The latest global Copper report card says world demand for copper is reporting a constant rise and with use of refined copper showing a 300% growth over the last five decades.
The use of refined Copper across various industries hit about 26.5M tons in 2023 says the World Copper Market Report 2024. The report also pointed to the considerable growth in the secondary Copper market given Copper’s remarkable capacity to be recycled.
Worldwide, the market for Copper is estimated at US$269B in 2024 and is set to record a Compound Annual Growth Rate (CAGR) of 5.4% during 2024-2030, reaching a projected US$368.8B by 2030.
World economic growth is the big reason why, especially Copper’s critical role in urbanisation and industrialisation through industries like construction, manufacturing and infrastructure. For instance, construction of commercial & residential buildings, bridges, flyovers, industrial units and the like all demand extensive utilisation of copper in diverse forms and applications.
Electrification is also key said the report. In particular rapid growth in the electrical, electronics & telecommunications sector owing to technological developments has further propelled the demand for copper and with no let up in sight.
The Asia Pacific is the largest global market for Copper with the region posting one of the fastest CAGR’s.
Apart from being a global economic powerhouse, the Asia Pacific has also developed into a hub for industrial machinery manufacturing—which requires Copper in a considerable quantities. For example China has now overtaken the USA as the leading auto manufacturing country in the world, and with electric vehicles which require much higher levels of Copper accounting for a significant share of this.
