Utilized chiefly in industries such as plumbing, electrical wires, industrial machinery, and roofing, copper is expected to gain significant advancement in demand in the global market over the coming years. The manufacturing of domestic appliances and transportation equipment on a large scale will also extend the demand for copper. Developing countries such as China and India have been carrying out infrastructural development, leading to a greater need for copper. Along with these, the other significant drivers are the increased demand for personal and business electronics and the manufacturing of telecommunications equipment. The key restraints in the copper market include the availability of alternatives such as aluminum, plastic, and titanium.
Construction Emerges as Leading Application Segment in Copper Market
In 2014, about 40.0% of the market was held by the construction sector. Construction activities require considerable amounts of copper where it is used in the making of valves, tubing, taps, fittings, and connections. Around 55.0% of the total market was held by wire rods, which are used in the cement, construction, and shipbuilding industries. Thus, it is expected that the demand for copper will rise even further. The second largest application was electrics and electronics.
LATAM and MEA to Present Significant Scope for Growth
The country-wise segmentation of the global copper market includes the U.S. and the rest of North America, China, India, France, Germany, South Africa, Italy, the U.K., Spain, Brazil, GCC, and ASEAN.
In 2014, Asia Pacific led the copper market worldwide. It is predicted that the demand for copper in China will expand significantly in the coming years due to its rapid industrial development. Europe and North America were the second and third largest segments respectively. It is expected that the copper markets in Latin America and the Middle East and Africa will gain significantly over the course of the forecast period.
The leading companies in this market are BHP Billiton, Codelco, Rio Tinto, Anglo America, Freeport McMoran Inc, KGHM Polska Miedze, Glencore, and Antofagasta.