New Report Provides Copper Market Growth Analysis and Forecasts

The rising demand for renewable energy sources, especially in the wind and solar sectors, has boosted the demand for copper.

SEATTLE (Scrap Monster): The latest market research report published by Acumen Research and Consulting provides copper market growth analysis and forecasts for the period until 2032.

The latest market report predicts robust growth trajectory for world copper market, with estimates suggesting a market size of $496.8 billion by 2032. The CAGR growth of 5.1% during the period from 2023 to 2032 suggests a major expansion and transformation within the copper sector. It must be noted that the global copper market was estimated at $304.1 billion in 2022.

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The rising demand for renewable energy sources, especially in the wind and solar sectors, has boosted the demand for copper. The demand from construction and transportation sectors continues to remain strong, driven by increased urbanization and infrastructure development across emerging economies, mainly due to its durability, malleability, and corrosion resistance features.

Meantime, the report forecasts several challenges to the copper market during the forecast period. The market dynamics are likely to be impacted by fluctuating prices on account of global economic uncertainties and geopolitical tensions. Additionally, logistical constraints and regulatory frameworks may also pose significant challenges to market players.

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