North America Copper Market Report and Forecast 2024-2032

According to the report, the North America copper market attained a volume of nearly 2043.01 KMT in 2023. Aided by the increasing demand in the construction and electrical sectors, as well as the surge in green energy initiatives, the market is projected to further grow at a CAGR of 2.40% between 2024 and 2032 to reach a value of around 2350.83 KMT by 2032.

Copper, a malleable and ductile metal, is known for its superior conductivity and is extensively employed in a plethora of applications such as electrical wiring, plumbing, and industrial machinery, to name a few. Its anti-corrosive properties and efficiency in energy transmission are unmatched, making it a coveted material in various industries. Additionally, in the era of sustainable energy, copper stands out as a crucial component in renewable energy systems, especially solar and wind energy infrastructures.

The escalating demand from the construction sector stands out as a dominant factor propelling the North America copper market growth. The real estate boom, coupled with urbanisation trends, has amplified the need for robust infrastructure, thus surging the consumption of copper in plumbing, roofing, and cladding. Moreover, with North America being a technological hub, the expansion of the electronics and telecommunication sector has directly translated into increased copper demand, given its unparalleled electrical conductivity.

Another driving force in the North America copper market demand is the pronounced shift towards green energy solutions. With the US and Canada investing heavily in renewable energy infrastructure, copper's role in these projects, particularly in wind turbines and solar panels, cannot be underestimated. Its efficiency in energy transfer significantly reduces wastage, making it a preferred material for sustainable energy technologies.

Furthermore, the automotive sector's gradual transition to electric vehicles (EVs) in North America offers an optimistic outlook for the copper market. Electric vehicles, compared to their conventional counterparts, use a more substantial amount of copper, predominantly in their batteries and motors. As governments are pushing for more eco-friendly transportation solutions and setting ambitious EV goals, the subsequent rise in production and adoption of EVs will invariably drive the demand for copper.

Apart from the above applications, technological advancements have also unlocked a myriad of innovative uses for copper, which in turn has posed a positive impact on the North America copper market outlook. In the medical field, for instance, due to its antibacterial properties, copper is being increasingly incorporated in hospital infrastructures, from bed rails to doorknobs, to combat healthcare-associated infections. Additionally, its use in smart home technologies and Internet of Things (IoT) devices has also witnessed an uptick.

Market Segmentation

The market can be divided based on grade, form, end use, and country.

Market Breakup by Grade

• Pure Coppers
• Oxygen-free Coppers
• Electrolytic Coppers
• Free-Machining Coppers

Market Breakup by Form

• Wire Rods
• Plates
• Sheet and Strips
• Tube
• Bars and Sections
• Others

Market Breakup by End Use

• Building and Construction
• Electrical and Electronic
• Automotive and Heavy Equipment
• Consumer and General Products
• Industrial and Machinery Equipment
• Others

Market Breakup by Country

• United States
• Canada

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America copper market. Some of the major players explored in the report are as follows:

• Electric Materials Company
• Mitsubishi Materials Corporation
• Rio Tinto Group
• Freeport-McMoRan Inc.
• Capstone Copper Corp.
• Concast Metal Products Company
• Montana Resources LLP
• Newmont Corporation
• KGHM Polska Miedź S.A.
• Others