The global copper scrap Market Size is estimated to be US$ 46.2 billion in 2023 and is poised to register 6.57% growth over the forecast period from 2023 to 2030.
Key market driving forces include global copper demand growth driven by electric vehicle sales, global scrap use outlook including secondary refined production and scrap direct melt, growing demand for electrical and electronics segment, distinct properties of copper, growth in power and electrical equipment sector in emerging economies, costs of mining continue to increase, and others are identified among main market dynamics
Copper Scrap Market Analysis
The copper scrap market is witnessing steady growth over the recent past, driven by robust growth in end-user demand. In particular, the demand for renewable energy and electric vehicles is encouraging market growth. Further, several small to medium-scale companies are importing and re-exporting scrap to gain from the robust demand in China.
The consumption outlook is predominantly dependent on economic trends in end-user industries. Copper reached an all-time high during the second quarter of 2021, trading above US$4.94 per pound for the first time. The current copper price (July 2023) stood at around $3.86 per pound, according to Nasdaq. Copper Scrap is energy-efficient compared to primary metal. However, the copper scrap recycling rate is largely influenced by copper price. Expectations of demand for copper in Electric vehicles continued to drive prices in 2023. This led to robust market demand for scrap metal.
Superior properties of copper include high ductility, malleability, thermal and electrical conductivity, resistance to corrosion, and others, copper is a widely consumed industrial metal, after iron and aluminum in volume terms. Similar to other metals, copper is 100 percent recyclable and retains its quality. Further, it offers environmental benefits of saving energy, reducing emissions of greenhouse gases and other air pollutants, and others.
Building construction, electronics, electronic products, transportation, industrial machinery, consumer and general products, and other industries continue to consume large volumes of copper, providing strong scope for the metal.
Copper recycling plays a major role in the transition towards a low-carbon economy as it produces less greenhouse gas emissions in the smelting and refining steps. In particular, with the rapid market demand from renewable energy and electric vehicle industries, the role of recycled copper is increasingly observed worldwide.
Market Dynamics
Market Trend- Global copper demand growth is driven by steady growth in electric vehicle sales
The global copper demand in vehicles is estimated to be around 2 million tonnes. Currently, around 0.5 million tonnes are used in electric vehicles. Driven by the rapid growth in electric vehicles, the consumption of copper is expected to increase to around 4 million tonnes by 2030. Of this, the demand for electric vehicles and hybrid vehicles is estimated to be around 3 million tonnes.
A significant portion of this demand will be met through copper scrap, in particular, high-grade scrap, primarily in the battery as a foil for the anode material.
Market Opportunity- Growing Demand from the Electrical and Electronics Application Segment
Copper is the third-largest metal consumed worldwide after iron and aluminum, in volume terms. It plays a key role in worldwide information and communications technologies. Copper has excellent corrosion resistance properties, ductility, heat transfer capability, and machinability. Accordingly, the use of copper is widely observed in the electrical and electronics industries.
Electronic connectors, circuit wirings and contacts, printed circuit boards, computer chips, semiconductors, and commutators, and others continue to use copper. Over the recent past, IBM and others are using copper instead of aluminum in the most powerful computer chips they manufacture.
The advent of electronics in automobiles including electric vehicles is further encouraging the use of copper including scrap. In the electrical industry, high conductivity, inexpensive, high ductility, and thermal resistance properties continue to support the use of copper for wires and connectors.
Amidst robust demand potential, key stakeholders such as policy-makers, scrap collectors, copper producers, and recyclers continue to emphasize efficient scrap processing. Both types of copper scrap derived from metals discarded in semis fabrication or finished product manufacturing processes and obsolete end-of-life products continue to gain robust demand.
Market Driver- Global scrap use outlook including secondary refined production and scrap direct melt
The demand for copper scrap for secondary refined production, as a feed for smelters and refineries, stood at around 40% (volume terms). On the other hand, direct use of scrap accounted for the remaining 60%.
Over the medium-term forecast period to 2025, the use of secondary refined production will continue to increase rapidly, accounting for 42.3% market share, in volume terms. However, from 2026 to 2030, the growth will be relatively slow as the direct use of scrap metal is poised to grow rapidly. In 2030, we expect the share of copper scrap for secondary refined production to decline to around 40.8%.
Market Segmentation
The global Copper Scrap Market is segmented into Applications and Countries.
Electrical and electronics is the largest application for copper scrap worldwide
Copper is light in weight and has less density than lead, making it easier to support structurally. Driven by corrosion resistance, ductility, malleability, and low transmission losses support the use of copper across electrical wiring solutions.
Telecom- In addition, the telecommunications industry remains the major user of copper scrap. The copper wire remains an important conduit for both short-range communications. It is also widely used in interface devices such as modems and routers.
Electronic Equipment- PCB manufacturers also widely use copper because it has superior electrical and thermal conductivity. IBM and others are using copper instead of aluminum in the most powerful computer chips they manufacture
Asia Pacific dominates the global Copper Scrap market in 2022
Driven by rapid adoption across different applications and huge consumption volumes in the Chinese market, Asia Pacific dominates the global Copper Scrap market.
China- The country has an estimated scrap recycling rate of around 56%. A large number of automotive vehicles encourages supplies for companies operating in the industry. China’s central subsidy program for new energy vehicles lowered subsidies for electric vehicles (EVs) for 2021 by 20%. As per the new policy, pure EV subsidies for the 300 to 400 Km range will be reduced to 13,000 RMB per vehicle while vehicles with a range of over 400 Km were lowered to 22,500 RMB. Subsidies for plug-in hybrid vehicles have also been lowered from 2021.
Unlike Western markets, the recycling activity is not just considered a waste disposal activity, instead, it is a key commercial industry with significant competitive conditions. The country’s scrap industry is highly fragmented and is characterized by several small-scale companies. To gain from robust domestic demand and continuously increasing scrap pool, several small and medium-scale companies are foraying into the industry.
Malaysia, Hong Kong, Japan, Thailand, and other countries continue to build processing capacities driven by the huge export potential to China. A large number of these countries are importing and re-exporting to Chinese companies amidst huge trade potential.
Segmentation
By Application
By Region
Key Players
Leading companies profiled in the study include-
OmniSource Corporation
Copper Scrap Market Outlook 2023
1 Market Overview
1.1 Introduction to Copper Scrap Market
1.2 Scope of the Study
1.3 Research Objective
1.3.1 Key Market Scope and Segments
1.3.2 Players Covered
1.3.3 Years Considered
2 Executive Summary
2.1 2023 Copper Scrap Industry- Market Statistics
3 Market Dynamics
3.1 Market Drivers
3.2 Market Challenges
3.3 Market Opportunities
3.4 Market Trends
4 Market Factor Analysis
4.1 Porter’s Five Forces
4.2 Market Entropy
4.2.1 Global Copper Scrap Market Companies with Area Served
4.2.2 Products Offerings Global Copper Scrap Market
5 COVID-19 Impact Analysis and Outlook Scenarios
5.1.1 Covid-19 Impact Analysis
5.1.2 Post-COVID-19 Scenario- Low Growth Case
5.1.3 Post-COVID-19 Scenario- Reference Growth Case
5.1.4 Post-COVID-19 Scenario- Low Growth Case
6 Global Copper Scrap Market Trends
6.1 Global Copper Scrap Revenue (USD Million) and CAGR (%) by Type (2018-2028)
6.2 Global Copper Scrap Revenue (USD Million) and CAGR (%) by Applications (2018-2028)
6.3 Global Copper Scrap Revenue (USD Million) and CAGR (%) by Regions (2018-2028)
7 Global Copper Scrap Market Revenue (USD Million) by Type, and Applications (2018-2022)
7.1 Global Copper Scrap Revenue (USD Million) by Type (2018-2022)
7.1.1 Global Copper Scrap Revenue (USD Million), Market Share (%) by Type (2018-2022)
7.2 Global Copper Scrap Revenue (USD Million) by Applications (2018-2022)
7.2.1 Global Copper Scrap Revenue (USD Million), Market Share (%) by Applications (2018-2022)
8 Global Copper Scrap Development Regional Status and Outlook
8.1 Global Copper Scrap Revenue (USD Million) By Regions (2018-2022)
8.2 North America Copper Scrap Revenue (USD Million) by Type, and Application (2018-2022)
8.2.1 North America Copper Scrap Revenue (USD Million) by Country (2018-2022)
8.2.2 North America Copper Scrap Revenue (USD Million) by Type (2018-2022)
8.2.3 North America Copper Scrap Revenue (USD Million) by Applications (2018-2022)
8.3 Europe Copper Scrap Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)
8.3.1 Europe Copper Scrap Revenue (USD Million), by Country (2018-2022)
8.3.2 Europe Copper Scrap Revenue (USD Million) by Type (2018-2022)
8.3.3 Europe Copper Scrap Revenue (USD Million) by Applications (2018-2022)
8.4 Asia Pacific Copper Scrap Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)
8.4.1 Asia Pacific Copper Scrap Revenue (USD Million) by Country (2018-2022)
8.4.2 Asia Pacific Copper Scrap Revenue (USD Million) by Type (2018-2022)
8.4.3 Asia Pacific Copper Scrap Revenue (USD Million) by Applications (2018-2022)
8.5 South America Copper Scrap Revenue (USD Million), by Type, and Applications (2018-2022)
8.5.1 South America Copper Scrap Revenue (USD Million), by Country (2018-2022)
8.5.2 South America Copper Scrap Revenue (USD Million) by Type (2018-2022)
8.5.3 South America Copper Scrap Revenue (USD Million) by Applications (2018-2022)
8.6 Middle East and Africa Copper Scrap Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)
8.6.1 Middle East and Africa Copper Scrap Revenue (USD Million) by Country (2018-2022)
8.6.2 Middle East and Africa Copper Scrap Revenue (USD Million) by Type (2018-2022)
8.6.3 Middle East and Africa Copper Scrap Revenue (USD Million) by Applications (2018-2022)
9 Company Profiles
10 Global Copper Scrap Market Revenue (USD Million), by Type, and Applications (2023-2028)
10.1 Global Copper Scrap Revenue (USD Million) and Market Share (%) by Type (2023-2028)
10.1.1 Global Copper Scrap Revenue (USD Million), and Market Share (%) by Type (2023-2028)
10.2 Global Copper Scrap Revenue (USD Million) and Market Share (%) by Applications (2023-2028)
10.2.1 Global Copper Scrap Revenue (USD Million), and Market Share (%) by Applications (2023-2028)
11 Global Copper Scrap Development Regional Status and Outlook Forecast
11.1 Global Copper Scrap Revenue (USD Million) By Regions (2023-2028)
11.2 North America Copper Scrap Revenue (USD Million) by Type, and Applications (2023-2028)
11.2.1 North America Copper Scrap Revenue (USD) Million by Country (2023-2028)
11.2.2 North America Copper Scrap Revenue (USD Million), by Type (2023-2028)
11.2.3 North America Copper Scrap Revenue (USD Million), Market Share (%) by Applications (2023-2028)
11.3 Europe Copper Scrap Revenue (USD Million), by Type, and Applications (2023-2028)
11.3.1 Europe Copper Scrap Revenue (USD Million), by Country (2023-2028)
11.3.2 Europe Copper Scrap Revenue (USD Million), by Type (2023-2028)
11.3.3 Europe Copper Scrap Revenue (USD Million), by Applications (2023-2028)
11.4 Asia Pacific Copper Scrap Revenue (USD Million) by Type, and Applications (2023-2028)
11.4.1 Asia Pacific Copper Scrap Revenue (USD Million), by Country (2023-2028)
11.4.2 Asia Pacific Copper Scrap Revenue (USD Million), by Type (2023-2028)
11.4.3 Asia Pacific Copper Scrap Revenue (USD Million), by Applications (2023-2028)
11.5 South America Copper Scrap Revenue (USD Million), by Type, and Applications (2023-2028)
11.5.1 South America Copper Scrap Revenue (USD Million), by Country (2023-2028)
11.5.2 South America Copper Scrap Revenue (USD Million), by Type (2023-2028)
11.5.3 South America Copper Scrap Revenue (USD Million), by Applications (2023-2028)
11.6 Middle East and Africa Copper Scrap Revenue (USD Million), by Type, and Applications (2023-2028)
11.6.1 Middle East and Africa Copper Scrap Revenue (USD Million), by Region (2023-2028)
11.6.2 Middle East and Africa Copper Scrap Revenue (USD Million), by Type (2023-2028)
11.6.3 Middle East and Africa Copper Scrap Revenue (USD Million), by Applications (2023-2028)
12 Methodology and Data Sources
12.1 Methodology/Research Approach
12.1.1 Research Programs/Design
12.1.2 Market Size Estimation
12.1.3 Market Breakdown and Data Triangulation
12.2 Data Sources
12.2.1 Secondary Sources
12.2.2 Primary Sources
12.3 Disclaimer
List Of Tables
Table 1 Market Segmentation Analysis
Table 2 Global Copper Scrap Market Companies with Areas Served
Table 3 Products Offerings Global Copper Scrap Market
Table 4 Low Growth Scenario Forecasts
Table 5 Reference Case Growth Scenario
Table 6 High Growth Case Scenario
Table 7 Global Copper Scrap Revenue (USD Million) And CAGR (%) By Type (2018-2028)
Table 8 Global Copper Scrap Revenue (USD Million) And CAGR (%) By Applications (2018-2028)
Table 9 Global Copper Scrap Revenue (USD Million) And CAGR (%) By Regions (2018-2028)
Table 10 Global Copper Scrap Revenue (USD Million) By Type (2018-2022)
Table 11 Global Copper Scrap Revenue Market Share (%) By Type (2018-2022)
Table 12 Global Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Table 13 Global Copper Scrap Revenue Market Share (%) By Applications (2018-2022)
Table 14 Global Copper Scrap Market Revenue (USD Million) By Regions (2018-2022)
Table 15 Global Copper Scrap Market Share (%) By Regions (2018-2022)
Table 16 North America Copper Scrap Revenue (USD Million) By Country (2018-2022)
Table 17 North America Copper Scrap Revenue (USD Million) By Type (2018-2022)
Table 18 North America Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Table 19 Europe Copper Scrap Revenue (USD Million) By Country (2018-2022)
Table 20 Europe Copper Scrap Revenue (USD Million) By Type (2018-2022)
Table 21 Europe Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Table 22 Asia Pacific Copper Scrap Revenue (USD Million) By Country (2018-2022)
Table 23 Asia Pacific Copper Scrap Revenue (USD Million) By Type (2018-2022)
Table 24 Asia Pacific Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Table 25 South America Copper Scrap Revenue (USD Million) By Country (2018-2022)
Table 26 South America Copper Scrap Revenue (USD Million) By Type (2018-2022)
Table 27 South America Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Table 28 Middle East and Africa Copper Scrap Revenue (USD Million) By Region (2018-2022)
Table 29 Middle East and Africa Copper Scrap Revenue (USD Million) By Type (2018-2022)
Table 30 Middle East and Africa Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Table 31 Financial Analysis
Table 32 Global Copper Scrap Revenue (USD Million) By Type (2023-2028)
Table 33 Global Copper Scrap Revenue Market Share (%) By Type (2023-2028)
Table 34 Global Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Table 35 Global Copper Scrap Revenue Market Share (%) By Applications (2023-2028)
Table 36 Global Copper Scrap Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2028)
Table 37 North America Copper Scrap Revenue (USD)By Country (2023-2028)
Table 38 North America Copper Scrap Revenue (USD Million) By Type (2023-2028)
Table 39 North America Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Table 40 Europe Copper Scrap Revenue (USD Million) By Country (2023-2028)
Table 41 Europe Copper Scrap Revenue (USD Million) By Type (2023-2028)
Table 42 Europe Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Table 43 Asia Pacific Copper Scrap Revenue (USD Million) By Country (2023-2028)
Table 44 Asia Pacific Copper Scrap Revenue (USD Million) By Type (2023-2028)
Table 45 Asia Pacific Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Table 46 South America Copper Scrap Revenue (USD Million) By Country (2023-2028)
Table 47 South America Copper Scrap Revenue (USD Million) By Type (2023-2028)
Table 48 South America Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Table 49 Middle East and Africa Copper Scrap Revenue (USD Million) By Region (2023-2028)
Table 50 Middle East and Africa Copper Scrap Revenue (USD Million) By Region (2023-2028)
Table 51 Middle East and Africa Copper Scrap Revenue (USD Million) By Type (2023-2028)
Table 52 Middle East and Africa Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Table 53 Research Programs/Design for This Report
Table 54 Key Data Information from Secondary Sources
Table 55 Key Data Information from Primary Sources
List Of Figures
Figure 1 Market Scope
Figure 2 Porter’s Five Forces
Figure 3 Global Copper Scrap Revenue (USD Million) By Type (2018-2022)
Figure 4 Global Copper Scrap Revenue Market Share (%) By Type (2022)
Figure 5 Global Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Figure 6 Global Copper Scrap Revenue Market Share (%) By Applications (2022)
Figure 7 Global Copper Scrap Market Revenue (USD Million) By Regions (2018-2022)
Figure 8 Global Copper Scrap Market Share (%) By Regions (2022)
Figure 9 North America Copper Scrap Revenue (USD Million) By Country (2018-2022)
Figure 10 North America Copper Scrap Revenue (USD Million) By Type (2018-2022)
Figure 11 North America Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Figure 12 Europe Copper Scrap Revenue (USD Million) By Country (2018-2022)
Figure 13 Europe Copper Scrap Revenue (USD Million) By Type (2018-2022)
Figure 14 Europe Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Figure 15 Asia Pacific Copper Scrap Revenue (USD Million) By Country (2018-2022)
Figure 16 Asia Pacific Copper Scrap Revenue (USD Million) By Type (2018-2022)
Figure 17 Asia Pacific Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Figure 18 South America Copper Scrap Revenue (USD Million) By Country (2018-2022)
Figure 19 South America Copper Scrap Revenue (USD Million) By Type (2018-2022)
Figure 20 South America Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Figure 21 Middle East and Africa Copper Scrap Revenue (USD Million) By Region (2018-2022)
Figure 22 Middle East and Africa Copper Scrap Revenue (USD Million) By Type (2018-2022)
Figure 23 Middle East and Africa Copper Scrap Revenue (USD Million) By Applications (2018-2022)
Figure 24 Global Copper Scrap Revenue (USD Million) By Type (2023-2028)
Figure 25 Global Copper Scrap Revenue Market Share (%) By Type (2028)
Figure 26 Global Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Figure 27 Global Copper Scrap Revenue Market Share (%) By Applications (2028)
Figure 28 Global Copper Scrap Market Revenue (USD Million) By Regions (2023-2028)
Figure 29 North America Copper Scrap Revenue (USD Million) By Country (2023-2028)
Figure 30 North America Copper Scrap Revenue (USD Million) By Type (2023-2028)
Figure 31 North America Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Figure 32 Europe Copper Scrap Revenue (USD Million) By Country (2023-2028)
Figure 33 Europe Copper Scrap Revenue (USD Million) By Type (2023-2028)
Figure 34 Europe Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Figure 35 Asia Pacific Copper Scrap Revenue (USD Million) By Country (2023-2028)
Figure 36 Asia Pacific Copper Scrap Revenue (USD Million) By Type (2023-2028)
Figure 37 Asia Pacific Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Figure 38 South America Copper Scrap Revenue (USD Million) By Country (2023-2028)
Figure 39 South America Copper Scrap Revenue (USD Million) By Type (2023-2028)
Figure 40 South America Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Figure 41 Middle East and Africa Copper Scrap Revenue (USD Million) By Region (2023-2028)
Figure 42 Middle East and Africa Copper Scrap Revenue (USD Million) By Region (2023-2028)
Figure 43 Middle East and Africa Copper Scrap Revenue (USD Million) By Type (2023-2028)
Figure 44 Middle East and Africa Copper Scrap Revenue (USD Million) By Applications (2023-2028)
Figure 45 Bottom-Up and Top-Down Approaches For This Report
Figure 46 Data Triangulation
The global copper scrap Market Size is estimated to be US$ 46.2 billion in 2023.
The market is poised to register 6.57% growth over the forecast period from 2023 to 2030
Kuusakoski Oy, Jansen Recycling Group, HKS Metals, Commercial Metals Company, European Metal Recycling, Ames Copper Group, Aurubis, Mallin Companies, Trademark Metals Recycling LLC, OmniSource Corporation
Automotive and Asia Pacific are the fastest-growing segments in the market.