Global Copper Market Size, Share, Opportunities, And Trends By End-User (Automotive & Heavy Equipment, Industrial, Electrical & Electronics, Construction, Others) And Geography - Forecasts From 2025 To 2030

Copper Market Size

The global copper market is expected to grow at a CAGR of 5.03%, reaching a market size of US$341.96 billion in 2030 from US$267.39 billion in 2025.

Copper Market Trends:

The market is expected to be driven by the growth of the electric vehicles industry, clean and renewable energy, the rising manufacturing and industrial sector, an increase in the real estate sector, and other related industries. With the rise in urbanization, the United Nations projected that 68% of the global population will live in urban areas by 2050. Countries have been investing significant capital into developing EV infrastructure and the clean energy sector.

Additionally, the 5G Infrastructure will play a significant role in the overall market growth in the coming years. In the coming years, increasing investment in research and development of 5G and increasing contribution of 5G in the global economy are reasons for boosting the copper wire market in the projected period. For instance, according to Qualcomm Technologies, Inc., by 2035, 5G will contribute US$13.1 trillion to the global economy, creating 22.8 million jobs, and an additional US$265 billion is anticipated to be invested in Capital expenditures (CapEx), and research and development. Hence, such developments in the 5G industry are anticipated to positively impact the copper market in the coming years.

What are the Copper Market drivers?

• There are many applications of copper, particularly in the booming automotive industry. The transition to the electric vehicle (EV) industry is rapidly increasing the demand for copper in the projected period. The use of copper in electric motors, battery technology, and charging infrastructure is anticipated to fuel the market growth.

For instance, according to the European Automobile Manufacturers' Association, the sales of electric cars are rapidly increasing in the European Union, countries such as Italy, Spain, and France had a year-on-year increase of 18.9%, 16.7%, and 16.1%, respectively, in 2023 compared to 2022. Additionally, in 2023, 25.8% of the new cars registered were hybrid cars, and 14.6% of the newly registered cars were electric cars. In October 2022, the number of new electric cars registered was 7,46,234 cars, which grew to 8,55,484 cars in 2023.

• Additionally, government subsidies and incentives are increasing to develop EV infrastructure as it is safe and less harmful to the environment than conventional vehicles. For instance, the U.S. Department of Energy is providing subsidies of US$3,700 to US$7,500 federal tax credit for all-electric and plug-in hybrid vehicles. Similarly, the Government of Canada has announced that it will provide subsidies of up to US$5,000 to Canadian individuals and businesses to purchase or lease zero-emission vehicles (ZEVs). Hence, the increasing sales of electric vehicles and rising government initiatives to improve the EV infrastructure are anticipated to boost the copper market in the coming years. Moreover, copper forms the backbone of clean and renewable energy systems due to its excellent electrical and thermal conductivity. Copper has found its major application in wind turbines, solar panels, and energy storage systems. It is used in generators, cables, and transformers for wind turbines. It is also required for wiring, inverters, and grounding for a solar photovoltaic system.

Copper plays a crucial role in energy storage solutions, such as batteries, and transmitting electricity from renewable sources to the grid. With the increasing demand for clean energy, the use of copper is anticipated to increase across various end-use sectors, which in turn is expected to people the market for copper in the projected period.  According to the International Energy Agency (IEA), the world will add renewable energy solutions in the next five years. Almost 3,700 GW of renewable energy is expected to come from 2023-2028 in the next five years, driven by supportive policies from various countries. The share of renewable energy in electricity generation in 2023 was 30.2%, estimated to reach 41.6% by 2028.

Segment analysis of the Copper Market:

• By product type, the primary copper segment is expected to hold a significant share of the global copper market.

The copper market by product is segmented into primary copper and secondary copper. In the projected period, primary copper is anticipated to hold a significant share as it is obtained from mining and the subsequent process of copper ores. The majority of the world's copper supply is obtained from primary copper. Hence, the increasing use of copper is anticipated to boost the demand for primary copper in the forecasted period. Moreover, in the coming years, an increasing emphasis on recyclability and sustainability is anticipated to increase the market for secondary copper. 

• By end-user, the construction segment is expected to hold a significant share of the global copper market.

By end-user, the construction sector is expected to hold a substantial share in the copper market, owing to the increasing application of copper for electrical conductivity and enduring qualities provided by copper in electrical and plumbing systems in industrial, commercial, and industrial infrastructure. Additionally, the increasing use of copper in heat, ventilation, and air conditioning systems (HVAC) that help in heat transfer are a major reason for boosting the demand for copper in the construction sector in the projected period.

Copper Market Geographical Outlook:

• The Asia Pacific region is anticipated to hold a significant share in the coming years.

The Asia Pacific region is expected to hold a significant market share in the copper market, owing to the increasing demand for clean and renewable energy from countries such as India and China. For instance, in India, the Ministry of New & Renewable Energy (MNRE) is the nodal agency promoting the use of grid-connected and off-grid renewable energy in the country. The data by the MNRE on May 2023 showed that India’s installed renewable energy capacity reached 179GW, of which wind energy is 67GW, and solar energy comprises 43GW. Hence, these above factors are anticipated to fuel the copper market in the APAC region.

Key developments in the Copper Market:

• In January 2024, Wireland, a leading provider of high-quality copper and copper alloys, plans to invest US$500 million in capital investment to expand, modernize, and re-equip a facility in East Alton, Illinois. The project includes the installation of a one-of-a-kind hot rolling mill that will help the company in increasing and improving the production of critical copper and copper components with advanced properties that can be used in EVs and EV charging infrastructure.
• In May 2023, Microsoft partnered with BHP to advance the copper recovery at Escondida mine using machine learning and artificial intelligence. As per BHP, the world will need twice the amount of copper in the next 30 years relative to the past 30 years. This is because the application of copper is increasing in offshore solar and wind farms, decarbonization, technology, and electric vehicles, among others.

Copper Market Scope:

The copper market is analyzed into the following segments:

• By Product Type:
  • Primary Copper
  • Secondary Copper
• By End-User:
  • Automotive & Heavy Equipment
  • Industrial
  • Electrical & Electronics
  • Construction
  • Others
• By Geography:
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others

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