Copper Market: Key Players Focused on Renewable Energy Demand

The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a CAGR of 6.5% from 2025 to 2030. Copper plays a pivotal role in the clean energy transition, serving as a critical component in solar panels, wind turbines, and associated grid infrastructure.

The rising adoption of electric vehicles (EVs) and continuous advancements in automotive technology are major forces driving market growth. EVs require significantly more copper than internal combustion engine vehicles, primarily for batteries, wiring harnesses, inverters, and electric motors. With governments worldwide enforcing stricter emission standards and providing subsidies for EV purchases, automakers are accelerating the shift toward electric mobility. This rapid transition is resulting in a surge in copper demand, further amplified by the expansion of EV charging infrastructure, which relies heavily on copper components.

Technological progress in industrial manufacturing and electronics is also boosting copper consumption. The increasing integration of automation, robotics, and advanced electronics in consumer products and industrial applications drives the need for copper in semiconductors, circuit boards, and high-performance wiring. As industries embrace digital transformation and prioritize energy-efficient systems, demand for refined copper and copper alloys continues to rise. Additionally, the deployment of 5G networks, data center expansion, and the proliferation of Internet of Things (IoT) devices are contributing significantly to copper utilization in both infrastructure and device components.

Key Market Trends & Insights

• Asia Pacific dominated the copper market with the largest revenue share of 74.7% in 2024.
• The U.S. copper market accounted for the largest revenue share in North America in 2024.
• By end use, the building and construction segment led the market with the largest revenue share of 26.4% in 2024.
• By product, the wire segment held the largest revenue share of 61.7% in 2024.
• By type, the primary copper segment captured the largest revenue share of 84.8% in 2024.

Download a free sample PDF of the Copper Market Intelligence Study, published by Grand View Research.

Market Performance

• 2024 Market Size: USD 241.88 Billion
• 2030 Projected Market Size: USD 339.95 Billion
• CAGR (2025–2030): 6.5%
• Asia Pacific: Largest market in 2024

Competitive Landscape

Some of the key players operating in the market include AngloAmerican, Codelco, and others.

• AngloAmerican is a global mining company headquartered in London, United Kingdom, with operations spanning Africa, Australia, and the Americas. The company emphasizes sustainability and decarbonization, aligning with global clean energy goals. AngloAmerican maintains a robust copper portfolio through operations in Chile and Peru, two of the world’s top copper-producing nations. Notable assets include Los Bronces, El Soldado, and Collahuasi in Chile, and the Quellaveco mine in Peru.
• Codelco (Corporación Nacional del Cobre de Chile) is the world’s largest copper producer, wholly owned by the Chilean government. Established in 1976, Codelco operates seven major mining divisions and manages the Ventanas Smelter and Refinery. Its primary outputs include refined copper cathodes and concentrates, widely used in construction, electrical infrastructure, and renewable energy sectors. The company is investing in modernization and sustainability initiatives to enhance operational efficiency and environmental performance.

Key Companies

• AngloAmerican
• Antofagasta plc.
• Aurubis AG
• BHP
• Codelco
• Freeport-McMoRan
• Glencore
• GRUPO MÉXICO
• Jiangxi Copper Corporation
• KGHM
• Rio Tinto
• Teck Resources Limited

Explore Horizon Databook – the world’s most comprehensive market intelligence platform by Grand View Research.

Conclusion

The global copper market is entering a phase of robust growth, underpinned by the accelerating shift toward clean energy, electric mobility, and digital infrastructure. With surging demand from EV manufacturing, renewable energy projects, and advanced electronics, copper remains an indispensable material across industries. The dominance of the Asia Pacific region, coupled with strong investments in sustainable mining and processing, positions the market for steady expansion through 2030. Leading players are expected to focus on innovation, efficiency, and environmental stewardship to maintain a competitive edge in this evolving landscape.