The Procurement Resource Copper Mining industry report extensively examines the copper mining market trends, evaluates important segments, developments, factors that are propelling the market, the competitive landscape, and other key market attributes.
The copper mining market size is projected to progress at a CAGR of 3.5 percent during the period of 2022-2027. The industry would produce a volume of 230440 thousand MT by 2027.
One of the main markets in the mining industry internationally is the copper mining industry. To produce a pure category of copper, the ores move through several phases of segregation and other procedures. Also, the maximum amount of accessible copper is blended with other minerals and metals.
The copper price in 2021-2022 is expected to be affected by recent events and increasing trends in freight rates. With both the commercial and housing buildings, as well as infrastructure holding for nearly half of the entire worldwide copper consumption, the biggest copper demand is coming from the construction industry.
Additionally, the industry is propelling, owing to the rising demand for the commodity in emerging nations like India and China. The crucial demand pointer mentioned in the industry report is the biggest spender type by region – the Asia Pacific.
Copper is a Pinkish-orange metal and is denoted by the symbol Cu. It can be obtained from mining and extraction processes in the form of compound ore called copper sulphides ore or copper oxide ore. This ore undergoes various separation stages and techniques to produce pure copper.
These separation stages include crushing ore into small pieces then separating these small pieces based on the ore type.
Further, the oxide ores are moved to leach tanks and sulphites to concentrating stages. Once the ores are crystallised, they will be converted into pure product using electro-winning, smelting electrolytic refining, and leaching methods.
The copper mining market is segmented because of end-use segments of the metal. This includes the building and construction, industrial machinery and equipment, electrical and electronic products, transportation equipment, and consumer and general products. For example, copper is a commonly used metal in both residential and industrial construction.
Globally, South America is holding the major share in the copper mining market at present. This is owing to the presence of the world’s largest copper mining ores in this region. Chile is the leading producer within the region.
The Asia Pacific also holds a significant share in the industry due to the presence of considerable reserves. This further supports the copper mining market development in the region as well as across the globe.
The Asia Pacific holds a major share in global copper consumption, owing to the higher consumption in China. China is the primary importing nation and is considered one of the top consumers of the metal.
This is due to the presence of various electronic and other manufacturing companies in the country. While North America also holds a major share in global copper production, mining has witnessed a reduction in this region, over the years.
The rising copper demand from the industrial sector in countries such as China and India are the major factors driving the development of the market. Presently, China is the prominent consumer of industrial metals, including copper.
It is one of the most crucial metals needed for developing industrial economies. This has aided its demand growth in the developing regions of the overall Asia Pacific region, resulting in the progress of the market. This high demand is also impacting the global copper market price globally.
Although North America is one of the prominent producers of copper nevertheless, over the period, mining has steadily lessened in the region.
Copper has a high thermal and electric conductivity and is easy to alloy and twist into wires. Due to these advantages, it is being used in many sectors, like the infrastructure and telecommunication sectors, among others.
This extensive demand from various industries is expected to bolster the copper mining market growth. However, the high operating costs and complexity of the industry might hinder investments in the market.
The open-pit copper mining method is the predominant technique used for ore extraction, compared to the underground mining method. In the underground process, extraction of ore happens by manually going underground.
On the other hand, open-pit mining occurs from the surface and is generally considered the cheapest and safest way to extract the ore.
In addition, in the open-pit mining technique, ores do not need to be moved far uphill against gravity and larger equipment can be used in the site. This is not possible in the underground mining method.
Therefore, the open-pit method is being used more vastly as compared to the underground mining method. This is primarily due to its advantages like flexible operation techniques, relatively low investment costs, as well as optimized global copper production levels.
Owing to copper’s high electric and thermal conductivity, it is being used extensively in the construction industry. There is a rise in construction projects in emerging and developing countries, such as China and India.
As per the copper mining market forecast this is expected to drive the market growth. The rise of the construction industry in these countries is primarily catalysed by the presence of a rapidly growing population.
Due to the increasing requirement of the raw material in the industrial segment most of the investors are attracted to invest in this sector. Subsequently, the copper mining market is projected to develop because of the rising ventures in the construction events, which is the significant user in the copper market.
The key zones in the industry are Latin America, the Asia Pacific, Europe, North America, and the Middle East, and Africa.
The global copper mining market is highly fragmented. There is a great level of investments on the latest technologies such as supercomputers, robots, increased power generation units, electric vehicles, and communication devices. These investments are being made by China, Japan, and South Korea.
Because of these factors there is a growing demand for the product in these regions. This in turn supports them to dominate the global market.
To reinforce safety, efficiency, and output capacity, the industry is executing an autonomous mining curriculum. This methodology is utilised to identify the blasting site and use the drill machinery efficiently while using other pioneering measuring expertise.
One of the primary factors that are adding to the investment in the copper mining market is the massive demand for the product in the trading countries like China and India. At present, China is the leading importer of industrially used metals and portrays a huge share of worldwide copper consumption.
Several nations based in Asia Pacific are moving towards big manufacturing countries that are likely to raise their requirement for quarrying in these nations.
1. Executive Summary
2. Global Copper Mining Market Snapshot
2.1. Copper Mining Market Outlook
2.2. Copper Mining Industry Analysis by End-Use
2.2.1. Building & Construction
2.2.2. Industrial Machinery & Equipment
2.2.3. Electrical & Electronic Products
2.2.4. Transportation Equipment
2.2.5. Consumer & General Products
2.3. Regional Overview
2.3.1. North America
2.3.2. Latin America
2.3.4. Asia Pacific
2.3.5. Middle East and Africa
3. Impact of Recent Events
4. Copper Mining Value Chain Analysis
5. Copper Mining Production Process
6. Copper Mining Cost Structure
6.1. Cost Saving Opportunities
7. Key Demand Indicator Analysis
8. Key Price Indicator Analysis
9. Trade Analysis
10. Copper Mining Market Dynamics
10.1. Drivers and Constraints
10.2. Industry Events
10.3. Innovations and Trends
10.4. Porter’s Five Forces
10.4.1. Buyer Power
10.4.2. Supplier Power
10.4.3. Threat of New entrants
10.4.4. Threat of Substitutes
10.4.5. Industry Rivalry
11. Feedstock Market Analysis
11.1. Market Overview
11.2. Price Analysis
12. Industry Best Practices
12.1. Sourcing Strategies
12.2. Procurement Model
12.3. Contract Structure
12.4. Negotiation Levers
12.5. Supplier Selection Criteria
12.6. Pricing Model
13. Key Supplier Analysis
13.1. Glencore plc (LON: Glen)
13.2. BHP Group Ltd (NYSE: BHP)
13.3. Rio Tinto Group (ASX: RIO)
13.4. KGHM Polska Miedz S.A
13.5. Anglo American Plc
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 3.5%.
The copper mining procurement strategies include contract terms, engagement models, negotiation levers, and sourcing strategies.
Long-term contracts and negotiation strategies in terms of competitive pricing and sourcing are the current trends being witnessed in the category.
The rising copper usage in the construction and power sectors is expected to drive the category growth.
High operating costs and the complexity of the mining might constrain investments in the market.
Some of the important suppliers in the market are Glencore plc, Vale S.A, Rio Tinto Group, BHP Group Ltd, and KGHM Polska Miedz S.A.
There is a copper supply and demand deficit due to low production and consumption rates of the commodity on a global level.
Key cost components for copper mining includes raw material, labour, utilities, and transport.
Chile produces the largest amount of copper globally.
The global copper mining industry is anticipated to progress at a CAGR of about 3.5% in the projected years between 2022-2027. South America is holding the major share in the market at present. This is owing to the presence of the world’s largest copper mining ores in this region. Chile is the leading producer within the region.
The Asia Pacific also holds a significant share in the industry due to the presence of considerable copper reserves. Copper mining is one of the most crucial metals needed for developing industrial economies. These further aids copper mining market demand growth in the developing regions of the overall Asia Pacific region helping in the expansion of the market.
Copper has a high thermal and electric conductivity and is easy to alloy and twist into wires. Due to these advantages, it is being used in many sectors, like the infrastructure and telecommunication sectors, among others. Some of the key players listed in the industry report are Glencore plc (LON: GLEN), BHP Group Ltd (NYSE: BHP), Rio Tinto Group (ASX: RIO), KGHM Polska Miedz S.A, and Anglo-American Plc (OTCMKTS: NGLOY).
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