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Global Copper Market Overview Covering Forecast Market Size And Growth Rate 2033
Copper Global Market Report 2024
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Copper Market 2024 Key Insights:
• 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 Impact Of Rapid Urbanization On The Copper Market
• Revolutionizing Copper Mining Through The Integration Of Autonomous Drilling Systems
• Asia-Pacific was the largest region in the copper ore mining market in 2023
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