Copper Concentrate Market Size, Share & Growth Report | 2031

Report Description

The global copper concentrate market size was USD 81.05 Billion in 2022 and is likely to reach USD 93.02 Billion by 2031, expanding at a CAGR of 2.7% during 2023–2031. The market growth is attributed to the growing awareness regarding the properties of copper.

Copper concentrates are typically prepared by removing water from a copper solution. High-purity copper concentrate has the least possible average grain size. Copper concentrate is widely used where high surface areas are required including water treatment, fuel cells, and solar applications. Copper ore and concentrate are used as raw materials in the production of brass and copper and as a pigment in paints.

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Copper ore is extracted from the earth and then converted into copper concentrate by a process known as heap leaching. In the heap leaching process, sulphuric acid is used to separate copper from ore. The solvent extraction step moves the copper from the leach to a solvent removing impurities. Copper concentrate is the first commercial product of the copper production line. It is composed of equal parts of iron, sulfide, and copper.

Copper concentrate is prepared to reduce the weight and volume for transportation as the concentration is reconstituted at the time of usage by the addition of the solvent. Moreover, it is shipped from trucks and fed to the raised-chassis Shiploader with a 23 m boom. In Chile, Escondida mine is a huge copper mine based on a capacity of some 1.5 million metric tons. Escondida is owned by Rio Tinto, BHP Billiton, and Japan Escondida. 

COVID-19 Impact on Copper Concentrate Market

The research report finds that the COVID-19 pandemic caused acute declines in metals prices, as a collapse in metal demand. The pandemic triggered supply chain disruptions and economic contraction across industries. In Latin America, Peru’s zinc production plunged by 86% and copper production fell by 35%, due to supply chain disruptions. As per the Study Group, contacting copper mine production declined during the forecast period. Moreover, the outbreak of the COVID-19 pandemic has disrupted economic, political, financial, and social structures globally.

Copper Concentrate Market Dynamics

The market research report presents a complete overview by providing a detailed analysis of the current market trends, existing drivers, growth opportunities, and emerging challenges. The global copper concentrate market report offers up-to-date information about factors that can shape the market outcome or overall performance during the forecast period, 2023 to 2031.

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Major Drivers 

The increasing production of copper-based alloys is projected to drive market growth during the forecast period. There are various types of copper alloys such as bronze, Bell metal, and Aluminum bronze. Copper alloys are used for gears, bearings, radiators, hydraulic tubing, and fasteners.

Copper alloys have several properties such as heat conductivity, electrical conductivity, corrosion resistance, machinability, biofouling resistance, and non-magnetic. It also has applications in construction and industrial machinery. Furthermore, copper is a mineral that one needs to stay healthy.

Body needs copper to carry out many important functions such as connective tissues, making energy, and blood vessels. The body needs copper for brain development. Copper aids in the maintenance of the immune and nervous systems. Thus, the growing use of copper-based products for human health is expected to boost market expansion in the coming years.

Existing Restraints

Health issues related to the high uptake of copper and long-term exposure are projected to hinder the market in the coming years. Long-term exposure to copper and high uptake of copper can cause irritation of the eyes, mouth, and nose. It causes stomachaches, headaches, dizziness, vomiting, and diarrhea. In addition, high uptakes of copper cause kidney and liver damage and even death.

Emerging Opportunities

Research development activities in the field of green mining and the use of smart mining technology are anticipated to create lucrative opportunities for the market players. Green mining is implemented to reduce the environmental impacts associated with the extraction and processing of greenhouse gases used in water and minerals.

Smart mining technology increases the productivity and safety of mining operations. In smart mining operations, technology including ground-penetrating radar, air sensors, IoT sensors, and video surveillance play an important role. Moreover, smart mining technology increases workers’ efficiency and prevents unnecessary pollution.

Scope of Copper Concentrate Market Report

The global copper concentrate market research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
 

Copper Concentrate Market Segment Insights

Type Segment Analysis

On the basis of type, the global copper concentrate market is segmented into pyrometallurgical and hydrometallurgical. The pyrometallurgical segment is projected to expand at a considerable CAGR during the forecast period, due to its highly efficient outcomes and its ability to process at high temperatures to provide high production.

The hydrometallurgical segment is anticipated to account for a major market share during the forecast period, as this process has a low recovery rate of the copper metal. Hydrometallurgy is the method used to obtain metals from their ores. This method involves the use of aqueous solutions for the recovery of metals from concentrates, ores, and residual materials.

Application Segment Analysis

Based on application, the copper concentrate market is divided into electrical industry, mechanical industry, industrial machineries & equipment, military & defense, and others. The electrical industry segment is expected to hold a significant share of the market in the coming years, as a majority of the copper is used in electrical applications such as building electrical wiring, computer chips, and power cables.

The mechanical industry and industrial machineries & equipment segment accounts for a significant market share, due to the increasing demand for copper from these industries during the forecast period.

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Regional Analysis

In terms of regions, the global copper concentrate market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period, owing to the rapid growth in the construction, automotive, and appliance industries in the region.

Asia Pacific is a promising region for the market. It constituted more than half market in terms of share in 2019. The market in the region is projected to expand at a CAGR of 2.7% during the forecast period.

The market in North America is anticipated to expand at a rapid pace during the forecast period, due to the recent advances in the mechanical industry and the expected launches of new trains and aircraft during the forecast period.

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