Key Factor Supporting Copper Market Development in 2025: The Impact Of Rapid Urbanization On The Copper Market

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What Is the Expected CAGR for the Copper Market Through 2025?
The size of the copper market has seen substantial growth over the past few years. It's projected to expand from $176.88 billion in 2024 to $190.72 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. The proliferation in the historic period can be credited to sectors such as the electrical and electronics industry, construction, industrial machinery manufacturing, automotive production, and infrastructure development.

What's the Projected Size of the Global Copper Market by 2029?
The size of the copper market is projected to experience robust expansion in the upcoming years, with expectations of reaching a worth of $253.82 billion in 2029, underpinned by a compound annual growth rate (CAGR) of 7.4%. The key drivers of this anticipated growth during the forecasted timeframe include the shift towards renewable energy, the increasing demand for electric vehicles (EVs), urbanization, expansion in construction activities and the roll-out of 5G network, as well as overall global economic rebound. Some significant trends expected to dominate the forecast period encompass the use of copper in antimicrobial applications, the resilience and diversification of supply chains, recycling of copper, innovations in copper alloys, and fluctuating copper prices combined with market speculation.

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Top Growth Drivers in the Copper Industry: What's Accelerating the Market?
The surge in the copper market can be attributed to an uptick in construction projects in swiftly developing nations like China and India, due to increasing population and infrastructure development. The term 'population' alludes to the aggregate number of inhabitants in a region or country. Copper minerals and ores have been discovered in both igneous and sedimentary rock formations. For example, as per Worldometer, a US-referenced firm offering counters and real-time statistics on a variety of subjects, reported in June 2022 that the existing population of China stands at 1,450,341,718. Hence, the escalating population is a significant factor contributing to the growth of the copper market.

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What Trends Will Shape the Copper Market Through 2029 and Beyond?
Top firms in the copper market are deciding to form strategic partnerships as a method to improve integration of technology and broaden their market influence. Strategic partnerships usually involve an alliance of two or more businesses combining their skills, resources and efforts to fulfill shared ambitions or goals. For instance, Schneider Electric, a company based in France specializing in energy management and automation, formed a strategic partnership with Glencore plc, a Swiss commodity trading and mining company in October 2024. The goal was to overhaul Glencore's copper supply chain and further moves towards decarbonization. Through this union, Schneider Electric can directly acquire recyclable copper from Glencore, responsibly sourced, and distribute it among its factories in Europe. This alliance also gives Glencore access to sustainable procurement methods for low-carbon capital equipment, falling in line with Schneider's Zero Carbon Project. Additionally, Schneider provides Glencore with superior energy reporting systems, incorporating options for fuel-switching and enhancements in energy efficiency.

What Are the Main Segments in the Copper Market?
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

Subsegments:
1) By Refining Industry: Primary Copper Refining, Secondary Copper Refining (Recycling)
2) By Metal Processing Industry: Copper Casting, Copper Rolling And Extrusion, Copper Forging, Copper Drawing
3) By Chemical Industry: Copper Sulfate Production, Copper Chloride Production, Copper Oxide Production
4) By Other Types: Electrical Industry (Cables, Wires), Construction Industry (Copper-Based Alloys, Pipes, Fittings), Automotive Industry (Copper Components), Renewable Energy (Solar Panels, Wind Turbines)

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Which Top Companies are Driving Growth in the Copper Market?
Major companies operating in the copper market include 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, Norilsk Nickel, Grupo México, Teck Resources Ltd., Southern Copper Corporation, First Quantum Minerals Ltd., Antofagasta plc, Jiangxi Copper Co. Ltd., Lundin Mining Corporation, Kaz Minerals PLC, Hudbay Minerals Inc., Capstone Copper Corp., KGHM Polska Miedz S.A., Ero Copper Corp., Copper Mountain Mining Corporation, Sumitomo Metal Mining Co. Ltd., Boliden AB

Which Regions Will Dominate the Copper Market Through 2029?
Asia-Pacific was the largest region in the copper market in 2024. The regions covered in the copper market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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