Copper Concentrate Market by Type (Pyrometallurgical and Hydrometallurgical), Application (Electrical Industry, Mechanical Industry, Industrial Machineries & Equipment, Military & Defense, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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.
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.
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.
Attributes |
Details |
Report Title |
Copper Concentrate Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Type (Pyrometallurgical and Hydrometallurgical), and Application (Electrical Industry, Mechanical Industry, Industrial Machineries & Equipment, Military & Defense, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
Anglo American; Antofagasta plc; BHP Billiton Ltd.; Boliden Group; CODELCO; Yunnan Copper Co. Ltd.; Vale; Glencore; Freeport MacMoRan Inc.; First Quantum Minerals Ltd.; Southern Copper Corporation; Jiangxi Copper Corp.; Jinchuan Group International Resources Co. Ltd.; and Round Oaks Ltd. |
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.
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.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Copper Concentrate Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Copper Concentrate Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Copper Concentrate Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Copper Concentrate Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Copper Concentrate Market Size & Forecast, 2017-2027
4.5.1 Copper Concentrate Market Size and Y-o-Y Growth
4.5.2 Copper Concentrate Market Absolute $ Opportunity
4.6 Pricing Analysis & Forecast, Type, 2017-2027
4.7 Global Copper Concentrate Market Structure
4.8 Balance of Trade
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- Import Data
- Export Data
- Short-Term and Long-Term Outlook
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4.9.1 Copper Concentrate Market Size (Production and Consumption) and Y-o-Y Growth
4.9.2 Copper Concentrate Market Absolute $ Opportunity
Chapter 5 Global Copper Concentrate Market Analysis and Forecast Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities Type
5.1.2 Basis Point Share (BPS) Analysis Type
5.1.3 Absolute $ Opportunity Assessment Type
5.2 Copper Concentrate Market Size & Volume Forecast Type
5.2.1 Pyrometallurgical
5.2.2 Hydrometallurgy
5.3 Market Attractiveness Analysis Type
Chapter 6 Global Copper Concentrate Market Analysis and Forecast Application
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities Application
6.1.2 Basis Point Share (BPS) Analysis Application
6.1.3 Absolute $ Opportunity Assessment Application
6.2 Copper Concentrate Market Size & Volume Forecast Application
6.2.1 Electrical Industry
6.2.2 Mechanical Industry
6.2.3 Chemical Industry
6.2.4 Military & Defense
6.2.5 Others
6.3 Market Attractiveness Analysis Application
Chapter 7 Global Copper Concentrate Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Copper Concentrate Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Copper Concentrate Analysis and Forecast
9.1 Introduction
9.2 North America Copper Concentrate Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Copper Concentrate Market Size & Volume Forecast Type
9.6.1 Pyrometallurgical
9.6.2 Hydrometallurgy
9.7 Basis Point Share (BPS) Analysis Type
9.8 Absolute $ Opportunity Assessment Type
9.9 Market Attractiveness Analysis Type
9.10 North America Copper Concentrate Market Size & Volume Forecast Application
9.10.1 Electrical Industry
9.10.2 Mechanical Industry
9.10.3 Chemical Industry
9.10.4 Military & Defense
9.10.5 Others
9.11 Basis Point Share (BPS) Analysis Application
9.12 Absolute $ Opportunity Assessment Application
9.13 Market Attractiveness Analysis Application
Chapter 10 Europe Copper Concentrate Analysis and Forecast
10.1 Introduction
10.2 Europe Copper Concentrate Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 CIS
10.2.8 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Copper Concentrate Market Size & Volume Forecast Type
10.6.1 Pyrometallurgical
10.6.2 Hydrometallurgy
10.7 Basis Point Share (BPS) Analysis Type
10.8 Absolute $ Opportunity Assessment Type
10.9 Market Attractiveness Analysis Type
10.10 Europe Copper Concentrate Market Size & Volume Forecast Application
10.10.1 Electrical Industry
10.10.2 Mechanical Industry
10.10.3 Chemical Industry
10.10.4 Military & Defense
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis Application
10.12 Absolute $ Opportunity Assessment Application
10.13 Market Attractiveness Analysis Application
Chapter 11 Asia Pacific Copper Concentrate Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Copper Concentrate Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Copper Concentrate Market Size & Volume Forecast Type
11.6.1 Pyrometallurgical
11.6.2 Hydrometallurgy
11.7 Basis Point Share (BPS) Analysis Type
11.8 Absolute $ Opportunity Assessment Type
11.9 Market Attractiveness Analysis Type
11.10 Asia Pacific Copper Concentrate Market Size & Volume Forecast Application
11.10.1 Electrical Industry
11.10.2 Mechanical Industry
11.10.3 Chemical Industry
11.10.4 Military & Defense
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis Application
11.12 Absolute $ Opportunity Assessment Application
11.13 Market Attractiveness Analysis Application
Chapter 12 Latin America Copper Concentrate Analysis and Forecast
12.1 Introduction
12.2 Latin America Copper Concentrate Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Copper Concentrate Market Size & Volume Forecast Type
12.6.1 Pyrometallurgical
12.6.2 Hydrometallurgy
12.7 Basis Point Share (BPS) Analysis Type
12.8 Absolute $ Opportunity Assessment Type
12.9 Market Attractiveness Analysis Type
12.10 Latin America Copper Concentrate Market Size & Volume Forecast Application
12.10.1 Electrical Industry
12.10.2 Mechanical Industry
12.10.3 Chemical Industry
12.10.4 Military & Defense
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis Application
12.12 Absolute $ Opportunity Assessment Application
12.13 Market Attractiveness Analysis Application
Chapter 13 Middle East & Africa (MEA) Copper Concentrate Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Copper Concentrate Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Copper Concentrate Market Size & Volume Forecast Type
13.6.1 Pyrometallurgical
13.6.2 Hydrometallurgy
13.7 Basis Point Share (BPS) Analysis Type
13.8 Absolute $ Opportunity Assessment Type
13.9 Market Attractiveness Analysis Type
13.10 Middle East & Africa (MEA) Copper Concentrate Market Size & Volume Forecast Application
13.10.1 Electrical Industry
13.10.2 Mechanical Industry
13.10.3 Chemical Industry
13.10.4 Military & Defense
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis Application
13.12 Absolute $ Opportunity Assessment Application
13.13 Market Attractiveness Analysis Application
Chapter 14 Competition Landscape
14.1 Copper Concentrate Market: Competitive Dashboard
14.2 Global Copper Concentrate Market: Market Share Analysis, 2019
14.3 List of Copper Smelters by Region
14.4 Smelter Capacity & Production with net change, 2018 or 2019
14.5 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.5.1 Anglo American
14.5.2 Antofagasta plc
14.5.3 BHP
14.5.4 Boliden Group
14.5.5 CODELCO
14.5.6 Yunnan Copper Co., Ltd
14.5.7 Vale
14.5.8 Glencore
14.5.9 Freeport MacMoRan
14.5.10 First Quantum Minerals Ltd
14.5.11 Southern Copper Corporation
14.5.12 Jiangxi Copper Corporation
14.5.13 Jinchuan Group International Resources Co. Ltd.
14.5.14 Round Oak Minerals
14.5.15 Russian Copper Company