Copper ore mining is a intricate procedure involving the extraction of copper, starting with the mining of ore containing less than 1% copper and culminating in the production of cathodes. These cathodes consist of sheets with 99.99% pure copper, ultimately destined for the manufacturing of everyday items. The predominant forms of copper ores are copper oxide and copper sulphide.
The primary categories of copper ore mining are associated with the refining industry, metal processing industry, chemical industry, and various other types. The refining industry pertains to the production and distribution of oil and oil products. Mining methods include both underground mining and surface mining.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The rapid escalation of U.S. tariffs and the ensuing trade tensions in spring 2025 are heavily affecting the mining sector, especially in areas such as equipment acquisition, export flows, and supply chain stability. Increased tariffs on imported heavy machinery, drilling tools, and specialized parts have driven up both capital and operational expenditures, leading to delays in project development and reduced production efficiency. Simultaneously, retaliatory tariffs from major trading partners have diminished global demand for U.S. sourced minerals particularly critical resources like lithium, copper, and rare earth elements intensifying revenue challenges. These impacts are hitting mid-sized and niche mining companies the hardest due to their reliance on international markets. In response, the industry is focusing on building domestic equipment supply chains, scaling up mineral recycling programs, and lobbying for tariff relief to regain competitiveness and safeguard long-term resource availability.
The copper market research report is one of a series of new reports from The Business Research Company that provides copper market statistics, including copper industry global market size, regional shares, competitors with a copper market share, detailed copper market segments, market trends and opportunities, and any further data you may need to thrive in the copper industry. This copper global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The copper market size has grown strongly in recent years. It will grow from $105.6 billion in 2024 to $114.09 billion in 2025 at a compound annual growth rate (CAGR) of 8.0%. 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 $166.46 billion in 2029 at a compound annual growth rate (CAGR) of 9.9%. 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.
The forecast of 9.9% growth over the next five years reflects a slight reduction of 0.1% from the previous projection. This reduction is primarily due to the impact of tariffs between the US and other countries. Tariff pressures on copper ore and refined copper imports can drive up costs in electric vehicle (EV) and construction wiring supply chains. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The surge in the copper market is attributed to the increasing number of construction projects in rapidly developing nations such as China and India, driven by population growth and infrastructure demands. Population, denoting the total number of inhabitants in a country or region, plays a crucial role in this trend. Copper minerals and ores are present in both igneous and sedimentary rocks. As of June 2022, with China's population reaching 1,450,341,718, the expanding populace is a key factor propelling the growth of the copper market.
The increasing popularity of electric vehicles (EVs) is projected to drive the growth of the copper market in the future. EVs are powered by one or more electric motors, using electricity as their primary energy source. Copper plays a crucial role in electric vehicles, contributing to enhanced performance, efficiency, sustainability, effective energy storage, charging infrastructure, durability and reliability, weight reduction, and minimal energy loss during electric power transmission within the vehicle. For example, in March 2024, the Electric Vehicle Council, an Australia-based organization representing the electric vehicle industry, reported that 98,436 new EVs were sold in 2023. This represents more than a twofold increase in EV purchases compared to 2022, resulting in over 180,000 electric vehicles on Australian roads. Consequently, the growing popularity of electric vehicles is propelling the expansion of the copper market.
Major companies in the copper market are increasingly adopting a strategic partnership approach to enhance technology integration and broaden their market reach. A strategic partnership generally involves a collaborative relationship between two or more organizations, allowing them to combine their resources, expertise, and efforts to achieve shared goals. For example, in October 2024, Schneider Electric, a France-based energy management and automation firm, partnered with Glencore plc, a Switzerland-based commodity trading and mining company, to transform its copper supply chain and promote decarbonization initiatives. Through this collaboration, Schneider directly sources responsibly sourced, recyclable copper from Glencore, distributing it to its European factories. This partnership also allows Glencore to implement sustainable procurement practices for low-carbon capital equipment, in line with Schneider's Zero Carbon Project. Additionally, Schneider assists Glencore by enhancing energy reporting systems, which include fuel-switching options and improvements in energy efficiency.
Innovations in the copper market include the development of recycled copper tubes by major companies aiming to gain a competitive advantage. Recycled copper tubes, sourced from post-industrial materials rather than newly mined copper ore, offer a sustainable alternative. For example, in March 2023, Germany-based Wieland-Werke AG introduced 'Cuprolife,' a sustainable option for the building sector. Utilizing a mass balance technique, Cuprolife tubes, constructed entirely of pure copper Cu-DHP, are flexible, easy to install, and suitable for applications such as solar systems, heating, gas, liquid gas, heating oil/biofuel oil B10, and household hot and cold water delivery. This environmentally conscious innovation aims to mitigate the adverse environmental effects of copper manufacturing and promote sustainability in the industry.
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 Mexico, 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
Asia-Pacific was the largest region in the copper ore mining 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.
The countries covered in the copper market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The copper ore mining market includes revenues earned by entities by building construction, transportation, electronics and consumer goods. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Copper Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on copper market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for copper ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The copper market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
- Markets Covered: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)
- Companies Mentioned: 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 Mexico; 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
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time Series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery Format: PDF, Word and Excel Data Dashboard.
Table of Contents
1. Executive Summary
2. Copper Market Characteristics
3. Copper Market Trends And Strategies
4. Copper Market - Macro Economic Scenario Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Trade Wars and Tariffs, And Covid And Recovery On The Market
- 4.1. Supply Chain Impact from Tariff War & Trade Protectionism
5. Global Copper Growth Analysis And Strategic Analysis Framework
- 5.1. Global Copper PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
- 5.2. Analysis Of End Use Industries
- 5.3. Global Copper Market Growth Rate Analysis
- 5.4. Global Copper Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
- 5.5. Global Copper Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
- 5.6. Global Copper Total Addressable Market (TAM)
6. Copper Market Segmentation
- 6.1. Global Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Refining Industry
- Metal Processing Industry
- Chemical Industry
- Other Types
- 6.2. Global Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Underground Mining
- Surface Mining
- 6.3. Global Copper Market, Sub-Segmentation Of Refining Industry, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Primary Copper Refining
- Secondary Copper Refining (Recycling)
- 6.4. Global Copper Market, Sub-Segmentation Of Metal Processing Industry, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Copper Casting
- Copper Rolling And Extrusion
- Copper Forging
- Copper Drawing
- 6.5. Global Copper Market, Sub-Segmentation Of Chemical Industry, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Copper Sulfate Production
- Copper Chloride Production
- Copper Oxide Production
- 6.6. Global Copper Market, Sub-Segmentation Of Other Types, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Electrical Industry (Cables, Wires)
- Construction Industry (Copper-Based Alloys, Pipes, Fittings)
- Automotive Industry (Copper Components)
- Renewable Energy (Solar Panels, Wind Turbines)
7. Copper Market Regional And Country Analysis
- 7.1. Global Copper Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 7.2. Global Copper Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8. Asia-Pacific Copper Market
- 8.1. Asia-Pacific Copper Market Overview
- Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 8.3. Asia-Pacific Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
9. China Copper Market
- 9.1. China Copper Market Overview
- 9.2. China Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
- 9.3. China Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
10. India Copper Market
- 10.1. India Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 10.2. India Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11. Japan Copper Market
- 11.1. Japan Copper Market Overview
- 11.2. Japan Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 11.3. Japan Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12. Australia Copper Market
- 12.1. Australia Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 12.2. Australia Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13. Indonesia Copper Market
- 13.1. Indonesia Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 13.2. Indonesia Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14. South Korea Copper Market
- 14.1. South Korea Copper Market Overview
- 14.2. South Korea Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 14.3. South Korea Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15. Western Europe Copper Market
- 15.1. Western Europe Copper Market Overview
- 15.2. Western Europe Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 15.3. Western Europe Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16. UK Copper Market
- 16.1. UK Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 16.2. UK Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17. Germany Copper Market
- 17.1. Germany Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 17.2. Germany Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18. France Copper Market
- 18.1. France Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 18.2. France Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19. Italy Copper Market
- 19.1. Italy Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 19.2. Italy Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20. Spain Copper Market
- 20.1. Spain Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 20.2. Spain Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21. Eastern Europe Copper Market
- 21.1. Eastern Europe Copper Market Overview
- 21.2. Eastern Europe Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 21.3. Eastern Europe Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22. Russia Copper Market
- 22.1. Russia Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 22.2. Russia Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23. North America Copper Market
- 23.1. North America Copper Market Overview
- 23.2. North America Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 23.3. North America Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24. USA Copper Market
- 24.1. USA Copper Market Overview
- 24.2. USA Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 24.3. USA Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25. Canada Copper Market
- 25.1. Canada Copper Market Overview
- 25.2. Canada Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 25.3. Canada Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26. South America Copper Market
- 26.1. South America Copper Market Overview
- 26.2. South America Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 26.3. South America Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27. Brazil Copper Market
- 27.1. Brazil Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 27.2. Brazil Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28. Middle East Copper Market
- 28.1. Middle East Copper Market Overview
- 28.2. Middle East Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 28.3. Middle East Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29. Africa Copper Market
- 29.1. Africa Copper Market Overview
- 29.2. Africa Copper Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- 29.3. Africa Copper Market, Segmentation By Mining Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
30. Copper Market Competitive Landscape And Company Profiles
- 30.1. Copper Market Competitive Landscape
- 30.2. Copper Market Company Profiles
- 30.2.1. Glencore plc Overview, Products and Services, Strategy and Financial Analysis
- 30.2.2. BHP Billiton Overview, Products and Services, Strategy and Financial Analysis
- 30.2.3. Rio Tinto Group Overview, Products and Services, Strategy and Financial Analysis
- 30.2.4. Vale S.A. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.5. Zijin Mining Group Co. Ltd. Overview, Products and Services, Strategy and Financial Analysis
31. Copper Market Other Major And Innovative Companies
- 31.1. Tongling Nonferrous Metals Group Co. Ltd.
- 31.2. Freeport-McMoRan Inc.
- 31.3. Codelco
- 31.4. Norilsk Nickel
- 31.5. Grupo Mexico
- 31.6. Teck Resources Ltd.
- 31.7. Southern Copper Corporation
- 31.8. First Quantum Minerals Ltd.
- 31.9. Antofagasta plc
- 31.10. Jiangxi Copper Co. Ltd.
- 31.11. Lundin Mining Corporation
- 31.12. Kaz Minerals PLC
- 31.13. Hudbay Minerals Inc.
- 31.14. Capstone Copper Corp.
- 31.15. KGHM Polska Miedz S.A.
32. Global Copper Market Competitive Benchmarking And Dashboard
33. Key Mergers And Acquisitions In The Copper Market
34. Recent Developments In The Copper Market
35. Copper Market High Potential Countries, Segments and Strategies
- 35.1 Copper Market In 2029 - Countries Offering Most New Opportunities
- 35.2 Copper Market In 2029 - Segments Offering Most New Opportunities
- 35.3 Copper Market In 2029 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies
36. Appendix
- 36.1. Abbreviations
- 36.2. Currencies
- 36.3. Historic And Forecast Inflation Rates
- 36.4. Research Inquiries
- 36.5. The Business Research Company
- 36.6. Copyright And Disclaimer
