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The Impact Of Rapid Urbanization On The Copper Market: Transformative Forces Shaping the Copper Market Landscape in 2025
Copper
What Will the Copper Industry Market Size Be by 2025?
The dimension of the copper market has significantly expanded in the past few years. The market is projected to rise from $105.6 billion in 2024 to $114.09 billion by 2025, yielding a compound annual growth rate (CAGR) of 8.0%. The robust growth in the previous period has been driven by several factors such as the electrical and electronics industry, construction industry, industrial machinery production, automotive manufacturing, and infrastructure development.
What's the Long-Term Growth Forecast for the Copper Market Size Through 2029?
The anticipated robust expansion projected for the copper market over the upcoming years sees its worth reaching $166.46 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 9.9%. The factors credited for this predicted growth within the forecast period are the transition to renewable energy, increased demand for electric vehicles (EVs), growth in urbanization and construction, expansion of the 5G network, and worldwide economic recovery. Prominent trends anticipated within this same interval encompass the use of copper in antimicrobial applications, the resilience and diversification of the supply chain, initiatives in copper recycling, innovations in copper alloys, as well as fluctuations in copper pricing and market speculation.
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What Are the Key Growth Drivers Fueling the Copper Market Expansion?
The copper market's expansion is attributed to the surge in construction endeavors in fast-developing nations such as China and India. This surge is due to the escalating population and infrastructure development. Here, population denotes the total number of inhabitants in a specific region or country. Copper ores and minerals can be identified in both igneous and sedimentary types of rocks. For example, Worldometer, a US-based website for reference proposes counters and instantaneous stats on a wide range of topics, reported in June 2022 that China's current population stands at 1,450,341,718. Therefore, increasing population trends are fuelling the growth of the copper market.
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What Long-Term Trends Will Define the Future of the Copper Market?
Major corporations in the copper market, such as Schneider Electric from France and Glencore plc from Switzerland, are leveraging strategic alliances to advance technology penetration and broaden their market influence. A tactical alliance usually means a cooperative affiliation amid two or more firms where they amalgamate their abilities, resources, and endeavors to accomplish mutual goals. For example, in October 2024, Schneider Electric joined hands with Glencore plc with the aim to augment its copper supply chain management and further decarbonization initiatives. Through this alliance, Schneider gets the capability to source responsibly acquired, recyclable copper directly from Glencore and supply it to its factories located in Europe. The partnership also facilitates Glencore to implement sustainable procurement methodologies for acquiring low-carbon capital equipment, falling in line with Schneider's Zero Carbon Project. Moreover, Schneider assists Glencore with upgraded energy auditing systems, encompassing fuel-alternative options and upgrades in energy conservation.
How Is the Copper Market Segmented?
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 Companies Are Leading the Charge in Copper Market Innovation?
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 Are Leading the Global Copper Market in Revenue?
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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