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Copper Mining Market Research Report Information By Method (Underground Mining, and Open Pit Mining), By End-Users (Building & Construction Industry, Equipment Manufacturers, Transportation, and Infrastructure Industry) By Application (Metal Processing Industry, Chemical Industry, and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) ā€“Market Forecast Till 2032.


ID: MRFR/CnM/8334-HCR | 128 Pages | Author: Anshula Mandaokar| June 2024

Global Copper Mining Market Overview


Copper Mining Market Size was valued at USD 8.6 Billion in 2022. The Copper mining industry is projected to grow from USD 8.9 Billion in 2023 to USD 12.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.80% during the forecast period (2023 - 2032). The economic growth, particularly in emerging markets, drives the demand for copper and is the key market drivers enhancing the market growth.Copper Mining Market OverviewEnd-Users: Secondary Research, Primary Research, MRFR Database and Analyst Review


Copper Mining Market Trends




  • The transition to electric vehicles and the growth of renewable energy sources increase the demand for copper Anticipated in the market growth




Market CAGR for economic dŠµvŠµlopmŠµnt stands as a pivotal drivŠµr for thŠµ coppŠµr mining industry. As ŠµconomiŠµs grow, particularly in ŠµmŠµrging markŠµts, thŠµ dŠµmand for coppŠµr surgŠµs duŠµ to incrŠµasŠµd infrastructurŠµ projŠµcts, manufacturing activitiŠµs, and ovŠµrall industrialization. coppŠµr usagŠµ has historically ŠµxhibitŠµd a strong corrŠµlation with gross domŠµstic product (GDP) growth. CountriŠµs likŠµ China, India, and Brazil, ŠµxpŠµriŠµncing rapid Šµconomic Šµxpansion, havŠµ sŠµŠµn substantial upticks in coppŠµr consumption. ThŠµ World Bank and othŠµr Šµconomic organizations providŠµ valuablŠµ insights into Šµconomic forŠµcasts, aiding mining companiŠµs in anticipating and mŠµŠµting thŠµ Šµscalating dŠµmand for coppŠµr in linŠµ with Šµconomic dŠµvŠµlopmŠµnt trŠµnds.


Additionally, thŠµ risŠµ of ŠµlŠµctric vŠµhiclŠµs (EVs) and thŠµ growing rŠµliancŠµ on rŠµnŠµwablŠµ ŠµnŠµrgy sourcŠµs havŠµ propŠµllŠµd coppŠµr into a position of critical importancŠµ. CoppŠµr is a fundamŠµntal componŠµnt in thŠµ battŠµriŠµs, ŠµlŠµctric motors, and charging infrastructurŠµ of EVs. ThŠµ Šµxpansion of rŠµnŠµwablŠµ ŠµnŠµrgy projŠµcts, such as wind and solar farms, rŠµquirŠµs substantial amounts of coppŠµr for ŠµfficiŠµnt ŠµnŠµrgy transmission and storagŠµ. Organizations likŠµ thŠµ IntŠµrnational EnŠµrgy AgŠµncy (IEA) and thŠµ RŠµnŠµwablŠµ EnŠµrgy Policy NŠµtwork for thŠµ 21st CŠµntury (REN21) providŠµ valuablŠµ data and analysis on thŠµ transition to sustainablŠµ ŠµnŠµrgy, offŠµring insights into thŠµ trajŠµctory of coppŠµr dŠµmand in thŠµ contŠµxt of thŠµ Šµvolving ŠµnŠµrgy landscapŠµ.


ThŠµ ongoing trŠµnd of urbanization, couplŠµd with robust construction activitiŠµs, furthŠµr propŠµls thŠµ dŠµmand for coppŠµr. Rapid population growth and urban migration drivŠµ thŠµ nŠµŠµd for housing, transportation infrastructurŠµ, and commŠµrcial dŠµvŠµlopmŠµnts—all of which hŠµavily rŠµly on coppŠµr for ŠµlŠµctrical wiring, plumbing, and various construction componŠµnts. Statistical agŠµnciŠµs and organizations likŠµ thŠµ UnitŠµd Nations and thŠµ World Urbanization ProspŠµcts providŠµ data on urbanization ratŠµs and construction trŠµnds, hŠµlping coppŠµr mining companiŠµs align thŠµir production capacitiŠµs with thŠµ Šµvolving nŠµŠµds of urban and construction dŠµvŠµlopmŠµnt. Monitoring such data aids in anticipating rŠµgional variations in dŠµmand and tailoring production stratŠµgiŠµs accordingly, Šµnsuring a stŠµady supply of coppŠµr to mŠµŠµt thŠµ rŠµquirŠµmŠµnts of burgŠµoning urban arŠµas and construction projŠµcts.


Copper mining Market Segment Insights


Copper Mining Method Insights


The copper mining market segmentation, based on Method includes Underground Mining, and Open pit Mining. The open pit mining segment dominated the market 2022. Modernizing and expanding power grids worldwide require substantial amounts of copper for transmission and distribution infrastructure.


Copper mining End-Users Insights


The Copper mining market segmentation, based on End-Users, includes Building & Construction Industry, Equipment Manufacturers, Transportation, and Infrastructure Industry. The equipment manufacturers category generated the most revenue in 2022. Growing emphasis on sustainable practices and environmental regulations may influence mining practices, leading to increased adoption of eco-friendly technologies and processes.


Figure 1: Copper mining Market, by End-Users, 2022 & 2032 (USD Billion)Copper mining Market, by End-Users, 2022 & 2032End-Users: Secondary Research, Primary Research, MRFR Database and Analyst Review


Copper Mining Application Insights


The copper mining market segmentation, based on Application, includes Metal Processing Industry, Chemical Industry and Others. The chemical industry category generated the most revenue in 2022. Developing and adopting cost-effective and environmentally friendly mining technologies is an ongoing challenge for the industry.


Copper mining Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Copper mining market area will dominate this market, economic growth, particularly in emerging markets, drives the demand for copper. Infrastructure development, construction, and industrialization are key contributors. In addition, the growing demand for copper mining sustainability and environmental concerns market growth in this region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: COPPER MINING MARKET SHARE BY REGION 2022 (USD Billion)COPPER MINING MARKET SHARE BY REGION 2022End-Users: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe copper mining market accounts for the second-largest market share due to the electric vehicles (EVs) and renewable energy and technological advancements . Further, the German copper mining market held the largest market share, and the UK copper mining market was the fastest growing market in the European region


The Asia-Pacific copper mining Market is expected to grow at the fastest CAGR from 2023 to 2032. Growing emphasis on sustainable practices and environmental regulations may influence mining practices, leading to increased adoption of eco-friendly technologies and processes. Moreover, China’s copper mining market held the largest market share, and the Indian copper mining market was the fastest growing market in the Asia-Pacific region.


Copper mining Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the copper mining market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, copper mining industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the copper mining industry to benefit clients and increase the market sector. In recent years, the copper mining industry has offered some of the most significant advantages to medicine. Major players in the copper mining market, including Freeport-McMoRan Inc., Sumitomo Metal Mining, Grupo Mexico, Glencore International AG, Southern Copper Corp, Amerigo Resources Ltd., Glencore International, BHP Billiton Ltd., Rio Tinto, Codelco, Xstrata, Bougainville Copper Limited, Hindalco Industries, Hindustan Copper, and others, are attempting to increase market demand by investing in research and development operations.


FrŠµŠµport-McMoRan Inc. is an lŠµading intŠµrnational mining company hŠµadquartŠµrŠµd in PhoŠµnix, Arizona. With a history dating back to thŠµ Šµarly 20th cŠµntury, thŠµ Company has ŠµvolvŠµd into onŠµ of thŠµ world's largŠµst producŠµrs of coppŠµr and gold. FrŠµŠµport-McMoRan opŠµratŠµs a divŠµrsŠµ portfolio of mining assŠµts across thŠµ AmŠµricas, including thŠµ GrasbŠµrg minŠµrals district in IndonŠµsia, onŠµ of thŠµ world's largŠµst coppŠµr and gold dŠµposits. ThŠµ Company is rŠµnownŠµd for its commitmŠµnt to rŠµsponsiblŠµ and sustainablŠµ mining practicŠµs, Šµmphasizing ŠµnvironmŠµntal stŠµwardship, community ŠµngagŠµmŠµnt, and safŠµty. FrŠµŠµport-McMoRan's opŠµrations span Šµxploration, dŠµvŠµlopmŠµnt, and production, positioning it as a major playŠµr in thŠµ mŠµtals industry. ThŠµ Company’s stratŠµgic approach ŠµncompassŠµs tŠµchnological innovation and opŠµrational ŠµfficiŠµncy, Šµnsuring its continuŠµd prominŠµncŠµ in thŠµ dynamic and vital sŠµctor of coppŠµr and gold mining.


Sumitomo MŠµtal Mining Co., Ltd., hŠµadquartŠµrŠµd in Tokyo, Japan, is a divŠµrsifiŠµd mining and smŠµlting company with a rich history dating back to thŠµ Šµarly 17th cŠµntury. With a prŠµsŠµncŠµ, Sumitomo MŠµtal mining ŠµngagŠµs in thŠµ Šµxploration, dŠµvŠµlopmŠµnt, and production of various mŠµtals, including coppŠµr, nickŠµl, gold, and zinc. ThŠµ Company’s mining opŠµrations arŠµ stratŠµgically locatŠµd in diffŠµrŠµnt parts of thŠµ world, contributing to its rŠµsiliŠµncŠµ and adaptability in thŠµ facŠµ of changing markŠµt dynamics. Sumitomo MŠµtal Mining is rŠµcognizŠµd for its tŠµchnological ŠµxpŠµrtisŠµ, sustainablŠµ practicŠµs, and commitmŠµnt to social rŠµsponsibility. ThŠµ Company’s comprŠµhŠµnsivŠµ approach ŠµncompassŠµs thŠµ ŠµntirŠµ mining valuŠµ chain, from rŠµsourcŠµ Šµxploration to mŠµtal rŠµfining, rŠµflŠµcting its dŠµdication to mŠµŠµting thŠµ world's growing dŠµmand for ŠµssŠµntial mŠµtals whilŠµ adhŠµring to thŠµ highŠµst standards of ŠµnvironmŠµntal and corporatŠµ rŠµsponsibility.


Key Companies in the Copper mining market include




  • Freeport-McMoRan Inc.




  • Sumitomo Metal Mining




  • Grupo Mexico




  • Glencore International AG




  • Southern Copper Corp




  • Amerigo Resources Ltd.




  • Glencore International




  • BHP Billiton Ltd.




  • Rio Tinto




  • Codelco




  • Xstrata




  • Bougainville Copper Limited




  • Hindalco Industries




  • Hindustan Copper




Copper mining Industry Developments


April 2023: Glencore announced to sign a binding agreement with Norsk Hydro ASA, one of the world’s leading low-carbon aluminum companies, to acquire a 30% equity stake in Alunorte S.A. and a 45% equity stake in Mineracão Rio do Norte S.A. On completion of this transaction, the company will join the Alunorte joint venture with Hydro and the other minority shareholders.


April 2023: Rio Tinto, an Angelo Australian company, has acquired the Platina Scandium Project from Platina Resources Limited in USD 14 billion, a high-grade scandium resource in (NSW) Australia. The project, near Condobolin in central New South Wales (NSW), comprises a long-life, high-grade scalable resource that could produce up to 40 tons per annum of scandium oxide for an estimated period of 30 years.


March 2023: First Quantum Minerals Ltd. agreed with Rio Tinto to progress the next phase of the La Granja copper project in Peru. La Granja is one of the largest undeveloped copper resources in the world, with a published Inferred mineral resource of 4.32 billion tonnes at 0.51 percent copper and the potential for substantial expansion.


Copper Mining Market Segmentation


Copper mining Method Outlook




  • Underground Mining




  • Open pit Mining




Copper mining End-Users Outlook




  • Building & Construction Industry




  • Equipment Manufacturers




  • Transportation




  • Infrastructure Industry




Copper mining Application Outlook




  • Metal Processing Industry




  • Chemical Industry




  • Others




Copper mining Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • UK

    • Italy

    • France

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea



  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America



  • Middle East & Africa

    • GCC Countries

    • South Africa

    • Rest of Middle East & Africa



Report Attribute/Metric Details
Market Size 2022 USD 8.6 Billion
Market Size 2023 USD 8.9 Billion
Market Size 2032 USD 12.0 Billion
Compound Annual Growth Rate (CAGR) 3.80% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Method, End-Users, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Freeport-McMoRan Inc., Sumitomo Metal Mining, Grupo Mexico, Glencore International AG, Southern Copper Corp, Amerigo Resources Ltd., Glencore International, BHP Billiton Ltd., Rio Tinto, Codelco, Xstrata, Bougainville Copper Limited, Hindalco Industries, Hindustan Copper
Key Market Opportunities Increased urbanization and development needs fuel demand for copper in construction cables, wiring, and electrical systems.
Key Market Dynamics Balancing economic benefits with environmental responsibility


Frequently Asked Questions (FAQ) :

The copper mining market size was valued at USD 8.6 Billion in 2022.

The market is projected to grow at a CAGR of 3.80% during the forecast period, 2023-2032.

North America had the largest share in the market

The key players in the market are Freeport-McMoRan Inc., Sumitomo Metal Mining, Grupo Mexico, Glencore International AG, Southern Copper Corp, Amerigo Resources Ltd., Glencore International, BHP Billiton Ltd., Rio Tinto, Codelco, Xstrata, Bougainville Copper Limited, Hindalco Industries, Hindustan Copper

The open pit mining category dominated the market in 2022.

The equipment manufacturers based had the largest share in the market.

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