Global Copper Mining Market: Size, Share, By End-Use; Country Overview; Recent Events; Value Chain Analysis; Production Process; Cost Structure; Trade Analysis; Market Dynamics: Drivers and Constraints, Industry Events, Innovations and Trends, Porter’s Five Forces; Market Analysis: Market Overview, Price Analysis; Industry Best Practices; Key Supplier Analysis, 2024-2032

Copper Mining Market Outlook

The Procurement Resource Copper Mining industry report extensively examines the copper mining market trends, evaluates important segments, developments, factors that are propelling the market, the competitive landscape, and other key market attributes.

The copper mining market size is projected to progress at a CAGR of 3.5 percent during the period of 2022-2027. The industry would produce a volume of 230440 thousand MT by 2027.

One of the main markets in the mining industry internationally is the copper mining industry. To produce a pure category of copper, the ores move through several phases of segregation and other procedures. Also, the maximum amount of accessible copper is blended with other minerals and metals.

The copper price in 2021-2022 is expected to be affected by recent events and increasing trends in freight rates. With both the commercial and housing buildings, as well as infrastructure holding for nearly half of the entire worldwide copper consumption, the biggest copper demand is coming from the construction industry.

Additionally, the industry is propelling, owing to the rising demand for the commodity in emerging nations like India and China. The crucial demand pointer mentioned in the industry report is the biggest spender type by region – the Asia Pacific.

Industry Definition and Segmentation

Copper is a Pinkish-orange metal and is denoted by the symbol Cu. It can be obtained from mining and extraction processes in the form of compound ore called copper sulphides ore or copper oxide ore. This ore undergoes various separation stages and techniques to produce pure copper.

These separation stages include crushing ore into small pieces then separating these small pieces based on the ore type.

Further, the oxide ores are moved to leach tanks and sulphites to concentrating stages. Once the ores are crystallised, they will be converted into pure product using electro-winning, smelting electrolytic refining, and leaching methods.

The copper mining market is segmented because of end-use segments of the metal. This includes the building and construction, industrial machinery and equipment, electrical and electronic products, transportation equipment, and consumer and general products. For example, copper is a commonly used metal in both residential and industrial construction.

Latin America and the Asia Pacific Regions are Driving the Growth of the Industry

Globally, South America is holding the major share in the copper mining market at present. This is owing to the presence of the world’s largest copper mining ores in this region. Chile is the leading producer within the region.

The Asia Pacific also holds a significant share in the industry due to the presence of considerable reserves. This further supports the copper mining market development in the region as well as across the globe.

The Asia Pacific holds a major share in global copper consumption, owing to the higher consumption in China. China is the primary importing nation and is considered one of the top consumers of the metal.

This is due to the presence of various electronic and other manufacturing companies in the country. While North America also holds a major share in global copper production, mining has witnessed a reduction in this region, over the years.

The rising copper demand from the industrial sector in countries such as China and India are the major factors driving the development of the market. Presently, China is the prominent consumer of industrial metals, including copper.

It is one of the most crucial metals needed for developing industrial economies. This has aided its demand growth in the developing regions of the overall Asia Pacific region, resulting in the progress of the market. This high demand is also impacting the global copper market price globally.

Although North America is one of the prominent producers of copper nevertheless, over the period, mining has steadily lessened in the region.

Copper has a high thermal and electric conductivity and is easy to alloy and twist into wires. Due to these advantages, it is being used in many sectors, like the infrastructure and telecommunication sectors, among others.

This extensive demand from various industries is expected to bolster the copper mining market growth. However, the high operating costs and complexity of the industry might hinder investments in the market.

Category Management Studies

The open-pit copper mining method is the predominant technique used for ore extraction, compared to the underground mining method. In the underground process, extraction of ore happens by manually going underground.

On the other hand, open-pit mining occurs from the surface and is generally considered the cheapest and safest way to extract the ore.

In addition, in the open-pit mining technique, ores do not need to be moved far uphill against gravity and larger equipment can be used in the site. This is not possible in the underground mining method.

Therefore, the open-pit method is being used more vastly as compared to the underground mining method. This is primarily due to its advantages like flexible operation techniques, relatively low investment costs, as well as optimized global copper production levels.

Construction Industry is Expected to Promote Copper Usage, further Driving the Growth of the Market

Owing to copper’s high electric and thermal conductivity, it is being used extensively in the construction industry. There is a rise in construction projects in emerging and developing countries, such as China and India.

As per the copper mining market forecast this is expected to drive the market growth. The rise of the construction industry in these countries is primarily catalysed by the presence of a rapidly growing population.

Due to the increasing requirement of the raw material in the industrial segment most of the investors are attracted to invest in this sector. Subsequently, the copper mining market is projected to develop because of the rising ventures in the construction events, which is the significant user in the copper market.

The key zones in the industry are Latin America, the Asia Pacific, Europe, North America, and the Middle East, and Africa.

Key Industry Players

• Glencore plc (LON: GLEN)
• BHP Group Ltd (NYSE: BHP)
• Rio Tinto Group (ASX: RIO)
• KGHM Polska Miedz S.A
• Anglo American Plc (OTCMKTS: NGLOY)

Market Landscape

The global copper mining market is highly fragmented. There is a great level of investments on the latest technologies such as supercomputers, robots, increased power generation units, electric vehicles, and communication devices. These investments are being made by China, Japan, and South Korea.

Because of these factors there is a growing demand for the product in these regions. This in turn supports them to dominate the global market.

To reinforce safety, efficiency, and output capacity, the industry is executing an autonomous mining curriculum. This methodology is utilised to identify the blasting site and use the drill machinery efficiently while using other pioneering measuring expertise.

One of the primary factors that are adding to the investment in the copper mining market is the massive demand for the product in the trading countries like China and India. At present, China is the leading importer of industrially used metals and portrays a huge share of worldwide copper consumption.

Several nations based in Asia Pacific are moving towards big manufacturing countries that are likely to raise their requirement for quarrying in these nations.

Key Initiatives by Big Copper Mining Companies

• In November 2021, Asiamet Resources signed an agreement to sell its 51% stakes for USD 50 million to PT Delta Dunia Makmur, a mining resources company based in Indonesia. This step was taken to fund the Asiamet’s BKM mine development.
• In May 2021, Amarc Resources Ltd. announced its alliance with Freeport-McMoRan Mineral Properties Canada Inc.
• In March 2021, the Punitaqui Mining Complex, a Chile based copper and gold mine was acquired by Battery Mineral Resources Corp.