Overview and Scope
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.
Sizing and Forecast
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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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the copper ore mining market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The copper market report table of contents includes:
1. Executive Summary
2. Copper Market Characteristics
3. Copper Market Trends And Strategies
4. Copper Market - Macro Economic Scenario
5. Global Copper Market Size and Growth
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32. Global Copper Market Competitive Benchmarking
33. Global Copper Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Copper Market
35. Copper Market Future Outlook and Potential Analysis
36. Appendix
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