Newark, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the copper scrap market will grow from USD 62.47 billion in 2023 to USD 151.17 billion by 2033. The rising fluctuation in the price of copper has positively impacted the demand for copper scrap. Further, utilizing copper scrap promotes sustainable manufacturing among the end-user industries.
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Key Insight of the Copper Scrap Market
North America region will account for the largest market size during the forecast period.
North America region will hold a significant market share due to the rapid growth of urbanization. As a result of the growing investment in the development of electric vehicles, the demand for copper scrap has increased for the manufacturing of components. The growth of consumer electronics has also led to high demand for copper scrap in the development of cables and wires. Many end-user industries are adopting low-carbon manufacturing; thus, the awareness of recycling copper is increasing tremendously.
The bare bright copper segment is expected to augment the market during the forecast period.
The grade segment is divided into bare bright copper, grade #1 copper, grade #2 copper, and light copper. Bare bright copper is expected to augment the market during the forecast period. Bare bright copper is the most frequently used type of copper scrap, consisting of clean, unalloyed copper that has not been coated. It is commonly used in electrical applications because of its bright colour and lack of tarnishing from exposure to the elements.
The brass mills segment is expected to augment the market during the forecast period.
The application segment is divided into brass mills, wire rod mills, ingot makers, and others. The brass mills segment is expected to augment the market during the forecast period. Brass mills process a large amount of copper alloy scrap and consume the vast majority of the excess scrap.
The transportation segment is expected to augment the market during the forecast period.
The end-use segment is divided into manual electrical and electronics, building and construction, transportation, industrial machinery and others. The transportation segment is expected to augment the market during the forecast period. The growing need for renewable energy, electric vehicles, and high-tech items adds to copper's relevance. Copper scrap is used extensively in the automotive sector, particularly in manufacturing heat exchangers, radiators, and electrical wiring harnesses.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 9.24% |
| 2033 Value Projection | USD 151.17 Billion |
| Market Size in 2023 | USD 62.47 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Grade, Application, End-use |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Copper Scrap Market Growth Drivers | Increase preference for copper scrap in different applications |
Market Dynamics
Driver: Increasing use in different applications
Copper scrap is the most valuable scrap metal utilized in automotive, construction, industrial machinery, and electronics, and it can be recycled and reformed without losing quality. Rising demand for renewable energy, electric vehicles, and high-tech items bodes well for copper, which has the highest conductivity of any metal other than silver and is excellent for the green economy. The reliance on primary copper production exposes businesses to resource scarcity and market volatility risks. However, copper recycling provides a significantly more predictable and dependable option. Businesses can secure a steady, long-term supply chain by utilizing the large volumes of used copper in circulation. This shields companies from the price swings associated with mining deposits, allowing for more precise financial planning and lowering the risk of unexpected costs.
Restraint: Energy-intensive
Despite the numerous advantages of recycling copper, reclaiming copper can be costly and energy-intensive. Some copper sources can also be unreliable, as they contain diverse alloys and additional metals; thus, processing such sources consumes more energy.
Opportunity: Growth of the metal industry
As the shift to sustainable energy gains momentum, there is a rapid rise in demand for essential metals and minerals. Materials like copper, nickel, cobalt, and graphite are crucial parts of a lot of today's quickly developing renewable energy technologies, such as electric cars and wind turbines. The commodity market of the next fifty years will be significantly shaped by the low-carbon technologies that prove to be the most useful and applicable. The mix of components used in low-carbon technologies will be reflected in the demand for specific metals and minerals as economic conditions and technological advancements shift. The increased focus on renewable energy drives demand for particular metals and minerals. Increased government regulations, renewable energy sources, and electric vehicles are all having a greater than-ever impact on the mineral processing sector.
Challenges: Complicated manufacturing
Recycling is typically slow since metals must often be manually separated from other recyclable materials. Many recycled metals are impure, meaning they must be broken down before reusing or are simply unsuitable for specific applications. Thus, the complication in the manufacturing process is a challenge for the growth of the copper scrapper market.
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Some of the major players operating in the Copper Scrap market are:
• Ames Copper Group
• CMC
• Aurubis AG
• Global Metals & Iron Inc.
• Glencore
• JAIN RESOURCE RECYCLING PVT LTD.
• OmniSource
• KGHM METRACO S.A.
• Pascha GmbH
• S.I.C. Recycling Inc.
• Perniagaan Logam Panchavarnam SDN BHD
Key Segments Cover in the Market:
By Grade:
• Bare Bright Copper
• Grade #1 Copper
• Grade #2 Copper
• Light Copper
By Application:
• Brass Mills
• Wire Rod Mills
• Ingot Makers
• Others
By End-use:
• Electrical and Electronics
• Building and Construction
• Transportation
• Industrial Machinery
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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