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World - Copper - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Nov 1, 2024

World - Copper - Market Analysis, Forecast, Size, Trends And Insights

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Jun 16, 2021

Global Copper Market to Face Deficit Owing to Skyrocketing Demand

IndexBox has just published a new report: 'World - Copper - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

In 2021, the copper price is expected to grow, driven by an increase in demand over supply. Heightened demand for copper is spurred on by a robust pace in construction and rapid development of the electric car industry in the Asia Pacific, the U.S. and the EU. At the same time, copper output still hasn't fully bounced back after the shock of Covid-19.

Key Trends and Insights

This year, the global copper market is forecasted to face a deficit, leading to higher prices in so much as the global mining decreased in 2020 and hasn't fully recovered to previous production levels. In early June 2021, the price for copper on the London Metal Exchange (LME) stood at $9,990 per ton, fluctuating near one of the highest points in the past decade. Demand for copper strengthened thanks to a construction boom and rapid development within the electric car industry in Asia, the U.S. and the EU.

In 2020 global output for copper dropped by 2% y-o-y as a result of mines shutting down while implementing quarantine measures. Throughout the same period, demand for the metal remained consistently high and global production of refined copper grew by 2% y-o-y.

The sharp increase in copper prices could potentially lead to consumers replacing it, when possible, with a cheaper aluminum analog. Aluminum components may become an alternative to copper in wind turbines, power cables and charging stations for electric cars, which could lead to a decline in copper consumption.

In the next decade, the global copper market is forecasted to reach 25 million tons thanks to the increased demand in the electric car industry from 400k tons of copper in 2020 to 3.2 million tons in 2030.

Copper Mining by Country

After two years of growth, production of copper decreased by -2.3% to 20M tons in 2020. The total output volume increased at an average annual rate of +2.3% from 2012 to 2020. In value terms, copper production dropped to $128.4B in 2020 estimated in export prices.

Chile (5.7M tons) remains the largest copper producing country worldwide, comprising approx. 28% of total volume. Moreover, copper production in Chile exceeded the figures recorded by the second-largest producer, Peru (2.2M tons), threefold. China (1.7M tons) ranked third in terms of total production with an 8.3% share.

In Chile, copper production remained relatively stable over the period from 2012-2020. In the other countries, the average annual rates were as follows: Peru (+6.8% per year) and China (+0.8% per year).

Global Copper Exports

In 2020, approx. 1.7M tons of copper were exported worldwide; picking up by 14% on the previous year. Overall, total exports indicated a buoyant expansion from 2012 to 2020: its volume increased at an average annual rate of +5.0% over the last eight years. In value terms, copper exports surged to $11B (IndexBox estimates) in 2020.

Zambia was the main exporting country with an export of around 675K tons, which recorded 40% of total exports. Chile (283K tons) held the second position in the ranking, distantly followed by Bulgaria (120K tons), Democratic Republic of the Congo (85K tons) and Belgium (76K tons). All these countries together held approx. 33% share of total exports. South Africa (63K tons), Namibia (61K tons), Spain (56K tons), Slovakia (55K tons), Pakistan (38K tons) and the Philippines (34K tons) followed a long way behind the leaders.

In value terms, Zambia ($4.2B) remains the largest copper supplier worldwide, comprising 38% of global exports. The second position in the ranking was occupied by Chile ($1.7B), with a 16% share of global exports. It was followed by Bulgaria, with a 9.5% share.

In 2020, the average copper export price amounted to $6,523 per ton, rising by 3.1% against the previous year. Prices varied noticeably by the country of origin; the country with the highest price was Namibia ($10,093 per ton), while Spain ($5,607 per ton) was amongst the lowest.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global copper market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 24441200 - Unrefined copper, copper anodes for electrolytic refining (including blister copper) (excluding electrocopper-plating, e lectroplating anodes)

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Company coverage:

Сodelco, Glencore, BHP, Freeport-McMoRan, Grupo Mexico, First Quantum Minerals, Rio Tinto, KGHM Polska Miedz, Antofagasta, Norilsk Nickel

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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