Copper Market Size Set to Reach 32.18 Million Tons by 2030 with Rising Demand from Construction & Infrastructure | Glencore, BHP, Codelco, Freeport-McMoRan, Grupo Mexico | Mordor Intelligence Report

According to Mordor Intelligence, the copper market is projected to grow from approximately 26.29 million tons in 2025 to 32.18 million tons by 2030, registering a CAGR of around 4.12% forecast period 2025-2030

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Copper remains essential for modern infrastructure, electrical systems, and industrial applications due to its high electrical and thermal conductivity, corrosion resistance, and versatility. Strong demand from Asia-Pacific, especially China, continues to influence global copper consumption patterns.

Emerging Trends in the Copper Industry

Infrastructure and Urban Development

Urbanization in emerging economies and large infrastructure programs in developing regions are increasing baseline copper consumption. Power cabling, plumbing, and smart infrastructure all embed copper, lifting demand beyond traditional manufacturing sectors.

Recycling and Circular Material Use

Though primary copper from mining still dominates supply, recycled copper is expanding rapidly thanks to its lower energy requirements and increasing environmental focus. Improved recycling economics and corporate sustainability commitments support long-term growth in secondary copper production.

Price Volatility and Supply Dynamics

Like all commodities, copper prices have experienced fluctuations due to market speculation, trade policies, and temporary supply constraints. Investors and manufacturers are responding by seeking long-term supply contracts and diversifying sources, including greater reliance on feedstock.

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Copper Market Segments

By Source

Mining - Primary copper production remains the largest share of total volume, accounting for more than 84% in 2024.

Recycling - Secondary copper feedstock is the fastest-growing segment, with a projected CAGR exceeding 5.6% through 2030 as recycling technologies improve and sustainability priorities rise.

By End-Use Industry

Building Construction - Led the market in revenue share, driven by wired infrastructure and plumbing requirements in residential and commercial projects.

Infrastructure - Grid modernization and energy transmission projects are increasing copper demand at a forecasted CAGR of nearly 4.6% through 2030.

Industrial & Consumer Electronics - High copper use in printed circuit boards, connectors, motors, and power systems sustains consistent demand.

Transportation - Automotive and EV components contribute significantly to copper volume forecasts.

By Geography

Asia-Pacific - Dominates global consumption at over 70% of total market share in 2024, led by China's massive industrial base and infrastructure programs.

Middle East & Africa - The fastest growing regional segment, with increasing investment in mining and infrastructure.

North America and Europe - Mature markets undergoing modernization cycles, supporting steady demand.

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Key Players in the Copper Market

Glencore - A major integrated commodity producer with extensive copper assets.

BHP - One of the largest mining companies with strategic interests in copper extraction and smelting.

Codelco - State-owned copper producer from Chile, historically one of the world's top suppliers.

Freeport-McMoRan - A leading U.S.-based copper and gold mining company.

Grupo Mexico (Southern Copper) - A key copper producer with large operations in Latin America.

Conclusion: Outlook for the Copper Market

Challenges remain, including price volatility and the need to balance primary mining with sustainable recycling efforts. However, ongoing investments in grid modernization, EV industry development, and urban infrastructure projects underpin the market's resilience. Regional leadership from Asia-Pacific and expanding roles in the Middle East & Africa are reshaping where copper demand and supply growth will be most concentrated.

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