Copper Mining Market Size to Hit USD 11.17 Billion, at a CAGR 3.3% by 2030 | Fortune Business Insights
Copper Mining Market to Hit USD 11.17 Billion by 2030 | Demand for Copper due to Economic Growth and Technological Advancement to Drive Market Growth: Fortune Business Insights
Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) — The global copper mining market size was valued at USD 8.44 billion in 2022. The market size is projected to grow from USD 8.87 billion in 2023 to USD 11.17 billion by 2030, exhibiting a CAGR of 3.3% during the forecast period. Fortune Business Insights™ mentioned this in a report titled “Copper Mining Market, 2023-2030.”
To obtain pure copper, copper ores must go through a number of stages of separation and processing. Additionally, based on the copper mining method, copper is typically extracted using open pit mining, in which a series of step benches are lowered gradually deeper into the ground.
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Copper Mining Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 3.3 % |
| 2030 Value Projection | USD 11.17 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 8.44 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 182 |
| Segments covered | By Process, Grade, Region |
| Growth Drivers | Demand for Copper due to Economic Growth and Technological Advancement is Likely to Push the Market |
| Focus on Decarbonization and Adoption of Clean Energy will Drive the Market Growth |
Market Drivers and Restraints:
Growing Demand from the Construction Industry and Technological Advancements to Drive Market
The growing demand for copper as a raw material in various sectors, including infrastructure development, transportation, construction, electrical and electronics, and manufacturing, is driving the copper mining market growth. Moreover, with increasing population, industrialization, and urbanization, the demand for copper-based materials is also increasing, thereby aiding market development.
The extraction process of copper has many environmental impacts, such as habitat destruction, soil erosion, and deforestation, which is expected to hinder market growth.
COVID-19 Impact:
COVID-19 Disrupted the Market Growth Owing to Decline in Demand for the Product
Due to the outbreak of the COVID-19 pandemic, a decline was witnessed in ongoing projects, and copper mining activities were also delayed due to government regulations due to the stoppage of the business, and construction activities hindered the market’s growth. For instance, COVID-19‘s first outbreak was seen in China, the world’s largest consumer of copper, owing to which the demand and supply chain was disturbed, hampering market growth.
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Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Segmentation:
Open Pit Mining to Lead the Market Share Owing to the Less Expensive Method for Mining
On the basis of process, the market is bifurcated into open pit mining and underground mining. Open pit mining is majorly used in the mining which removes the top layer of the ground to gain access to the minerals beneath. Open pit to dominate the market as it is cost-effective as compared to underground mining.
Underground mining is another process of extracting ores and materials deep beneath surface mining.
Regional Insights:
Latin America accounted for the highest copper mining market share, owing to the wide presence of the copper mines. For instance, Chile accounted for the world’s largest copper producer and exporter. Peru is another major copper producer in the region. Antamina, Tocquepala, and Las Bambas mines contribute significantly to the country’s copper production. Moreover, various collaboration strategies among the companies are also boosting the production activities in the region. For instance, in August 2023, Corporación Nacional del Cobre de Chile (Codelco) and Anglo American collaborated to increase their production output in the region.
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List of Key Players Profiled in the Report:
- Codelco (Chile)
- Freeport-McMoRan Inc. (U.S.)
- BHP Billiton Ltd. (Australia)
- Glencore International AG (Switzerland)
- Southern Copper Corp (U.S.)
- Zijin (China)
- First Quantum (Canada)
- KGHM (Poland)
- Rio Tinto (U.K.)
- Anglo American (U.K.)
Competitive Landscape:
Introduction of Advanced Characteristics by Key Players in the Market to Augment Market Growth
The major copper mining players are Codelco, BHP Billiton Ltd., Glencore International AG, and Anglo American. These companies continuously focus on expanding their product and services offering and reach across the market. These organizations are substantially focusing on advancing and providing high performance with enhanced operational characteristics to fortify their foothold in the copper mining industry.
Key Industry Development:
April 2023: Glencore signed a partnership with Norsk Hydro ASA to gain 30% equity stake in Alunorte S.A. and 45% equity stake in Mineracao Rio do Norte S.A.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Copper Mining Market
- Global Copper Mining Market (USD Billion, Thousand MT) Analysis, Insights, and Forecast, 2023-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Process
- Open-pit Mining
- Underground Mining
- Market Analysis, Insights and Forecast – By Grade
- Below 0.5%
- 0.5%-1.0%
- 1.0%-1.5%
- Above 1.5%
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Company Market Share Analysis, 2023
- Company Profile
- Business Overview
- Product Application, & Services
- Recent Developments
Continued…
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