The ‘North America Copper Market Share Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the North America copper market, assessing the market on the basis of its segments like grades, forms, end uses, and countries.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
North America Copper Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
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- Historical Market Size (2022): Approximately 2043.01 KMT
- Forecast CAGR (2023-2028): 2.40%
- Forecast Market Size (2028): Around 2350.83 KMT
The rising construction and renovation activities, owing to increasing investment in residential and non-residential sectors, growing disposable incomes, and rapid urbanisation, are driving the North America copper market. Cooper, being a good conductor of heat and electricity, has many applications in the construction activities like plumbing, roofing, and wiring, among others. Copper pipes are also used in cooling and heating systems as they are corrosion-resistant and have low thermal expansion. Such pipes are malleable and comparatively more lightweight than pipes made from other materials, due to which they are widely used in HVAC systems
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Copper is a good conductor of electricity and is ductile, hence it is used in electrical wires. These wires are used in the manufacturing of electrical appliances and electricity transmission and distribution. Moreover, copper wires are highly conductive, durable, and strong, and they ensure a minimum loss of energy during transmission. Besides, copper wires assist in prolonging the life of electronic appliances. Thus, the growing electronic and electric sector is anticipated to aid the North America copper market growth.
The robust growth of the automotive sector in North America is boosting the demand for copper as it is an essential component in automobile manufacturing. Many cable lugs, connectors, and power systems in vehicles are made from copper. As there has been a growing shift towards electric vehicles, the requirement for copper is likely to significantly increase in the forecast period.
North America Copper Industry Definition and Major Segments
Copper is a reddish metallic element that is ductile and a good conductor of heat and electricity. It is the 29th element of the periodic table and finds wide usage in the manufacturing sector. Copper is used in making wires, pipes, electrical appliances, and automobile engines, among others.
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By grade, the North America copper market is divided into:
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- Pure Coppers
- Oxygen-free Coppers
- Electrolytic Coppers
- Free-Machining Copper
Based on form, the market is categorised into:
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- Wire Rods
- Plates
- Sheet and Strips
- Tube
- Bars and Sections
- Others
By end use, the market is segmented into:
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- Building and Construction
- Electrical and Electronic
- Automotive and Heavy Equipment
- Consumer and General Products
- Industrial and Machinery Equipment
- Others
The major countries included in the North America copper market report are:
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- United States of America
- Canada
North America Copper Market Trends
Copper is an essential mineral in the human body and offers many health benefits. With the increasing health-consciousness in North America, the demand for dietary supplements and foods containing copper is growing. In addition, copper utensils and cooking pots, among others, are increasingly gaining popularity in the household sector. Since copper is a good conductor of heat, these products help in more efficient cooking while keeping the food hot for a longer duration.
Oxygen-free copper contains very little oxygen and is more resistant to rust and corrosion. It is used in making welding rods and heat exchanger tubing due to its excellent durability, high impact strength, and exceptional machinability. Meanwhile, electrolytic copper is extremely ductile, hence it is used in making ultra-thin wires.
Copper wires and cables are also widely used in the communication sector. The data in the form of electromagnetic waves is transferred from one place to another using long strands of long copper wires. Furthermore, the North America copper market demand in the forecast period is expected to be aided by the rising demand for fast-speed internet and the growing demand for coaxial cables.
Key Market Players
The major players in the North America copper market are Electric Materials Company, Mitsubishi Materials Corporation, Rio Tinto Group, Freeport-McMoRan Inc., Capstone Copper Corp., Concast Metal Products Company, Montana Resources LLP, Newmont Corporation, and KGHM Polska Miedź S.A., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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