Top 5 Companies and Developments Transforming the Global Copper Market
RELEASE DATE: Sep 2024 Author: Spherical Insights Request Free Sample
Copper is utilized for conducting heat and electricity, in construction, and in various metal alloys like sterling silver in jewellery, cupronickel in marine hardware and coins, and constantan in strain gauges and thermocouples for temperature measurement. Copper is essential for many products, making our copper consumption a reliable indicator of a country's economy. The country's economy is driving an increase in copper consumption.
Global Copper Market Insights Forecasts to 2033
- The Global Copper Market Size was valued at USD 308.67 Billion in 2023.
- The Market Size is Growing at a CAGR of 5.04% from 2023 to 2033.
- The Worldwide Copper Market Size is expected to reach USD 504.93 Billion by 2033.
The report provides a summary of the global top trends and future prospects for the global copper market based on historical data sets (current trends, industry statistics, and emerging trends shaping the copper industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global copper trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors
1. Demand for Copper due to Economic Growth and Technological Advancement is Likely to Push the Market
Copper demand in sectors like construction, infrastructure, electronics, transportation, and manufacturing drives this industry. In addition, the rise in population, urbanization, and industrialization in developing nations has led to a higher demand for copper. The mining industry is greatly influenced by the general economies of countries and regions due to increased demand for copper in infrastructure projects, power generation, and manufacturing activities. Additionally, the market growth is expected to be boosted by the reliance on copper for electrical wiring, plumbing, and various construction grades in infrastructure projects like power grids, telecommunications networks, transportation systems, and urban development.
2. Focus on Decarbonization and Clean Energy to Boost Market Growth
Without green technologies such as wind turbines, electric vehicles, solar panels, and energy storage systems, the transition to a low-carbon economy to combat climate change would be impossible. Still, these technologies depend on various minerals and metals like copper, cobalt, nickel, and aluminum, which need to be produced in larger quantities to meet the demand. In order to reduce emissions from carbon-heavy energy production, the company needs to swap out fossil fuels and the electricity they generate with sustainable biofuels, renewable energy, and green hydrogen. For example, by getting rid of diesel usage in mining equipment, around 40% of a mine location's emissions could be reduced. Furthermore, policymakers can assist in the transition to net zero mining by implementing more stringent and transparent regulations for mining activities and providing financial assistance for renewable energy sources. Active decarbonization will directly and indirectly boost the copper mining market with significant positive impacts.
Market Trends
Government Investments in Infrastructure and Renewables will Create Market Opportunities
The mining industry can be greatly affected by government policies, regulations, and tax frameworks. Investment attractiveness, licensing, and permitting processes are impacted by political stability, legal frameworks, mining codes, and fiscal policies. Copper is necessary for the creation of infrastructure projects like buildings, bridges, and electrical systems. Therefore, governmental efforts and strategies advocating for infrastructure development have the potential to greatly enhance the market. The copper mining sector is expected to experience a substantial growth as a result of heightened investments in construction and infrastructure projects. Over 100 smart city projects are currently in progress globally, offering significant opportunities for the construction sector. Fast urban growth in developing countries and continual global building initiatives result in higher demand for copper. Moreover, copper is extensively utilized in the construction of electrical wiring, transformers, batteries, and charging infrastructure for renewable energy facilities and EVs, and regulations promoting their adoption will drive the need for copper mining.
Top 5 Companies Profile
1. CODELCO
Codelco, also known as Corporación Nacional del Cobre de Chile, is a Chilean state-run copper mining company based in Santiago. Codelco is crucial in the worldwide copper market as the top copper producer. Founded in 1976, Codelco manages multiple key mines like Chuquicamata, El Teniente, Andina, and Radomiro Tomic, which rank as some of the biggest and most efficient copper operations globally. The company is recognized for its large reserves, wide production capabilities, and its emphasis on sustainability and innovation in mining methods. Codelco's significant role in the industry is highlighted by its impact on global copper supply, advancements in technology, and dedication to environmental preservation.
2. FREEPORT-MCMORAN INC.
Freeport-McMoRan Inc., based in Phoenix, Arizona, is a top global mining company known for its noteworthy copper output. Freeport-McMoRan, founded in 1912, runs significant copper mining ventures worldwide such as the famous Grasberg mine in Indonesia, one of the biggest copper and gold mines globally, and the Morenci mine in Arizona, a crucial asset in its U.S. activities. The company has a reputation for its expansive operations, abundant reserves, and innovative technologies in mining techniques. Freeport-McMoRan is concentrating on improving its mining methods, sustainability efforts, and global supply chain to strengthen its position as a key player in the copper industry.
3. BHP Billiton Ltd.
BHP Billiton Ltd., currently operating under the name BHP, is a leading international resources corporation based in Melbourne, Australia. Established in 1885, BHP is among the top global copper producers, holding significant presence in the sector. The Escondida mine in Chile is the company's main copper asset and is one of the biggest copper-producing mines in the world. BHP's copper activities also involve the Olympic Dam mine in Australia, renowned for its substantial copper, gold, and uranium deposits. BHP is well-known for its commitment to operational excellence, technological innovation, and sustainability. The company is dedicated to improving mining methods, minimizing environmental effects, and guaranteeing sustainable resource extraction, strengthening its prominent position in the worldwide copper industry.
4. Glencore International AG
Based in Baar, Switzerland, Glencore International AG is a major global company in the natural resources sector, particularly in copper mining. Established in 1974, Glencore oversees a varied collection of mining and metallurgical resources worldwide. The company's copper business consists of major mines in Africa like the Katanga and Mutanda mines in the Democratic Republic of Congo, along with the Ernest Henry mine in Australia. Glencore is recognized for its comprehensive strategy, which involves integrating mining, smelting, and trading to enhance supply chains and market positioning. The company's focus on efficiency, sustainability, and technological progress enables it to stay at the forefront of the global copper market while also meeting environmental and social obligations.
5. Southern Copper Corp
Southern Peru Copper Corporation, a part of Grupo México, is a major presence in the worldwide copper sector. Based in Phoenix, Arizona, Southern Peru Copper runs major copper mines like Toquepala and Cuajone in Peru. Founded in 1954, the company is recognized for its extensive reserves and large-scale production, making a significant contribution to the worldwide copper supply. Southern Peru Copper aims to improve its mining operations by focusing on operational efficiency, technological innovation, and sustainability in order to reduce environmental impacts. The company's key actions and its major role in the Peruvian copper industry highlight its significance in the global copper market.
Recent Developments
- In April 2023, Glencore revealed their plans to sign a formal agreement with Norsk Hydro ASA, a top low-carbon aluminum company, to purchase a 30% share in Alunorte S.A. and a 45% share in Mineracão Rio do Norte S.A. Upon finalization of this deal, Glencore will become a participant in the Alunorte joint venture alongside Hydro and other minority stakeholders.
- In April 2023, Rio Tinto, an Australian company, purchased the Platina Scandium Project from Platina Resources Limited for USD 14 billion. The project is a valuable scandium resource located in New South Wales, Australia. Located close to Condobolin in central New South Wales (NSW), the project consists of a large, high-quality resource that has the potential to yield approximately 40 tons of scandium oxide per year for around 30 years.
- In April 2023, KGHM confirmed its position as the top silver mine in the world according to the World Silver Survey 2023. KGHM has been a major player in the global silver market for a long time, with silver sales accounting for 16% of the company's revenue.
- In March 2023, First Quantum Minerals Ltd. and Rio Tinto reached an agreement to move forward with the next stage of the La Granja copper project in Peru.
- In February 2023, Anglo American has made a deal to purchase a 9.9% minority stake in Canada Nickel Company Inc., the owner of the Crawford Nickel project in Ontario, Canada. The company will offer technology knowledge to the Crawford project and is the sole beneficiary of being able to buy up to 10% of the nickel concentrate, iron, and chromium recoveries found in the magnetite concentrates, along with any related carbon credits.
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