Report Overview

United States Copper Market – Industry Trends & Forecast Report, 2030

United States Copper Market size by value was estimated at USD 11.83 billion in 2023. During the forecast period between 2024 and 2030, United States Copper Market size is projected to grow at a CAGR of 6.27% reaching a value of USD 18.03 billion by 2030. Prominent drivers of the market include rising demand across industries such as construction, electronics, and transportation. Other major factors such as ongoing urbanization, infrastructure development, the adoption of electric vehicles, and the need for energy-efficient components are expected to sustain demand for copper in the United States market.

By volume, United States Copper Market size was estimated at 1.3 Million tons in 2023. During the forecast period between 2024 and 2030, United States Copper Market size is projected to grow at a CAGR of 5.14% reaching the volume of 1.92 Million tons by 2030. As the world's fifth-largest copper producer in 2023, the United States accounted for 6% of global output, with production seeing a slight increase that year. Major companies like Freeport-McMoRan, Rio Tinto, Grupo Mexico, and Lundin Mining are key players, with Freeport-McMoRan experiencing a 10% output rise during 2020-2021, while Rio Tinto's production grew by 6%. Exports remained stable in 2023, with the highest share going to Mexico.

Copper – Overview

Copper is a highly conductive metal commonly found with sulfur and extracted through processes like smelting and electrolytic refining. Increasingly, it is also produced from acid leaching of oxidized ores. Known for its ductility, malleability, and resistance to corrosion, copper ranks third in global industrial use after iron and aluminum. About 75% of copper is used in electrical applications such as power transmission, building wiring, and telecommunications. Other major uses include construction, transportation, and industrial machinery. Copper is also highly recyclable, with byproducts and obsolete products significantly contributing to the global copper supply.

United States Copper Market

Growth Drivers

Surging Demand for Copper from Expanding Electric Vehicle (EV) Market

The expansion of the electric vehicle (EV) market is projected to drive a substantial increase in copper demand over the next decade, according to research commissioned by the International Copper Association (ICA). The study, Copper Intensity in the Electrification of Transport and the Integration of Energy Storage, emphasizes copper's critical role in EV technology, where it is used extensively in batteries, electric motors, wiring, and charging infrastructure. Compared to traditional internal combustion engine vehicles, hybrid and battery-powered electric vehicles require significantly more copper. As the adoption of EVs accelerates, along with advancements in energy-independent vehicles powered by renewable sources, copper usage is expected to rise sharply. By 2027, the global EV fleet is forecast to grow from 3 million in 2017 to 27 million, driving copper demand in the sector to 1.74 million tons. Additionally, the proliferation of EV chargers, especially fast chargers, will further contribute to copper consumption, with each fast charger requiring up to 8 kg of copper. The expected growth underscores copper's pivotal role in supporting the global transition to electrified and sustainable transportation solutions.

Challenges

Price Volatility

Copper price volatility significantly restrains the growth of United States Copper Market. Fluctuations in global demand, supply chain disruptions, and geopolitical tensions have led to unstable copper prices, making it difficult for industries to plan long-term investments. The high price swings are largely influenced by economic fluctuations, rising interest rates, and uncertainty surrounding global trade. Additionally, supply disruptions from major copper-producing nations and varying inventory levels further exacerbate the volatility. These factors hinder market stability, creating challenges for manufacturers, infrastructure projects, and other industries dependent on copper in the United States market.

Impact of Escalating Geopolitical Tensions on United States Copper Market

Escalating geopolitical tensions among countries and spreading across regions could have a significant impact on the growth of United States 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 United States Copper Market.

United States Copper Market

Segmental Coverage

United States Copper Market – By Type

By type, United States Copper Market is bifurcated into Primary Copper and Secondary Copper segments. The primary copper segment holds a higher share in United States Copper Market by type. The primary copper is sourced directly from mining and processed from copper ores. The production process includes extracting copper from mines, followed by crushing and grinding to obtain concentrates. These are then smelted and refined to produce pure copper cathodes or other refined products. Meanwhile, the secondary copper is expected to record the fastest growth rate during the forecast period. Secondary copper is derived from recycled post-consumer and post-industrial sources. With growing emphasis on sustainability and environmental concerns, recycling and circular economy practices are gaining traction. Secondary copper is crucial in this effort, as it helps lower the demand for primary copper production and conserves valuable natural resources.

United States Copper Market – By Form

Based on form, United States Copper Market is divided into Wire Rods, Plates, Sheets and Strips, Tubes, and Bars & Sections segments.

United States Copper Market – By Mining Type

On the basis of mining type, United States Copper Market is bifurcated into Underground Mining and Surface Mining segments.

United States Copper Market – By Application

Based on application, United States Copper Market is divided into Construction, Transportation, Appliances & Electronics, Power Generation, and Distribution & Transmission segments. The construction segment holds the highest share in United States Copper Market by application, driven by copper's unique set of properties that make it exceptionally suited for a variety of construction uses. Copper's superior resistance to corrosion and fire, coupled with its high melting point and malleability, ensures that it performs reliably in demanding conditions. Its corrosion resistance, due to the protective patina formed on its surface, guarantees longevity with minimal maintenance, making it a preferred choice for components like pipes, roofing, and cladding. Additionally, copper’s fire resistance helps slow the spread of flames, enhancing building safety. Its malleability allows it to be shaped into various forms needed for intricate construction elements, while its natural antimicrobial properties make it ideal for high-touch surfaces and plumbing systems. The aesthetic appeal of copper, with its distinctive colors and textures, adds a touch of elegance to architectural designs. Moreover, copper’s recyclability supports sustainable building practices by enabling the metal to be reused indefinitely without quality loss. These combined attributes underscore why copper remains a leading material in the United States construction sector, contributing significantly to its largest application segment within the copper market.

Competitive Landscape

Major players operating in United States Copper Market include Freeport-McMoRan Inc., Southern Copper Corporation, Rio Tinto Kennecott, Asarco LLC, Copper Mountain Mining Corporation, Lundin Mining Corporation, Hudbay Minerals Inc., KGHM International Ltd., Teck Resources Limited, and Barrick Gold Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Primary Copper

• Secondary Copper

By Form

• Wire Rods

• Plates

• Sheets & Strips

• Tubes

• Bars & Sections

By Mining Type

• Underground Mining

• Surface Mining

By Application

• Construction

• Transportation

• Appliances & Electronics

• Power Generation

• Distribution & Transmission

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. United States Copper Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Driver
         1. Infrastructure Development
         2. Growth in Renewable Energy
         3. Expansion of the Electric Vehicle (EV) Market
         4. Technological Advancements in Electronics
      2. Restraints
         1. Impact of Economic Fluctuations
         2. Supply Chain Disruptions and Delays
         3. Copper Price Volatility
         4. Advances in Recycling and Material Substitution
      3. Opportunities
         1. Growth in Green Building Initiatives
         2. Development of Smart Grid Infrastructure
         3. Expansion in Emerging Markets
         4. Technological Innovations in 5G and AI
      4. Challenges
         1. Rising Mining Costs and Environmental Regulations
         2. Competition from Alternative Materials like Aluminum
         3. Geopolitical Risks in Copper-Producing Regions
   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. United States Copper Market: Marketing Strategies
5. United States Copper Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share and Forecast
      1. By Type
         1. Primary Copper
         2. Secondary Copper
      2. By Form
         1. Wire Rods
         2. Plates
         3. Sheets and Strips
         4. Tubes
         5. Bars and Sections
         6. Others
      3. By Mining Type
         1. Underground Mining
         2. Surface Mining
      4. By Application
         1. Construction
         2. Transportation
         3. Appliances & Electronics
         4. Power Generation
         5. Distribution & Transmission
         6. Others
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. United States Copper Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on United States Copper Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Freeport-McMoRan Inc.
   2. Southern Copper Corporation
   3. Rio Tinto Kennecott
   4. Asarco LLC
   5. Copper Mountain Mining Corporation
   6. Lundin Mining Corporation
   7. Hudbay Minerals Inc.
   8. KGHM International Ltd
   9. Teck Resources Limited
   10. Barrick Gold Corporation
   11. Other Prominent Players
9. Key Strategic Recommendations
10. 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       United States Copper Market Segmentation

Figure 2       United States Copper Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

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

Figure 5       United States Copper Market Share, By Type, By Value, 2019–2030

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

Figure 7       United States Copper Market Share, By Mining Type, By Value, 2019–2030

Figure 8       United States Copper Market Share, By Application, By Value, 2019–2030

List of Tables

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

Table 2 United States Copper Market Share, By Type, By Value, 2019–2030

Table 3 United States Copper Market Share, By Form, By Value, 2019–2030

Table 4 United States Copper Market Share, By Mining Type, By Value, 2019–2030

Table 5 United States Copper Market Share, By Application, By Value, 2019–2030

Table 6 Freeport-McMoRan Inc. Company Overview

Table 7 Freeport-McMoRan Inc. Financial Overview

Table 8 Southern Copper Corporation Company Overview

Table 9 Southern Copper Corporation Financial Overview

Table 10      Rio Tinto Kennecott Company Overview

Table 11      Rio Tinto Kennecott Financial Overview

Table 12      Asarco LLC Company Overview

Table 13      Asarco LLC Financial Overview

Table 14      Copper Mountain Mining Corporation Company Overview

Table 15      Copper Mountain Mining Corporation Financial Overview

Table 16      Lundin Mining Corporation Company Overview

Table 17      Lundin Mining Corporation Financial Overview

Table 18      Hudbay Minerals Inc. Company Overview

Table 19      Hudbay Minerals Inc. Financial Overview

Table 20      KGHM International Ltd Company Overview

Table 21      KGHM International Ltd Financial Overview

Table 22      Teck Resources Limited Company Overview

Table 23      Teck Resources Limited Financial Overview

Table 24      Barrick Gold Corporation Company Overview

Table 25      Barrick Gold Corporation Financial Overview