According to the study on the USA and Canada copper market, Future Market Insights (FMI) opines demand for copper is expected to reach US$ 32,773.0 million by 2032. Sales of copper in both countries are expected to surge at a CAGR of 5.1% from 2022 to 2032.
Demand for copper from energy transition end markets is expected to surge at a robust pace due to ‘Net-Zero’ emission policies by 2050. Demand from non-energy markets such as electrical & electronics, building & construction, and data processing is also anticipated to expand during the projected period.
Copper is a widely used commercial metal that is extensively adopted all over the world due to its mechanical and structural properties. It also has excellent thermal and electrical conductivity. Copper can resist corrosion owing to its high malleability and ductility, making it easy to shape and manufacture.
Building and construction is set to be one of the most prominent industries for copper, followed by electrical and electronic products. High demand for electronic appliances is expected to boost demand for copper.
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As the population and per capita income have increased across Canada and the USA, so have the demand for electronic devices such as laptops, phones, and tablets. In electronics, printed circuit boards are used to connect several components, transfer electrical signals, and maintain the circuit. The market for printed circuit boards has expanded rapidly as a result of increased demand for electrical equipment, resulting in establishment of the copper industry.
Key Takeaways from the USA and Canada Copper Market Study
- The USA and Canada copper market is estimated to witness a CAGR of 1% on value basis between 2022 and 2032.
- Central Canada is expected to hold around 3% of the copper market share during the assessment period.
- The building and construction segment by end-use industry is expected to witness a CAGR of 2% in the USA and Canada copper market during the projected period.
- West USA copper market is set to witness a CAGR of 6% during the forecast period.
- During the historical period from 2014 to 2021, the USA and Canada copper market exhibited a CAGR of 7%.
“Increasing demand for electric vehicles in the USA and Canada is estimated to drive copper demand in the next ten years. Copper is set to be extensively used in batteries and wirings of electric vehicles owing to their excellent electrical and thermal conductivity,” says a lead analyst at Future Market Insights.
Competitive Landscape: USA and Canada Copper Market
The market for copper in the USA and Canada is estimated to be highly consolidated, where key players are expected to account for a prominent share. Few of the top manufacturers include Electric Materials Company, Modison Metals Limited, Mitsubishi Materials Corporation, Mehta Tubes Ltd, Krishna Engineering Industries, Anglo American plc, Concast Metal Product Co., Saru Copper Alloy Semis Pvt. Ltd, KME Germany GmbH, Glencore plc, Sipi Metals Corp., Belmont Metals Inc., Mueller Industries, Inc., and Finkelstein Metals USA among others.
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Key players are aiming to broaden their manufacturing capacities to improve their presence all over the globe. They are also striving to gain impetus over their rivals. Few leading companies are focusing on investing huge sums in copper production owing to significantly increasing demand from the building, construction, and electronics industries. Focus of several leading player is on improvised production techniques to get high yield of pure copper to get maximum benefits.
USA and Canada Copper Market Outlook by Category
By End-use Industry:
- Building and Construction
- Electrical and Electronic Products
- Transportation
- Consumer and General Products
- Industrial Machinery and Equipment
By Country:
- The USA
- Canada
Get More Insights into the USA and Canada Copper Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the USA and Canada copper market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032.
To understand the USA and Canada market potential, growth, and scope, the market is segmented based on end-use industry (building & construction, electrical & electronics products, transportation, consumer & general products, industrial machinery & equipment) & country.
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