Copper Chain Market

The copper chain market is expected to see a decline in consumption over the next eight years, with both market volume and value projected to decrease. Global consumption and production trends are analyzed, along with import and export patterns. Key data points include consumption increase in 2022, decline in import price, and variations in export prices based on country of origin.

Market Forecast

The copper chain market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -1.5% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 4.7K tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of -4.1% for the period from 2022 to 2030, which is projected to bring the market value to $1.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Chain And Parts Thereof Of Copper

In 2022, consumption of chain and parts thereof of copper increased by 42% to 5.3K tons, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +59.3% against 2020 indices. As a result, consumption attained the peak volume of 5.5K tons. From 2016 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global copper chain market value skyrocketed to $1.8B in 2022, with an increase of 329% 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). Overall, consumption recorded a buoyant increase. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Italy (1.8K tons), India (937 tons) and China (423 tons), with a combined 61% share of global consumption. South Korea, the UK, Japan, Singapore, Thailand, Saudi Arabia and the United States lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by South Korea (with a CAGR of +24.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.6B) led the market, alone. The second position in the ranking was taken by Italy ($113M). It was followed by India.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +9.9%. In the other countries, the average annual rates were as follows: Italy (+11.4% per year) and India (+8.5% per year).

The countries with the highest levels of copper chain per capita consumption in 2022 were Singapore (35 kg per 1000 persons), Italy (31 kg per 1000 persons) and South Korea (6.9 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by South Korea (with a CAGR of +24.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Chain And Parts Thereof Of Copper

In 2022, global copper chain production surged to 5.1K tons, rising by 59% on the previous year. The total output volume increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, copper chain production dropped modestly to $1.7B in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 1.6% against the previous year. As a result, production attained the peak level of $1.7B; afterwards, it flattened through to 2022.

Production By Country

The countries with the highest volumes of production in 2022 were Italy (1.8K tons), India (952 tons) and China (423 tons), with a combined 63% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Italy (with a CAGR of +7.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Chain And Parts Thereof Of Copper

In 2022, global imports of chain and parts thereof of copper dropped rapidly to 684 tons, falling by -60.8% compared with 2021 figures. In general, imports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 66%. As a result, imports attained the peak of 3.9K tons. From 2016 to 2022, the growth of global imports failed to regain momentum.

In value terms, copper chain imports declined rapidly to $15M in 2022. Overall, imports showed a abrupt decline. The growth pace was the most rapid in 2021 with an increase of 36%. Global imports peaked at $50M in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, Japan (216 tons) represented the largest importer of chain and parts thereof of copper, generating 32% of total imports. Saudi Arabia (100 tons) ranks second in terms of the total imports with a 15% share, followed by Qatar (7.9%) and India (5.2%). The following importers - Tunisia (28 tons), Indonesia (26 tons), Free Zones (23 tons), Taiwan (Chinese) (23 tons), South Korea (15 tons), Hong Kong SAR (15 tons), Vietnam (15 tons) and Argentina (10 tons) - together made up 23% of total imports.

From 2012 to 2022, average annual rates of growth with regard to copper chain imports into Japan stood at +22.5%. At the same time, Free Zones (+51.5%), Qatar (+32.7%), Tunisia (+31.7%), Argentina (+23.9%), Saudi Arabia (+10.8%) and South Korea (+5.8%) displayed positive paces of growth. Moreover, Free Zones emerged as the fastest-growing importer imported in the world, with a CAGR of +51.5% from 2012-2022. By contrast, Taiwan (Chinese) (-6.3%), Indonesia (-8.5%), India (-12.3%), Vietnam (-12.3%) and Hong Kong SAR (-14.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan, Saudi Arabia, Qatar, Tunisia, Free Zones, South Korea, Taiwan (Chinese) and Indonesia increased by +31, +13, +7.8, +4, +3.4, +2, +1.9 and +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($5.1M), Tunisia ($3.2M) and Vietnam ($808K) constituted the countries with the highest levels of imports in 2022, with a combined 60% share of global imports.

Tunisia, with a CAGR of +41.3%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average copper chain import price stood at $22,219 per ton in 2022, with a decrease of -7.7% against the previous year. In general, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, copper chain import price increased by +23.9% against 2014 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 86%. Over the period under review, average import prices attained the maximum at $24,074 per ton in 2021, and then fell in the following year.

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 Tunisia ($114,502 per ton), while Free Zones ($2,728 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+16.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Chain And Parts Thereof Of Copper

For the fourth consecutive year, the global market recorded decline in shipments abroad of chain and parts thereof of copper, which decreased by -57.4% to 533 tons in 2022. In general, exports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 65%. The global exports peaked at 3.4K tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, copper chain exports contracted remarkably to $7.5M in 2022. Over the period under review, exports faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 when exports increased by 26% against the previous year. As a result, the exports attained the peak of $56M. From 2020 to 2022, the growth of the global exports remained at a lower figure.

Exports By Country

Morocco dominates exports structure, finishing at 316 tons, which was near 59% of total exports in 2022. India (50 tons) took a 9.5% share (based on physical terms) of total exports, which put it in second place, followed by Taiwan (Chinese) (8.5%), South Korea (7.9%) and Singapore (7.5%). Japan (10 tons) took a little share of total exports.

Morocco was also the fastest-growing in terms of the chain and parts thereof of copper exports, with a CAGR of +26.6% from 2012 to 2022. At the same time, Japan (+14.0%) and Taiwan (Chinese) (+13.0%) displayed positive paces of growth. By contrast, Singapore (-9.4%), South Korea (-18.9%) and India (-21.1%) illustrated a downward trend over the same period. While the share of Morocco (+58 p.p.), Taiwan (Chinese) (+8.1 p.p.), Singapore (+4.3 p.p.) and Japan (+1.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of South Korea (-2.2 p.p.) and India (-6.6 p.p.) displayed negative dynamics.

In value terms, Morocco ($2.2M), Taiwan (Chinese) ($1.5M) and South Korea ($1M) appeared to be the countries with the highest levels of exports in 2022, together accounting for 62% of global exports.

Morocco, with a CAGR of +18.3%, saw the highest growth rate of the value of exports, in terms of 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

In 2022, the average copper chain export price amounted to $14,102 per ton, shrinking by -63.2% against the previous year. Overall, the export price continues to indicate a slight descent. The most prominent rate of growth was recorded in 2019 when the average export price increased by 64% against the previous year. The global export price peaked at $38,355 per ton in 2021, and then shrank notably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($55,614 per ton), while Morocco ($6,952 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+10.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform