Copper Bar, Rod and Profile Market

The article discusses the increasing demand for copper bars, rods, and profiles worldwide, with a projected growth trend in both volume and value up to 2030. It analyzes market performance, consumption patterns, production trends, imports, and exports in various countries. Key findings include the significant consumption and production levels in China, growth rates in India and Italy, and the impact of average prices on global trade.

Market Forecast

Driven by increasing demand for copper bars, rods and profiles worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.9% for the period from 2022 to 2030, which is projected to bring the market volume to 7.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market value to $68.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Copper Bars, Rods and Profiles

In 2022, consumption of copper bars, rods and profiles increased by 2.2% to 7M tons, rising for the second consecutive year after two years of decline. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak volume of 7M tons; afterwards, it flattened through to 2022.

The size of the market for copper bars, rods and profiles worldwide dropped slightly to $53.5B in 2022, remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $59.6B. From 2019 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The country with the largest volume of copper bar, rod and profile consumption was China (1.6M tons), accounting for 23% of total volume. Moreover, copper bar, rod and profile consumption in China exceeded the figures recorded by the second-largest consumer, India (658K tons), twofold. Italy (623K tons) ranked third in terms of total consumption with an 8.9% share.

In China, copper bar, rod and profile consumption increased at an average annual rate of +3.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+2.3% per year) and Italy (+4.2% per year).

In value terms, China ($13.5B) led the market, alone. The second position in the ranking was taken by Turkey ($6.3B). It was followed by India.

From 2012 to 2022, the average annual growth rate of value in China amounted to +1.9%. The remaining consuming countries recorded the following average annual rates of market growth: Turkey (-4.3% per year) and India (+2.0% per year).

In 2022, the highest levels of copper bar, rod and profile per capita consumption was registered in Italy (11 kg per person), followed by Germany (2 kg per person), Russia (1.7 kg per person) and Mexico (1.5 kg per person), while the world average per capita consumption of copper bar, rod and profile was estimated at 0.9 kg per person.

In Italy, copper bar, rod and profile per capita consumption increased at an average annual rate of +4.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Germany (-0.7% per year) and Russia (-2.4% per year).

Production

World Production of Copper Bars, Rods and Profiles

In 2022, production of copper bars, rods and profiles increased by 1.4% to 7.1M tons, rising for the second year in a row after two years of decline. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 7.9% against the previous year. Over the period under review, global production hit record highs at 7.1M tons in 2018; afterwards, it flattened through to 2022.

In value terms, copper bar, rod and profile production shrank modestly to $53.7B in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 24% against the previous year. Global production peaked at $71.3B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (1.6M tons) remains the largest copper bar, rod and profile producing country worldwide, comprising approx. 22% of total volume. Moreover, copper bar, rod and profile production in China exceeded the figures recorded by the second-largest producer, Italy (690K tons), twofold. India (648K tons) ranked third in terms of total production with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +3.4%. In the other countries, the average annual rates were as follows: Italy (+4.6% per year) and India (+3.0% per year).

Imports

World Imports of Copper Bars, Rods and Profiles

In 2022, the amount of copper bars, rods and profiles imported worldwide shrank modestly to 786K tons, reducing by -4.5% on the previous year's figure. In general, imports showed a mild descent. The most prominent rate of growth was recorded in 2021 when imports increased by 14%. Over the period under review, global imports reached the maximum at 951K tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, copper bar, rod and profile imports rose slightly to $6.7B in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 49% against the previous year. Global imports peaked at $7.3B in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports By Country

Germany (82K tons), Italy (64K tons), the United States (56K tons), China (43K tons), the UK (33K tons), France (31K tons), Spain (28K tons), the Netherlands (25K tons), Canada (24K tons), Poland (23K tons), the Czech Republic (21K tons) and the Philippines (21K tons) represented roughly 58% of total imports in 2022. Mexico (20K tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +8.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($671M), the United States ($604M) and Italy ($527M) constituted the countries with the highest levels of imports in 2022, together accounting for 27% of global imports. China, the UK, France, Poland, Canada, Spain, Mexico, the Czech Republic, the Netherlands and the Philippines lagged somewhat behind, together accounting for a further 32%.

In terms of the main importing countries, Poland, with a CAGR of +8.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for copper bars, rods and profiles amounted to $8,587 per ton, increasing by 7.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2021 when the average import price increased by 30%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($10,781 per ton), while the Netherlands ($5,923 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+3.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Copper Bars, Rods and Profiles

In 2022, global exports of copper bars, rods and profiles fell to 858K tons, dropping by -10% against 2021. In general, exports showed a mild contraction. The pace of growth appeared the most rapid in 2021 with an increase of 15% against the previous year. Over the period under review, the global exports reached the peak figure at 1M tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, copper bar, rod and profile exports contracted modestly to $7.4B in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 52% against the previous year. Over the period under review, the global exports reached the peak figure at $7.8B in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

Germany (143K tons) and Italy (131K tons) represented roughly 32% of total exports in 2022. South Korea (54K tons) ranks next in terms of the total exports with a 6.3% share, followed by France (6.1%). The United States (36K tons), Malaysia (32K tons), Japan (32K tons), Bulgaria (32K tons), Thailand (29K tons), Free Zones (25K tons), Spain (24K tons), Taiwan (Chinese) (23K tons) and Turkey (22K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Turkey (with a CAGR of +7.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest copper bar, rod and profile supplying countries worldwide were Germany ($1.3B), Italy ($1.1B) and France ($512M), with a combined 38% share of global exports. South Korea, the United States, Japan, Bulgaria, Malaysia, Thailand, Taiwan (Chinese), Spain, Turkey and Free Zones lagged somewhat behind, together comprising a further 35%.

Turkey, with a CAGR of +9.5%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for copper bars, rods and profiles stood at $8,678 per ton in 2022, picking up by 8.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The pace of growth was the most pronounced in 2021 an increase of 32% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($10,931 per ton), while Free Zones ($3,140 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform