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Copper Mining is the largest market in the metal mining market due to its vast deposits all over the world. Copper ores undergo many processes to produce pure copper. The increasing copper demand due to industrialization has given a major boost to the copper mining industry.
Based on the mining technique, the market is classified into open-pit mining and underground mining. The open-pit mining segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as they provide flexible operation techniques at a relatively low investment. The production levels using open-pit mining are optimized.
Based on the type, the global market is classified into extraction industry, refining industry, metal processing industry, and chemical industry. The extraction industry segment accounted for the major share in the market owing to the vast operations in various locations. Based on the end-user, equipment manufacturers, building and construction industry, infrastructure, and transportation industry. The equipment manufacturers segment accounted for the major share in the market owing to the vast electrification projects due to urbanization.
Copper is mainly required in making equipment due to its conductive nature. It is vastly used in making wires for the transmission of electric current. The surge in power demand is the key factor that is likely to drive the global copper mining market during the forecast period.
The key market restraint for the market is the high-interest rates for copper mining. Also, workforce issues and safety are affecting the growth of the market.
Key Market Driver -
Vast industrialization with enhanced consumerism in telecommunication
Key Market Restraint -
High interest rates
Some of the major companies in the copper mining market are Freeport-McMoRan, Glencore, Amerigo Resources Ltd., BHP, Codelco Lab, African Copper PLC, DOT Resources Ltd., Global Hunter Corp., Southern Copper Corp (SCCO), Advance SCT Limited, Rio Tinto, NorthWest Copper, KGHM International, Aditya Birla Group, Caribou King Resources Ltd, and Bougainville Copper Limited.
The global copper mining market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Latin America accounted for the major share of the global market, as most of the copper mining sites lie in the region. The Latin America market is also increasing due to the vast exports of copper ore from countries like Chile and Peru. Asia-Pacific is the fastest-growing region, owing to the rising urbanization and industrialization in India and China. Madhya Pradesh is the leading copper-producing state in India.
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