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The global copper concentrate market was valued at USD 77,997.4 Million in 2020 and is projected to reach USD 92,699.0 Million by 2027, expanding at a CAGR of 2.5% during the forecast period.
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Global Copper Concentrate Market By Type (Pyrometallurgical, Hydrometallurgical), By Application (Electrical Industry, Mechanical Industry, Industrial Machineries & Equipments, Military & Defense, Others) The global copper concentrate market was valued at USD 77,997.4 Million in 2020 and is projected to reach USD 92,699.0 Million by 2027, expanding at a CAGR of 2.5% during the forecast period. The market is driven by factors such as growing awareness regarding the properties of copper has increased its use in different industries, rising demand for copper, increasing production of copper- based alloys, and growing use of copper-based products for human health. However, availability of cheaper alternatives and implementation of taxes and strict regulation & policies are key restraints of this market. Ongoing research & development activities in the field of green mining and use of smart mining technology for mining are boosting the growth of the market. On the basis of types, the copper concentrate market is bifurcated into pyrometallurgical and hydrometallurgy. The pyrometallurgical segment is estimated to hold a Significant market share of the market during the forecast period due to its high efficient outcomes and its ability to process at high temperature to provide high production rates; therefore, the segment is anticipated to expand at a CAGR of 2.5% during the forecast period. The hydrometallurgy segment is estimated to grow at sluggish pace, as this process has low recovery rate of the copper metal. Based on applications, the copper concentrate market is classified as electrical industry, mechanical industry, industrial machineries and equipment, military & defense, and others. The electrical industry segment is projected to constitute 55% share of the market in 2027, as a majority of the copper is used in the electrical applications such as building electrical wiring, computer chips, and power cables. The mechanical industry and industrial machineries and equipment segment is anticipated to expand at significant pace due to increasing demand for copper from these industries during the forecast period. In terms of regions, the market has been fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. It constituted 52.9% share of the market in 2020. The market in the region is projected to expand at a CAGR of 2.7% during the forecast period. The demand for copper concentrate is expected to rise due to the rapid growth in the construction, automotive, and appliance industries in the region. The market in North America is projected to expand at a CAGR of 2.6% due to the recent advances in the mechanical industry and the expected launches of new trains and aircraft during the forecast period. Key players in the market include Anglo American, Glencore, Jiangxi Copper Corporation, and others. These companies are considered as key manufacturers of copper concentrate based on their revenue, research & development (R&D) activities, regional presence, and supply chain management system.
