Copper Demand to Reach US$368.8 B by 2030 Propelled by the Wide Range of Applications of the Metal Across Sectors

Industry Experts, Inc., has released its latest report, on Copper, which projects the demand for Copper to reach US$368.8 billion by 2030 from an estimated US$269 billion in 2024 at a CAGR of 5.4% between the two years.

The use of copper and its alloys is quite extensive, contributing significantly to economic development. Major end-user sectors of this vital element include transportation, construction, consumer products, electrical & electronics and industrial machinery. The global demand for copper has been maintaining a steady growth, as statistics reveal a 300% growth in the use of refined copper over the last five decades across the industries mentioned above, reaching about 26.5 million tons in 2023. Other than being used in its primary form, copper is also among the most recycled materials, owing to which the market for secondary copper has been posting considerable growth.

With an estimated share of about 41% in 2024, Asia-Pacific is the largest global market for Copper that is also anticipated to exhibit the fastest CAGR over the analysis period. The primary reasons for this include rapid urbanization and industrialization, in addition to the region’s preponderance in the areas of electronics and telecommunications. Other than this, the region has also developed into a hub for industrial machinery manufacturing, which require Copper in a considerable quantity. China has now overtaken the United States to stand as the leading auto manufacturing country in the world, with electric vehicles (EVs) accounting for a significant share of this. As the world has come to realize that fossil fuel resources are depleting at an alarming rate, alternative modes of transport, such as EVs have gained importance. These vehicles make wide use of Copper in various internal areas, such as motors and wiring, as also in the charging infrastructure needed to power them. North America and Europe are the other regions where the markets for Copper will post healthy growths during the analysis period.

The report studies the Copper market across all major regions including North America (The United States, Canada and Mexico), Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), South America (Argentina, Brazil and Rest of South America) and Middle East & Africa.

The market for major types of Copper analyzed in this report includes Primary Copper and Secondary Copper. The study also examines the market for grades of Copper, comprising Electrolytic Coppers, Free-Machining Coppers, Oxygen-Free Coppers and Pure Coppers. By form, the global market for Copper has been analyzed based on Flat Rolled Products (Plates, Sheets & Strips), Foils, Rods, Bars & Sections, Tubes and Wires. The major end-use sectors for Copper examined in the report include Automotive & Transportation, Building & Construction, Consumer & General Products, Electrical, Electronics & Communication and Industrial Machinery & Equipment.

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