Global Copper Scrap Market Overview
The Copper Scrap Market Size was estimated at 24.41 (USD Billion) in 2022. The Copper Scrap Industry is expected to grow from 25.91(USD Billion) in 2023 to 44.4 (USD Billion) by 2032. The Copper Scrap Market CAGR (growth rate) is expected to be around 6.16% during the forecast period (20234- 2032).
Key Copper Scrap Market Trends Highlighted
The copper scrap market is driven by several key factors. The construction sector represents a significant consumer of copper, and as urban development and infrastructure projects continue to expand, so does the demand for copper. The shift towards renewable energy sources also contributes to growth in the copper scrap market. Electric vehicles, solar panels, and wind turbines all require substantial amounts of copper, and the recycling of scrap materials helps meet this demand. Moreover, technological advancements in scrap processing, such as improved sorting and extraction techniques, are enhancing the quality and quantity of recycled copper.In terms of opportunities, the exploration of new copper sources and the development of alternative materials present potential growth areas for the copper scrap market. As the population grows, so too does the demand for copper. Finding new sources of this essential metal will be crucial to meeting future needs. Additionally, research into alternative materials, such as aluminum or composite materials, could potentially reduce the reliance on copper and create new opportunities in the scrap market.Recent trends in the copper scrap market include the increasing adoption of sustainable practices by manufacturers and consumers. The environmental benefits of recycling copper make it an attractive option for businesses and individuals alike, contributing to the growth of the market. Furthermore, government regulations and policies aimed at promoting recycling and reducing waste contribute to the positive outlook for the copper scrap market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Copper Scrap Market Drivers
Rising Demand from the Construction Sector
One of the sectors that are the greatest consumers of copper scrap is the construction sector, the growth of which is projected to become a driver of the demand for copper scrap in the future. Copper is widely used in construction for wiring, plumbing, and roofing. As the construction sector continues to grow and develop, the demand for copper scrap as construction materials will also continue to grow. The increasing penetration of green buildings is also expected to reinforce the demand for copper scrap because copper is a recyclable material.Overall, the Copper Scrap Market Industry is expected to show significant growth in the forecoming years, of which the rising consumption by the construction sector will be one of the drivers.
Increasing Adoption of Electric Vehicles
Another major driver of demand for copper scrap is the increasing adoption of electric vehicles. The growing prevalence of electric vehicles will likewise drive demand for copper scrap in the coming years. The Copper Scrap Market Industry is expected to grow substantially over the forecast period. The increase in demand is a result of various growth drivers, such as the increasing prevalence of electric vehicles.
Growing Awareness of Environmental Sustainability
The shrinking awareness of environmental sustainability is also provoking the demand for copper scrap. Being a recyclable material, nowadays it is intensively used in the so-called green architecture practices. It is obvious that due to the high consuming rates, this destination seems to be insufficient. Miletsky reports that the Copper Scrap Market Industry is likely to “boost up” in the coming periods of time.
Copper Scrap Market Segment Insights
Copper Scrap Market Grade Insights
The Copper Scrap Market is segmented by Grade into No. 1 Copper Scrap, No. 2 Copper Scrap, Millberry Copper Scrap, Bare Bright Copper Scrap, Heavy Copper Scrap, and Light Copper Scrap. Among these, the No. 1 Copper Scrap segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. This is due to its high purity and low impurity content, making it highly sought after in various industries, including electrical and electronics, construction, and automotive. No. 1 Copper Scrap High purity and low impurity content Used in electrical and electronics, construction, and automotive industries No.2 Copper Scrap Slightly lower purity than No. 1 Copper Scrap Contains small amounts of other metals and impurities Used in less demanding applications, such as plumbing and roofing Millberry Copper Scrap Derived from copper wire and cables Contains a high percentage of copper and relatively low levels of impurities Used in the production of new copper wire and cables Bare Bright Copper Scrap Clean and shiny copper scrap Free from oxidation and other surface contaminants Used in high-value applications, such as jewelry and decorative items Heavy Copper Scrap Thick and heavy copper scrap Often derived from industrial machinery and equipment Used in the production of new copper products, such as sheets and rods Light Copper Scrap Thin and lightweight copper scrap Often derived from electrical appliances and wiring Used in the production of low-grade copper products, such as copper wire and tubes The Copper Scrap Market is expected to grow significantly in the coming years, driven by increasing demand from emerging economies and the growing popularity of sustainable practices.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Copper Scrap Market Source Insights
The source is divided into Industrial Scrap, Consumer Scrap, Construction Scrap, and Automotive Scrap. Industrial Scrap held the largest copper scrap market share in 2023, contributing to around 45% of revenues. The increasing industrialization, mainly in developing nations, was responsible for the high growth of copper scrap. There is a rising demand for manufacturing from industries and, subsequently, from the industrial sector for scrap copper. There is a rising consumer demand for electronic gadgets and home appliances, and their rate of obsolescence has been high.The developed economies, as well as the developing countries, have experienced a high rate of electronic waste. There is an increasing number of office gadgets disposed of per annum. In 2016, there were almost 50 million tons of such office deices disposed of by different companies. Construction Scrap is also expected to grow with the increase in construction works around the world. On the other hand, construction scrap is only used during new construction and not during renovation. There are many new constructions in India, mainly twin CIDCO building constructions.Similarly, construction scrap is responsible for 22 million copper tons worldwide. Automotive Scrap is emerging and is vital for frosting the copper scrap market and is expected to grow at a similar rate. More vehicles are being manufactured, and the role of electric cars is increasing. The consumer is interested in recycling as well.
Copper Scrap Market Application Insights
The application segment plays a crucial role in shaping the dynamics of the Copper Scrap Market. The automotive industry is a major consumer of copper scrap, driven by the increasing production of electric vehicles and the growing demand for lightweight materials. The construction industry is another significant end-use sector, utilizing copper scrap in electrical wiring, plumbing, and roofing applications. The electrical and electronics industry consumes a substantial portion of copper scrap for manufacturing electrical components, wires, and cables.The renewable energy sector is emerging as a promising growth area, utilizing copper scrap in solar panels, wind turbines, and energy storage systems. The shipbuilding industry also relies on copper scrap for various marine applications, including electrical systems, piping, and structural components. According to market research, the Copper Scrap Market is projected to reach a valuation of 25.91 billion USD in 2023, with a CAGR of 6.16% expected to drive the market to 44.4 billion USD by 2032. The increasing demand for copper scrap from these end-use industries, coupled with the growing awareness of sustainable practices and the adoption of circular economy models, is expected to contribute to the market growth.
Copper Scrap Market Melting Point Insights
The Copper Scrap Market is segmented by Melting Point into High Melting Point Scrap (>1084C) and Low Melting Point Scrap (1084C). The low Melting Point Scrap segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The high demand for low melting point scrap is attributed to its wide range of applications in various industries, including construction, automotive, and electrical. Low melting point scrap is easier to melt and cast, making it a preferred choice for manufacturers. In contrast, the High Melting Point Scrap segment is expected to witness a steady growth rate during the forecast period, owing to its increasing demand in specialized applications such as aerospace and defense.
Copper Scrap Market Purity Level Insights
The Copper Scrap Market is segmented by Purity Level into High Purity (>95%), Medium Purity (85-95%), and Low Purity (85%). Among these segments, the High Purity (>95%) segment held the largest market share in 2023, accounting for 45.6% of the Copper Scrap Market revenue. The demand for high-purity copper scrap is primarily driven by its extensive utilization in the electronics industry, where it is used in the production of electrical wires, cables, and connectors. Furthermore, the increasing adoption of electric vehicles and the growing demand for renewable energy sources are expected to further drive the demand for high-purity copper scrap in the coming years.The medium Purity (85-95%) segment is projected to witness steady growth over the forecast period, owing to its wide application in construction, plumbing, and industrial sectors. The low Purity (85%) segment is anticipated to grow at a moderate pace, fueled by its use in low-end applications such as casting and alloying.
Copper Scrap Market Regional Insights
The Copper Scrap Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to continue its dominance during the forecast period. The growth of the regional market can be attributed to the increasing demand for copper scrap from various industries, including construction, automotive, and electrical. Europe is the second-largest market for copper scrap, followed by APAC. The APAC region is expected to witness significant growth in the coming years due to the increasing industrialization and urbanization in countries such as China and India.South America and MEA are relatively smaller markets for copper scrap, but they are expected to grow at a steady pace during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Copper Scrap Market Key Players And Competitive Insights
The Copper Scrap Market's major players are continuously innovating and developing new technologies to improve the products they offer. The major players in the Copper Scrap Market are expanding their footprint through M, and heavy investments in new manufacturing facilities. The leading Copper Scrap Market players are investing in research and development R) activities to improve the quality and efficiency of their products. Copper Scrap Market is fueled by the growing demand in various industries such as construction, automotive, and electric, among others. Competitive Landscape of Copper Scrap Market will probably remain fragmented in the upcoming years, with new entrants and well-established companies vying for the market share.One important competitor in the Copper Scrap Market is Sims Metal Management. Sims Metal, listed in ASX, is a leading metals recycling company. Sims Metal has competencies in collecting, recycling, and processing scrap metal from end-of-life vehicles, ships, industrial engines, machinery, and others. Although strictly not registered as a provider in the Copper Scrap Market, Sims Metal has significant ownership of the copper value chain through its network of recyclers and processing facilities. Sims Metal has been innovative with some proprietary technologies for processing copper scrap. The firm has a processing network that spans over 50 metal processing facilities, mainly in Australasia, Northern Europe, and North America.Another significant competitor in the Copper Scrap Market is the EMR. Eco Metal Recycling, or the EMR, is another giant in the metal recycling industry. As in the case of Sims Metal, EMR has a Notable Ownership in the Copper Scrap Market despite not being registered as a provider. EMR competes with the suppliers in the market. The Copper Scrap provided by EMR is probably recycled through its network of over 250 recycling locations. EMR has also been innovative in its operations and has developed some proprietary technologies for processing copper scrap. The company has been highly active in R&D activities.
Key Companies in the Copper Scrap Market Include
- Metal Recycling
- Sims Metal Management Limited
- Noble Recycling
- TSR Incorporated
- Boliden AB
- Aurubis AG
- Zekelman Industries, Inc.
- United States Metals Refining Company
- Schnitzer Steel Industries, Inc.
- Sims Limited
- Korea Zinc
- European Metal Recycling
- EMR Recycling
- ArcelorMittal
- Stena Recycling AB
Copper Scrap Market Industry Developments
In January 2023, Sims Metal Management announced plans to invest USD 20 million in its copper recycling facility in Ghent, Belgium, to enhance its processing capacity and sustainability efforts. In February 2023, Aurubis AG, a leading copper producer, announced a partnership with Umicore to develop innovative recycling technologies for copper scrap, aiming to reduce carbon emissions and improve resource efficiency. In March 2023, the International Copper Association (ICA) launched a new initiative to promote the use of recycled copper in construction, highlighting its environmental benefits and cost-effectiveness.
Copper Scrap Market Segmentation Insights
Copper Scrap Market Grade Outlook
- 1 Copper Scrap
- 2 Copper Scrap
- Millberry Copper Scrap
- Bare Bright Copper Scrap
- Heavy Copper Scrap
- Light Copper Scrap
Copper Scrap Market Source Outlook
- Industrial Scrap
- Consumer Scrap
- Construction Scrap
- Automotive Scrap
Copper Scrap Market Application Outlook
- Automotive Industry
- Construction Industry
- Electrical Electronics Industry
- Renewable Energy Sector
- Shipbuilding Industry
Copper Scrap Market Melting Point Outlook
- High Melting Point Scrap (>1084C)
- Low Melting Point Scrap (1084C)
Copper Scrap Market Purity Level Outlook
- High Purity (>95%)
- Medium Purity (85-95%)
- Low Purity (85%)
Copper Scrap Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
24.41(USD Billion) |
| Market Size 2023 |
25.91(USD Billion) |
| Market Size 2032 |
44.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.16% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Metal Recycling, Sims Metal Management Limited, Noble Recycling, TSR Incorporated, Boliden AB, Aurubis AG, Zekelman Industries, Inc., United States Metals Refining Company, Schnitzer Steel Industries, Inc., Sims Limited, Korea Zinc, European Metal Recycling, EMR Recycling, ArcelorMittal, Stena Recycling AB |
| Segments Covered |
Grade, Source, Application, Melting Point, Purity Level, Regional |
| Key Market Opportunities |
1 Rising Demand from Construction2 Growing Electric Vehicle Production3 Technological Advancements in Recycling4 Increasing Environmental Consciousness5 Expansion of Scrap Metal Collection Infrastructure |
| Key Market Dynamics |
Growing demand for copper in emerging economies Increasing environmental concerns Technological advancements in recycling processes Fluctuating prices of raw copper Stringent government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
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Frequently Asked Questions (FAQ) :
The Copper Scrap Market is expected to reach USD 25.91 Billion in 2023.
The Copper Scrap Market is projected to grow at a CAGR of 6.16% from 2024 to 2032.
North America held the largest market share in the Copper Scrap Market in 2023.
The key factors driving the growth of the Copper Scrap Market include rising demand for copper in various industries, increasing environmental regulations, and technological advancements in copper recycling.
Some of the key competitors in the Copper Scrap Market include Sims Metal Management, EMR Group, and Atlantic Metals.
The major applications of copper scrap include electrical wiring, construction, and transportation.
The COVID-19 pandemic had a negative impact on the Copper Scrap Market in the short term due to disruptions in the supply chain and reduced demand from various industries.
Some of the emerging trends in the Copper Scrap Market include the adoption of sustainable practices, the use of artificial intelligence in recycling processes, and the development of new technologies for copper extraction.
Some of the challenges faced by the Copper Scrap Market include fluctuations in copper prices, competition from primary copper producers, and the lack of standardized recycling processes.
