Copper Global Market Forecast to 2034, Historical Data of 2019-2024, Supply and Demand, Volume and Value, Manufacturers, Prices, Upstream and Downstream Trends

About the market

• global demand for copper increased substantially in the last 5 years due to its critical role in construction, power grids, industrials and EVs
• copper's unique combination of conductivity, longevity, ductility and corrosion resistance makes it a critical component in every major clean energy technology from EVs and solar to wind and grid infrastructure
• that’s why, the security of copper supply is paramount for the global energy transition

• the global copper supply chain progresses through several key stages, from ore extraction to processing and finally, the production of refined copper
• Chile continues to lead in copper mining, followed now by the Democratic Republic of Congo (DRC) and Peru
• copper refining, meanwhile, is more concentrated than mining; China is currently the world’s dominant player, supplying around half of global refined copper
• although China remains the primary driver of refined copper demand - responsible for almost 60% globally - the landscape is shifting
• new demand centers, particularly in India and Vietnam, are now emerging as significant growth markets alongside established players like the United States and Germany

• copper demand is poised for significant growth, driven primarily by the global transition to electric vehicles and increasing consumption from China's power and infrastructure sectors
• the construction and electrical grid sectors will continue to account for the largest share of demand; in contrast, the EV segment is expected to be the fastest-growing, with its share of total demand rising from 2% currently to 8% by 2034
• on the supply side, the global copper mined output is projected to fall sharply to below 19 million tonnes by 2035 because many mines are running out of high-quality ore and are being retired
• the main growth in the next few years will come from the DRC, where large projects are expanding, e.g. Kamoa-Kakula and Tenke Fungurume projects are set to boost the country's output to over 1.3 million tonnes by 2028
• Mongolia's Oyu Tolgoi expansion will also be a major contributor, targeting about 600 thousand tonnes by 2028
• from 2030 onwards, recycled copper and scrap will play a critical role, becoming a major supplementary source of supply
• the global copper refining landscape is set for further consolidation, with China projected to account for nearly 50% of total production by 2034
• overall, a 30% supply deficit is forecast for copper by 2035, based on the current project pipeline; a primary driver of this shortfall is the decline in copper ore grades

Key Questions Answered in the Report

• What were the main trends of global copper market in 2019-2024?
• What was global copper supply/demand balance in 2019-2024?
• What are the main players in global copper market?
• What drivers and challenges will determine the development of the global copper market in the next 5-10 years?
• What will be the possible restrains for global copper market growth?
• What will be the CAGRs for global copper supply and demand?
• Are there copper projects to be completed in 2025-2034?
• And many other

Report Scope

*Please note that "Antimony Market Forecast, Trends, Supply and Demand, Prices, Projects, Manufacturers" is a half ready publication and contents are subject to changes and additions. We have all data necessary for report preparation but it needs to be retrieved from our databases, organized in a report, updated with the latest information and thus the complete study will be presented. This process takes 4-5 business days after the order is placed. Thus, our clients always obtain a revised and updated version of each report. Please note that we do not charge for an updating procedure.