The size of the copper market was estimated to be USD 304 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2032, reaching a market size of USD 496.7 billion.
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"The Global Copper Mining Market 2022-2032 (USD Billion)")
Major factor expected to drive investment in copper mining market across the globe over the forecast period is intensifying demand of copper from manufacturing economies for instance China and India. Moreover, China is the biggest consumer of industrial metals including copper as well as shares highest share of overall copper consumption. Likewise, many other developing economies in Asia-Pacific region are shifting towards becoming industrial economies such as Indonesia & Vietnam that is another factor pushing the market growth. In addition, huge infrastructure development plans in developing regions like Asia, Latin America & Africa are will further propel the market in upcoming years. On the other hand, growing operational cost of copper mining industry is one of the factor that can restraint the market growth over the forecast spell.
Furthermore, Latin America is one of the prominent market for the industry in terms of production as Chile is one of the leading copper producing country in the region as well as has world’s largest copper mines located.
The market for copper mining across the globe has been segmented by different mining methods, end-user industries and geography. Further, mining methods segment of the market is sub-divided into underground mining as well as open pit mining. Additionally, open pit copper mining division acquires the highest copper mining market share as it is one of the best method used for the extraction owing to its flexible techniques of operation, enhanced levels of production as well as it is cost-effective.
Similarly, end-user industries segment of global copper mining industry is sub-segmented into building & construction industry, equipment manufacturers, transportation and infrastructure industry. Equipment manufacturers division amongst these end-user industries leads with the biggest copper mining market share. Geographical segment of the market bifurcates it into several key regions covering North America, Latin America, Europe, Asia Pacific and Middle East & Africa.
The global copper mining market is fragmented among the prominent players across the world. Moreover, the major market players are looking forward for increasing their investment for business expansion strategies. Some of the major players operating in the global market of copper mining include Freeport-McMoRan Inc., Sumitomo Metal Mining, Sumitomo Corporation, Grupo Mexico, Glencore International AG, Southern Copper Corp, Amerigo Resources Ltd., Glencore International, BHP Billiton Ltd., Rio Tinto, Codelco, Xstrata and Bougainville Copper Limited.
Copper Mining Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 496.7 billion |
| Growth Rate | CAGR of 5.1% during 2023-2032 |
| Segment Covered | Mining Method, End user, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Freeport-McMoRan Inc., Sumitomo Metal Mining, Sumitomo Corporation, Grupo Mexico, Glencore International AG, Southern Copper Corp, Amerigo Resources Ltd., Glencore International, BHP Billiton Ltd., Rio Tinto, Codelco, Xstrata and Bougainville Copper Limited. |
Key segments of the global copper mining market include:
- Mining Method Segment
- Underground mining
- Open pit mining
- End-user industries Segment
- Building & construction industry
- Equipment manufacturers
- Transportation industry
- Infrastructure industry
- Geographical Segment
- North America
- Latin America
- Europe, Asia Pacific
- Middle East & Africa
Frequently Asked Questions (FAQ) :
The major players are Freeport-McMoRan Inc., Sumitomo Metal Mining, Sumitomo Corporation, Grupo Mexico, Glencore International AG, Southern Copper Corp, Amerigo Resources Ltd., Glencore International, BHP Billiton Ltd., Rio Tinto, Codelco, Xstrata and Bougainville Copper Limited.
To get latest version of copper mining market report can be obtained on demand from the website.
The base year for the report is 2023 in copper mining market.