Copper Market: Demand and Economic Value
The direct copper industry in the EU is made up of around 500 companies, has an estimated turnover of about €45 billion, and employs around 50,000 people.
However, what is far more important is the breadth of industrial and service sector employment that is based on the added value achieved through the use of copper products (e.g. energy utilities, electricians, automotive companies, electronic equipment manufacturers, plumbers and roofers). These “downstream” sectors employ several million people and represent a substantial part of EU’s industrial base.
While the global economic situation remained relatively weak, in 2014, the world demand for copper was at a record high of around 27 million tonnes. This made up of 23 million tonnes of refined production plus 4 million tonnes of direct-melt scrap. EU's demand was estimated at around 4.2 million tonnes.
Used for its superior properties, such as having the best electrical and thermal conductivity of any commonly used metal, as well as its durability and antimicrobial properties, copper is a key material for innovation in a number of sectors including renewable energy supplies, energy efficiency, sustainable buildings, transport systems and healthcare.
Use of refined copper, by sector, within EU 28 (Source: IWCC / ICA, 2015)
To meet the modern world's increasing demand for copper, which has doubled in the last 25 years, it has been important to exploit copper’s ability to be 100% recycled, without any loss in performance. Throughout the last ten years, it is estimated that 44% of the EU’s copper demand has been met through the recovery and recycling of value-chain offcuts, plus end-of-life products.
Visit the Applications section to learn more about the benefits delivered by copper and copper alloy products across multiple end-uses.
Copper mining production in the EU represents 4.6% of the total world production
In 2014, copper mine production in the EU was 847,000 tonnes. Chile was the largest mining country, with a 32% share, followed by China (8%), Peru (8%), USA (7%) and Australia (6%).
China was the world’s largest producer of refined copper, with 27% of the world output, followed by Chile (16%), Japan (7%) and the USA and Russia (5% each).
Europe's Mine Production in 2013 (Source: European Minerals Statistics)