Report Overview

India Copper Market – Industry Trends & Forecast Report, 2030

India Copper Market size by value was estimated at USD 25.44 billion in 2023. During the forecast period between 2024 and 2030, India Copper Market size is projected to grow at a CAGR of 6.34% reaching a value of USD 38.68 billion by 2030. Prominent drivers of the market include an increasing demand across infrastructure development projects, electric vehicles (EVs), and clean technology sectors, along with strong consumer durables consumption. India's copper demand surged by 16% in FY23, with similar double-digit growth expected in FY24, outpacing the global average of 3%. Although domestic production has faced challenges due to limited smelting capacity, upcoming facilities, like the Adani smelter and potential reactivation of the Sterlite plant, could significantly bolster output and reduce import dependence. Additionally, ongoing mining initiatives and strategic acquisitions by Indian firms aim to strengthen resource availability, supporting the copper market’s anticipated expansion.

By volume, India Copper Market size was estimated at 6.6 lakh tons in 2023. During the forecast period between 2024 and 2030, India Copper Market size is projected to grow at a CAGR of 6.6% reaching the volume of 10.3 lakh tons by 2030. Although India is not a major copper producer in the world, the country does have some domestic output, primarily from Gujarat, which hosts several large copper mines and smelters. According to the Indian Copper Development Centre (ICDC), domestic production was approximately 565,000 metric tons in 2018-2019, representing a modest portion of the 22 million metric tons produced globally. To meet demand, India also relies heavily on copper imports. Copper in India finds diverse applications, with key uses in construction, electrical wiring, and manufacturing machinery and equipment. Additionally, copper is utilized in coin production and holds cultural significance in various traditional practices across India.

Copper – Overview

Copper, a highly malleable and ductile metal, is known for its exceptional conductivity, corrosion resistance, and antimicrobial properties. Found naturally in the Earth's crust, it appears in various forms, such as sulfide (chalcopyrite, bornite), carbonate (azurite, malachite), silicate (chrysocolla, dioptase), and as pure "native" copper. Ranking as the second most-used non-ferrous metal, global refined copper demand reached approximately 25.04 million tons in 2020. Most commercial copper ore contains about 0.8% copper, while Indian deposits average about 1%.

India Copper Market

Growth Drivers

Booming Infrastructure Development Sector

India’s infrastructure development significantly boosts the growth of copper market, as the nation increasingly relies on sustainable resources like copper and its by-products, particularly copper slag. Rising urbanization and industrialization have escalated the demand for construction materials, especially in major projects such as the Madurai-Thoothukudi and Chennai-Ranipet industrial corridors. The shortage of natural sand has made copper slag an eco-friendly alternative, utilized in ready-mix concrete and government projects per BIS IS 383:2016 standards. Non-toxic and groundwater-safe, copper slag performs comparably to natural sand, offering enhanced strength and durability, which has been confirmed by research from the Industrial Toxicology Research Centre and the Structural Engineering Research Centre. Tamil Nadu’s ‘Vision 2023’ further emphasizes the importance of sustainable materials in achieving urbanization and economic growth. As urbanization drives copper demand across sectors such as electrical infrastructure and telecommunications, enhancing domestic production becomes crucial to reducing import reliance. Upcoming copper facilities and improved manufacturing capabilities are expected to stabilize supply and mitigate price volatility, while the material's recyclability and energy efficiency underscore its role in sustainable development. By investing in local copper production, India can fortify its infrastructure expansion, positioning copper as a key component of the nation’s growth trajectory.

Challenges

Competition from other Materials

In certain applications, substitute materials pose significant challenges to the growth of India Copper Market. Notably, the telecommunications infrastructure historically reliant on copper has been increasingly threatened by advancements in fiber optic technology, which offer superior performance in terms of data transmission speed and bandwidth. Additionally, technical innovations in energy transmission and storage systems are introducing alternative materials that either reduce the need for copper or lower its overall content in applications. This shift not only impacts the demand for copper but also raises concerns about its long-term viability in a rapidly evolving technological landscape. As these alternatives continue to gain traction, copper must adapt to maintain its competitive edge in the market.

Impact of Escalating Geopolitical Tensions on India Copper Market

Escalating geopolitical tensions among countries and spreading across regions could have a significant impact on the growth of India Copper Market. These tensions can lead to supply chain disruptions, affecting copper imports and exports, while also causing fluctuations in copper prices due to market instability. Trade restrictions, sanctions, and political instability in key copper-producing regions could further constrain supply, leading to increased price volatility. Additionally, heightened uncertainty in the global economy could reduce investment in copper-intensive industries, dampening demand. As a result, geopolitical factors are likely to restrain the overall growth of the India Copper Market.

India Copper Market

Segmental Coverage

India Copper Market – By Type

By type, India Copper Market is bifurcated into Primary Copper and Secondary Copper segments. The primary copper segment holds a higher share in India Copper Market by type, primarily due to its essential role in the copper production supply chain. The segment encompasses the mining and refining of copper ore, serving as the primary source of refined copper. Its dominance is fueled by persistent demand from various sectors, including construction, electrical & electronics, and transportation. Although recycling and secondary copper sources contribute to sustainability efforts, primary copper is crucial for addressing the increasing global demand, especially in emerging economies where industrialization and infrastructure development lead to significant consumption.

India Copper Market – By Form

Based on form, India Copper Market is divided into Wire Rods, Plates & Sheets, Tubes & Pipes, Bars & Rods, and Powder segments.

India Copper Market – By Application

On the basis of application, India Copper Market is divided into Electrical & Electronics, Construction, Transportation, Industrial Machinery, Consumer Goods, Telecommunications, and Power Generation segments. The electrical & electronics segment holds the largest share of India Copper Market by application. The electrical & electronics segment is the largest consumer of copper in India, with applications spanning from high-voltage transmission cables to intricate micro-circuits. Copper’s superior conductivity and durability make it indispensable for electrical distribution systems, where it’s used in cables and winding wires to ensure minimal resistance and operational safety. Within this segment, copper is essential for manufacturing power cables, both insulated and uninsulated, for high, medium, and low-voltage requirements, supporting the country’s growing demand for efficient electrical infrastructure. Driven by urbanization and ongoing electrification, India’s need for copper-based components in household and industrial electronics is steadily rising. Government initiatives like "Make in India" and "Smart City" programs further fuel demand, promoting domestic electronics production and reinforcing copper’s role in this sector. The increasing adoption of energy-efficient appliances and renewable energy systems, including solar and wind, heightens copper demand, ensuring it remains a critical resource for advancing technological and energy goals in India. Additionally, copper’s role in telecommunications, particularly in technologies like HDSL and ADSL for high-speed data transmission, underscores its importance in supporting India's digital growth. The extensive use of copper in personal devices, networks, and data systems highlights the metal’s unmatched contribution to the electrical and electronics industry, solidifying this segment’s leading position in the India Copper Market by application.

India Copper Market – By Region

The in-depth research report on India Copper Market covers the market in the country’s major regions: North India, South India, East India, and West India regions. North India region holds the largest share of India Copper Market and is expected to maintain its dominance during the forecast period, with Rajasthan and Madhya Pradesh leading copper production in the country. Rajasthan is the largest copper-producing state, with substantial reserves primarily in the Khetri region. Its favorable regulatory environment, strategic infrastructure investments, and commitment to sustainable mining practices have positioned Rajasthan at the forefront of India’s copper sector. Close behind, Madhya Pradesh ranks as the second-largest copper producer, with significant deposits in areas like Malanjkhand. The state’s modernized mining ecosystem, industry partnerships, and well-developed transport infrastructure further bolster its role in the copper market. Together, these states drive North India's dominance in copper production, a trend expected to continue during the forecast period.

Competitive Landscape

Major players operating in India Copper Market include Hindalco Industries Limited, Sterlite Copper, National Aluminium Company Limited (NALCO), Hindustan Copper Limited (HCL), Vedanta Limited, Birla Copper, JK Copper, KGH Copper, and BHP Billiton. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In October 2024 - Hindalco Industries Ltd, the metals flagship of the Aditya Birla Group, joined the International Copper Association (ICA) as its newest member. Recognized for its leading copper and aluminum production, Hindalco also collaborates with Italy’s Metra to manufacture high-precision products for India’s rail sector.

• In October 2024 - Adani's Kutch Copper, a subsidiary of Adani Enterprises Ltd, announced that it was nearing a significant copper sourcing deal with Australian mining giant BHP for up to 1.6 million tons of copper concentrate annually, valued at approximately INR 30,000 crore.

• In June 2024 - Adani Enterprises and Hindalco Industries showed interest in developing Hindustan Copper's mines in Jharkhand, participating in a pre-bid conference to secure a mine developer and operator (MDO) for the Rakha and Chapri mines, which have a combined capacity of three million metric tons.

Scope of the Report

By Product Type

• Primary Copper

• Secondary Copper

By Form

• Wire Rods

• Plates & Sheets

• Tubes & Pipes

• Bars & Rods

• Powder

By Application

• Electrical & Electronics

• Construction

• Transportation

• Industrial Machinery

• Consumer Goods

• Telecommunications

• Power Generation

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Copper Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Infrastructure Development
         2. Electronics and Technology
         3. Industrial Applications
      2. Restraints
         1. Economic Fluctuations
         2. Competition from Other Materials
      3. Opportunities
         1. Renewable Energy
         2. Economic Growth
      4. Challenges
         1. Supply Chain Disruptions
         2. Recycling and Substitution
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Copper Market: Marketing Strategies
5. India Copper Market: Pricing Analysis
6. India Copper Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Primary Copper
         2. Secondary Copper
      2. By Form
         1. Wire Rods
         2. Plates & Sheets
         3. Tubes & Pipes
         4. Bars & Rods
         5. Powder
      3. By Application
         1. Electrical & Electronics
         2. Construction
         3. Transportation
         4. Industrial Machinery
         5. Consumer Goods
         6. Telecommunications
         7. Power Generation
      4. By Region
         1. North India
         2. South India
         3. East India
         4. West India
7. North India Copper Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Form
      3. By Application
8. South India Copper Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Form
      3. By Application
9. East India Copper Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Form
      3. By Application
10. West India Copper Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Product Type
       2. By Form
       3. By Application
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Copper Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
12. Impact of Escalating Geopolitical Tensions on India Copper Market
13. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Hindalco Industries Limited
    2. Sterlite Copper
    3. National Aluminium Company Limited (NALCO)
    4. Hindustan Copper Limited (HCL)
    5. Vedanta Limited
    6. Birla Copper
    7. JK Coppe
    8. KGH Copper
    9. BHP Billiton
    10. Other Prominent Players
14. Key Strategic Recommendations
15. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       India Copper  Segmentation     

Figure 2       India Copper Market Value Chain Analysis    

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Copper Market Size, By Value (USD Billion), 2019–2030   

Figure 5       India Copper Market Share, By Product Type , By Value, 2019–2030   

Figure 6       India Copper Market Share, By Form, By Value, 2019–2030      

Figure 7       India Copper Market Share, By Application, By Value, 2019–2030       

Figure 8       North India Copper Market Size, By Value (USD Billion), 2019–2030    

Figure 9       North India Copper Market Share, By Product Type , By Value, 2019–2030   

Figure 10     North India Copper Market Share, By Form, By Value, 2019–2030       

Figure 11     North India Copper Market Share, By Application, By Value, 2019–2030        

Figure 12     South India Copper Market Size, By Value (USD Billion), 2019–2030   

Figure 13     South India Copper Market Share, By Product Type , By Value, 2019–2030   

Figure 14     South India Copper Market Share, By Form, By Value, 2019–2030      

Figure 15     South India Copper Market Share, By Application, By Value, 2019–2030       

Figure 16     East India Copper Market Size, By Value (USD Billion), 2019–2030     

Figure 17     East India Copper Market Share, By Product Type , By Value, 2019–2030     

Figure 18     East India Copper Market Share, By Form, By Value, 2019–2030

Figure 19     East India Copper Market Share, By Application, By Value, 2019–2030

Figure 20     West India Copper Market Size, By Value (USD Billion), 2019–2030    

Figure 21     West India Copper Market Share, By Product Type , By Value, 2019–2030    

Figure 22     West India Copper Market Share, By Form, By Value, 2019–2030       

Figure 23     West India Copper Market Share, By Application, By Value, 2019–2030

List of Tables

Table 1        India Copper Market Size, By Value (USD Billion), 2019–2030

Table 2        India Copper Market Size, By Product Type , By Value, 2019–2030

Table 3        India Copper Market Size, By Form, By Value, 2019–2030

Table 4        India Copper Market Size, By Application, By Value, 2019–2030

Table 5        North India Copper Market Size, By Value (USD Billion), 2019–2030

Table 6        North India Copper Market Size, By Product Type , By Value, 2019–2030

Table 7        North India Copper Market Size, By Form, By Value, 2019–2030

Table 8        North India Copper Market Size, By Application, By Value, 2019–2030

Table 9        South India Copper Market Size, By Value (USD Billion), 2019–2030

Table 10      South India Copper Market Size, By Product Type , By Value, 2019–2030

Table 11      South India Copper Market Size, By Form, By Value, 2019–2030

Table 12      South India Copper Market Size, By Application, By Value, 2019–2030

Table 13      East India Copper Market Size, By Value (USD Billion), 2019–2030

Table 14      East India Copper Market Size, By Product Type , By Value, 2019–2030

Table 15      East India Copper Market Size, By Form, By Value, 2019–2030

Table 16      East India Copper Market Size, By Application, By Value, 2019–2030

Table 17      West India Copper Market Size, By Value (USD Billion), 2019–2030

Table 18      West India Copper Market Size, By Product Type , By Value, 2019–2030

Table 19      West India Copper Market Size, By Form, By Value, 2019–2030

Table 20      West India Copper Market Size, By Application, By Value, 2019–2030

Table 21      Hindalco Industries Limited Company Overview

Table 22      Hindalco Industries Limited Financial Overview

Table 23      Sterlite Copper Company Overview

Table 24      Sterlite Copper Financial Overview

Table 25      National Aluminium Company Limited (NALCO) Company Overview

Table 26      National Aluminium Company Limited (NALCO) Financial Overview

Table 27      Hindustan Copper Limited (HCL) Company Overview

Table 28      Hindustan Copper Limited (HCL) Financial Overview

Table 29      Vedanta Limited Company Overview

Table 30      Vedanta Limited Financial Overview

Table 31      Birla Copper Company Overview

Table 32      Birla Copper Financial Overview

Table 33      JK Coppe Company Overview

Table 34      JK Coppe Financial Overview

Table 35      KGH Copper Company Overview

Table 36      KGH Copper Financial Overview

Table 37      BHP Billiton  Company Overview

Table 38      BHP Billiton  Financial Overview