United States Copper Market
United States Copper Market Size Expands to Surpass USD 18 Billion and 1.9 Million Tons by 2030
Published | 27 September 2024
United States Copper Market is booming primarily due to the rapid infrastructure development, increasing investments in renewable energy projects, the electric vehicle (EV) revolution, and technological breakthroughs in electrical and electronics.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated United States Copper Market size by value at USD 11.83 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects United States Copper Market size to expand at a CAGR of 6.27% reaching a value of USD 18.03 billion by 2030. The Copper Market in United States is propelled by increasing demand across key sectors like construction, electronics, and transportation. Continued urbanization, infrastructure development, the rise of electric vehicles, and the need for energy-efficient components are expected to fuel the demand for copper in the United States market.
By volume, BlueWeave estimated United States Copper Market size at 1.3 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects United States Copper Market size by volume 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, the United States contributed 6% of global output in 2023, with production slightly rising. Major industry players include Freeport-McMoRan, Rio Tinto, Grupo Mexico, and Lundin Mining. Freeport-McMoRan recorded a 10% increase in production from 2020 to 2021, while Rio Tinto's output grew by 6%. Although exports remained stable in 2023, Mexico was the primary destination.
Sample Request @ https://www.blueweaveconsulting.com/report/united-states-copper-market/report-sample
Opportunities – Supportive Initiatives Driving Green Building Projects
As the green building movement gains momentum across the United States, copper is poised to play a crucial role in supporting this transformation. Copper's unparalleled conductivity, antimicrobial properties, and durability make it an ideal material for sustainable construction. Its extensive applications, ranging from electrical wiring to plumbing and solar panel installations, are integral to achieving the goals of green building standards such as LEED, WELL, and ASHRAE. Copper contributes significantly to over a third of the credits recognized by these standards, underscoring its value in enhancing energy efficiency, improving indoor air quality, and supporting eco-friendly building practices. With the rise of initiatives aimed at reducing carbon footprints and promoting healthier living environments, the demand for copper in green building projects is set to increase, offering substantial growth opportunities for the United States Copper Market.
Construction Segment Holds Largest Share of US Copper Market
The construction segment accounts for the highest share of United States Copper Market by application. Copper’s durability, fire safety, versatility, and sustainability make it an ideal choice for a wide range of applications. From pipes and roofing to cladding and plumbing systems, copper's corrosion resistance, malleability, and natural antimicrobial properties ensure both longevity and performance. Additionally, its unique aesthetic appeal and recyclability align with contemporary architectural trends and sustainable building practices. These combined attributes underscore copper's enduring appeal and its continued dominance in the United States Construction Market. Other major application segments in United States Copper Market include transportation, appliances & electronics, power generation, and Distribution & Transmission segments.
Impact of Escalating Geopolitical Tensions on United States Copper Market
Intensifying geopolitical tensions could have a multifaceted impact on United States Copper Market. Such conflicts often lead to disruptions in global supply chains, affecting the availability and cost of copper. Increased trade barriers and sanctions can further complicate imports and exports, leading to volatility in prices. Additionally, geopolitical instability can shift investment patterns and alter market dynamics, impacting production and consumption rates. As a result, the United States Copper Market may experience supply shortages, price fluctuations, and reduced access to critical copper resources, potentially influencing industry stability and growth.
Competitive Landscape
United States Copper Market is highly fragmented, with numerous players serving the market. The key players dominating 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. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and United States Copper Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in United States Copper Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2030 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
By Value – USD Billion |
By Volume – Million Tons |
|
Market Coverage |
United States |
Product/ Service Segmentation |
Type, Form, Mining Type, Application |
Key Players |
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, Barrick Gold Corporation |
About Us
BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing qualitative and quantitative data to boost your business solution's performance. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
Get Help
Related Report
Publish Date: September 2024
An increasing number of infrastructure development projects, growing investment in renewable energy, and the rising expansion of the electric vehicle (EV) market, and growing adoption of technological advancements in electronics are expected to drive United States Copper Market during the forecast period between 2024 and 2030.
Relevant Press Releases
- Global Nitrile Butadiene Rubber (NBR) Latex Market Size Expanding to Touch USD 4.14 Billion by 2029
- Global Zirconium Silicate Market Size to Surpass Value of USD 1.6 Billion by 2030
- Global Solvent Market to witness a surge in its valuation with a 6.60 % CAGR by 2026
- Bio Based Polyethylene Terephthalate Market to Grow at a CAGR of 14.8% during Forecast Period
- Vietnam Aerospace Plastic Market Picking Up Steam – Projected to Grow at a CAGR of 5.8% by 2027