Copper Market is to grow at a 4.21% CAGR, with Asia Pacific leading the market through 2030

Copper Market is expected to reach USD 4.62 Bn by 2030. Market is driven by increasing demand from sectors such as electrical and electronics, construction, industrial machinery manufacturing, automotive manufacturing, and infrastructure development.

Market to Hit USD 4.62 Bn by 2030

Copper Market was USD 3.32 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 4.21% from 2024 to 2030, reaching USD 4.62 Bn by 2030. There are various factors driving growth of the copper market are the electrification of transportation and the global transition to renewable energy sources are two factors propelling the robust expansion of the copper industry. Over 1.2 million tonnes of copper, or more than 5% of the world's total copper consumption, are expected to be needed by EVs by 2025. Copper is becoming more necessary for cabling and communication solutions as 5G networks grow and electronic device usage rises. Challenges such as limited mine expansions, environmental regulations, and cost escalations are hindering the growth of refined copper supply. This scenario places greater emphasis on secondary sources, like copper scrap, which is projected to grow at a CAGR of 4.2% over the next decade, outperforming primary production's 2.1% CAGR.

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Market Segmentation

By Product: Electronics and Related Devices - Copper is essential to the electronics sector because to its remarkable electrical conductivity and ductility. It ensures effective electrical connections and signal transmission and is widely utilized in printed circuit boards (PCBs), connectors, and semiconductors.

By End Use: Manufacturing of Equipment - Copper is a desirable material in the production of several pieces of equipment, such as motors, transformers, and generators, due to its durability and conductivity. Its application increases electrical equipment's longevity and efficiency, which fuels demand for it in this industry.

Regional Analysis

Europe, countries are witnessing steady copper demand, particularly in the automotive and manufacturing sectors. The region's focus on renewable energy and technological advancements is also contributing to copper consumption.​

North America, is experiencing a surge in copper demand, driven by infrastructure projects and a growing emphasis on renewable energy. Recent policy developments, including potential tariffs on copper imports, are influencing market dynamics and supply chains. ​ 

Asia Pacific dominating the global copper market, Asia Pacific accounted for over 37% of the market share in 2024. China, as the world's largest consumer and importer of copper, plays a pivotal role in the region's market dynamics. The Chinese government's recent initiatives to stimulate domestic consumption, including boosting incomes, are expected to further drive copper demand. ​ 

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Market Competitive Landscape 

Goldman Sachs: On Mar 2025, Goldman Sachs forecasted a 50% to 100% increase in U.S. net copper imports due to higher domestic prices and potential tariffs, which could significantly impact global copper inventories. ​ 

Indonesia: On Mar 2025, Indonesia granted Freeport Indonesia a six-month permit to export copper concentrate, ensuring continued royalty payments and supporting the company's smelter repairs after a previous fire. ​ 

China: On Mar 2025, copper prices neared a five-month high following China's announcement of plans to stimulate consumption by increasing incomes, enhancing demand for copper in various applications. ​ 

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Conclusion

• Copper’s superior conductivity and durability make it essential for emerging technologies and sustainable energy solutions.
• Geopolitical risks, supply constraints, and fluctuating prices may pose challenges to the market's stability.
• The industry needs innovation, supply chain optimization, and adaptability to thrive in a dynamic market.

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