill location and drill production blast holes more effectively using advanced levelling technologies.

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Key Segments -
The copper market covered in this report is segmented -
1) By Type: Refining Industry, Metal Processing Industry, Chemical Industry, and Other Types
2) By Mining Type: Underground Mining, Surface Mining

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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